CKK Friday 29 May, page-23

A classic P&D is something like AZK, which is all based on hype and has no clear view to commercialisation.
Maybe read the announcements and see the clear timeline to commercialisation. Yes, we're betting that it all falls into place. But we're not in the spec market for safes bets to get 5% pa capital gains and dividends.

Another thing to remember is that the same people that might have the prop bids are also the ones with the iceberg sells (notice two identical sells of over 7.8 million). As soon as other parties with lots of cash decide that CKK is a huge buy, those sells will disappear again. So really, you're argument works both ways.

I think the more risky bet is trying to buy in exactly when that happens, rather than us who hold through the volatility.