With the greatest of respect, I don't agree with your thesis. Yes, their old business model (prior to the execution of the 2015 business plan) had lumpy earnings and was exposed to binary outcomes. However, they've now got a diversified portfolio of over 2bn in investments to mitigate any binary outcomes. They are also getting management fees which will fully offset their costs eventually.
This will be a massive cash machine in future, similar to a fund manager like Magellan or Platinum . We just have to ride out until the benefits of scale and diversification are realised.
Ann: Investment Portfolio Report at 30 September 2021, page-26
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