Ann: R&D Tax Incentive Banked, page-27

Always good to be sceptical billy.

I find the low risk plays are buying cheaper than the Perth boys sold themselves shares at, and, where the valuation on the entire entity (in the absence of a real business with real cashflow) is super low. Not just low, but really, silly low, as close to or below $1m if possible.

That way even if something doubles, it can still be - on a relative basis - not too expensive. And, if you are super lucky, you can buy cheaper than the boys out west you get the option of cutting and running before them if that's how you roll, before the weight of money comes chasing you down the valley.

But nothing is without risk at this end of the market, tech is right out of love. Seeing some greenshoots in terms of liquidity in these micros, even recapitalisations of the tiny ones like THD, WGL etc but need to see much more before ZIP and others will be of interest to most.

Patience in this game pays well.