Worth pointing out that none of those investments have shown any...

Worth pointing out that none of those investments have shown any prospect of a win. They are all a pure punt. And with NOR in particular, the market cap is a direct reflection of his activity driving the price up, not of any discernable business advantage.

As Growler says, its 100% pure hopium.

Crotchy mentioned BRK so I looked it up. According to its last half year report from December 31, it had $22 million in the bank and profits of $6.5m (for the six month period). It's market cap is currently $52m. So an EV of $30m. According to its latest 4c it has net cash of $26m so an EV of $26m.

Norwood has no assets and a market cap of $22m, so an EV of $22m.

Comparing these two companies, one with profits of an annualised $13m vs one with losses of $2-3m while MC are similar seems to indicate a market valuation error somewhere along the line.

Though of course both are completely different businesses so comparisons are fairly pointless.