"You're accusing the company of misleading the market in pretty much every announcement they make? Because they refer to their cash and investments repeatedly."
Cut out the hyperbole.
Interpreting things in a different way is not "misleading".
I'm saying their interpretation is wrong.
This isn't FUM/FUA. There isn't a matching liability on the balance sheet. You might want to have a look at the June balance sheet yourself and you'll see the value of the NET assets which presumably have increased in the 4-months."
FUM/FUA? Net Assets? Matching liability?
What have any of those got to do with determining Enterprise Value?
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