Take a deep breath, page-10

I bought Apple a couple of decades ago because their platform technology (NeXTSTEP) and product-first organization clearly (to me) would create incredible value. I viewed it as a slow burn, but one that would grow into a conflagration. Not of the products at the time, but of the potential products that would follow. There were plenty of share price reversals along the way, and for most of the time the valuation showed a severe disconnect between my view and the market’s. Oddly enough every analysis from the market viewpoint seemed to me to be based on terribly poorly constructed arguments. My view was the value would inevitably become too great for the market to ignore, and could not help but come back to shareholders in one or other form. That happened, and my original stake is well over 100x. I have never sold any.

This is much how I feel about PAR. The value is there, it is inevitable that it will be realized, and there is a severe disconnect between the share price and the fundamental value. That value will come back to holders, modulo some dilution, but substantially.