FDV's acquisition / consolidation model is not the same but it...

FDV's acquisition / consolidation model is not the same but it still reminds me of Eddie Groves and Frank O'Halloran. Hope that FDV doesn't end up with the same hangover that these two left in their wake. In FDVs case, without any tangible asset backing, such a hangover could be fatal. Having no significant debt is good, but sometimes debt is not the only leverage in play.

Creating a business across different Anglo countries with similar laws and cultures is difficult. Creating a business across different countries / jurisdictions across the world with multiple political environments, legal systems, cultures and languages is horrendously difficult.

FDV is not shipping a uniform physical product around the world from an efficient low-cost production facility, it is trying to add value by bringing in different products loosely bound only by a common concept. Is it better to develop a car by cobbling together a Fiat, a Trabant and a Lada or is it better to start with a blank page? If things are so different then the economy in combining is also questionable.

Is FDV a business or a LIC?

FDV raises cash ostensibly to acquire assets (but it is also covering its operating losses this way as well). They are still in growth mode so will need more capital in future but they should leave enough time for investors to forget about the recent CR before they come back for their next CR.

There is next to no independent coverage or news on FDV. The one site I can find covering it is Intelligent Investor (that has a declared conflict of interest). It continues to recommend FDV as a BUY as the sp has fallen from ~180cps.They were recently recommending MFG as it fell, which doesn’t inspire confidence. Maybe the best time to Buy is when they capitulate as they did on MFG and switch from Buy to Sell on FDV.

I'm not and never am giving any advice or recommendation and none should be taken. These are just my incomplete thoughts at this point.