JS on Smart Investor (video interview), page-22

To be fair to Shapiro - I watched most of that, he didn’t seem to be lying - look these guys are journalists first and foremost, some of them report some pretty funny economic opinions at times - the clincher in holding to that view was they way they said they saw GSW and wondered what was going on in “that end of the market” (GSW and BIG were $500 mill companies but there are some 1,500+ companies in this range smaller than that - these guys seem like ASX200 guys and seem to be honestly not that well informed I would hazard to say - kind of akin to the comments you get on Your Money Your Call from some analysts “well they made an XYZ loss this year so...”) - again is evident in them trying to claim there is a conspiracy with BIG offering shares at a discount to pay for services - again commonplace at early stages of these coys - in terms of share issuance capital management has been pretty good here considering the very strong business progress they have made - heck they only have 250 mill shares on issue...