Sorry I should've been clearer on that front. You are right,...

Sorry I should've been clearer on that front. You are right, some IPO's I've seen lately with setup promotion channels across multiple SM accounts/platforms simply for seed exit...yes that is an issue, especially since zero sum game doesn't apply as the external private third party converts their win into shareholder losses. That as you mention is an issue and drawdown of SM.

I was referring to more directors on SM, that to me is has made it even playing field. Ofc as pointed out it can lead to certain individuals being trapped but that goes back to zero sum game and they'll just get trapped onto next play until they begin taking ownership of losses.

Spec markets are by no means efficient. They can shoot overvaluation significantly (vice versa) but still that becomes zero sum game until tangible assets are added intrinsically and profitably.

Anways fellas I'll leave it there, once again thanks for the chat, was quite interesting exploring different facets of SM and director strategies..