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View those presentations and you would not come away with the impression that the management think Sky is in structural decline, or that they viewed the fall in the share price as justified.
They saw their fortune drop by £500m to £10.5bn because of a fall in the share price of Associated British Foods, in which they have a 20.8% stake.
Cue a 17% fall in the share price.
Most dramatic has been the fall in the share of wages in GDP.
Monday's 8% fall in the share price says the market remains sceptical.
At Sainsbury's the ratio is 7% after Wednesday's fall in the share price, implying only marginally less confidence.
But the swap had no protection against a fall in the share price (presumably it was unthinkable).
Even in the banking business, a three-year fall in the share price from £17 to £4 is going some.
The other factor behind the sharp fall in the share price may be focus on Serco's debt.
At Sainsbury's, the ratio is 7% after Wednesday's fall in the share price, implying only marginally less confidence.
A 7% drop in sales and a 27% fall in the share price are no laughing matter.
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