10c is coming, page-187

Objectivity is very important.

We could see telco's partner with each other to provide the same service FRX does.
We could see the rise of satellite data at a cost which cuts out FRX altogether.
We could see another competitor larger company do what FRX does but does it better via sales/networking/product/partnerships.
Risk of white label deals is that these partnership businesses have their own macro issues which now FRX is exposed to.

I've had a thought:

We all assume that as FRX expand the cost of data should go down. But what if it doesn't? What if telco's raise their prices for their own bottom line and FRX is unable to pass on costs if they have locked in fix-rate data cost contracts to their whitelabel deals etc.
We could see a squeeze similar to what's happened in construction to other middle-men. That's one risk.

I also believe that there are much larger investing macro-plays in effect. Gone are the times of active investing as we see larger movements into ETF's and funds. Individuals know they should invest, but it requires too much time/energy/getting burnt and being unable to blame someone else isn't fun. And so we see a swing into passive investments.

From my perspective, it seems the majority of money is now just passively moving from sector to sector. (currently away from tech). I also think the stench of crypto may be having an impact on fund views of non-profitable tech companies.

Anyway - I'm still a strong believer in the fundamentals here and growth possibilities and am buying at any opportunity waiting for the inevitable changing of the tides.