Hero to Xero, page-90

I totally agree with you. It feels like Deja vu to me.

When Thiel's fund bought into XRO at a premium to the market price, lots of posters and the general market, saw that as an almost guarantee that XRO would succeed. Subsequently the price was pushed up to over 100x earnings! Eventually, the market came to its senses and realised Thiel's investment makes absolutely no difference to the underlying value of the business, and the share price declined some 65% to stabilise below his purchase price.

I see exactly the same thing happening with Accel.

Drury was quoted in the AFR today, saying "We already had plenty of cash in the bank, with which we had a plan to break even"

So why then Drury, would you punish current shareholders by diluting their future earnings when in your own words, it wasn't even necessary.