asymmetry of risk, page-72

UZNBUZ,

Exactly. I completely agree. Efficient market theory is definitely 'weaker' in TAP's case because it's relative small cap and comparatively illiquid. Under the radar so to speak.

I read once the market trades on about a 6 month horizon, and I think that's empirically been true in my experience. I expect a re-rate for TAP once assets are converted into contracts (derisked) and contracts are converted into cashflow (derisked).

Thanks for all your posts by the way. And to Auto, and Coop. Not for nothing, I get a lot of value out of your analysis.