Massive opportunity cost, page-156

Im a risk averse investor, and in WZR because it feels like a free option. As we sit here with a MC of $190m, we have a clear path to a significantly bigger MC. By xmas we'll be ~$30m cash earnings annualised... at a valuation yield if ~10% or a multiple of 10... indicating a MC of $300m, or 50% up on now. By then though, as a lender making good money and growing consistently, that might even tighten.

I have used MNY valn yield/pe as the proxy for WZR as by then, as a substantial cash generation lender a yield of 10% is still high!

Right now, we get not much blie sky value because our growth rate slowed. IF mgt beefed up Loan book growth over $200m a mth that would see a faster valn yield tightening