In any investment or corporate structure there is always an...

In any investment or corporate structure there is always an agency conflict between management and the shareholder/unitholders. The question is to what degree and hence why people like a well run founder led business. Even as the management and shareholder of my own investment vehicle I have issues with management as I might decide at any point for my own egos 'necessity' to take money out to invest into a new house, new car, significant other etc which will impact the company's performance and return over time. I think Alex is entitled to build his structure his own way and people can choose whether or not to invest into it. I don't really think his fees are that high based on the overhead to keep all of his infrastructure in place.

For me the key questions are for VTI:

- Can they increase their sales to achieve break even within the next 4 to 6 quarters;
- Will they be able to increase their prices and maintain margins if high inflation actually comes;
- What is the correct pricing for their products in different markets i.e would they make mores sales and total revenue and obtain more market share if they lower their price or should they keep a quality premium product pricing structure. Are they pricing effectively inside and outside the US;
- Will their clinical trials and China entry run smoothly and will this lead to further JV or M&A activity from a major player.
- What is the timing i.e 2023, 2024, 2025 or further out and is any estimated share price appreciation and what does that annual compounded % look like relative to the risk.
- Personally, I do not expect any significant progress until 2024 towards where I think the company can go but they have a lot of work to do in the meantime. By then I'd hope they'd have a US business twice it's current size, international market sales the same size as their current US sales or slightly better and their China market entry process underway and positive clinical data to suppor their China and Japan market entries.
- Remaining to hold at this time.