Ann: Annual Report to shareholders, page-58

Slowly it will, but not likely to change a lot. TWD trades the same, as does AIR. All are in the Mizikovsky circle of control.

As the company valuation increases, the dollar value of the remaining shares increases. So the total amount (by dollar value) allows larger and larger players to enter, with smaller price change for the same $ amount.

(Poorly explained, but I think that makes sense)

Nevertheless, Lev, Geoff and Rade have a strong history of generating shareholder wealth. I especially like the fact they focus on ROE as a key measure. It's mentioned in the TWD and ANO Annual reports. Probably the single best measure, especially because they're both run with no debt.