Ann: CEO Investor Presentation, page-93

It’s only good research when the stock is going up. Gambling when the stock is going down.

What investors have to understand is the concept of uncertainty and growth.

Every company faces uncertainty. Hence buy cheap. Cheap doesn’t mean more risk. OSP was risky at 80 dollars. Is still risky at 40c. I would argue it was riskier at 80 dollars. BUT risk is capped at 1x loss if you are well diversified. Return is greater the cheaper you buy your asset and the longer you hold onto it.

Every company can grow, yet the cheaper companies can grow more. Because there is only so much money in the financial markets to drive expensive assets. Also because young or unknown companies that started in a garage like Microsoft or Bitcoin simply have more scope for 100000x growth. Stocks that are 99.5% down are also prone to sudden extreme upward volatility or share price pressure once the going gets slightly better.

Finally, the difference between buying Bitcoin at 1c and 100 dollars is always a 10000x compound return forgone. It doesn’t matter if you managed to sell at 100k. You could have made 10000x more profit if you bought cheaper and held the asset long term.

Buy close to the bottom. Hold long term.