Ann: SWISH AOI Strategic Acquisition, page-165

If you also think re support, all those who bought above 1.1c, that had to absorb all the option redemption of capital. Plenty have said, that they think that this is worth way more than 55m mc - 29m cash = 26m ev ?

You are buying an EV 26m, which is a bet, on that they can sell the PUD for ??? 2-300m ? More ?

There is a disconnect, from the sp to this bet. Artificial pricing mechanism, not tied to sentiment of that bet, from option conversion redemption of capital, and who else that needs money that is not tied to the pay day which the company is working towards. A Fund like Magnolia Cap, who is forced to sell, etc. Or maybe there are others in the world who need cash more today, than they need the payday that is coming for BRK ? Otherwise betting against oil.

Yes, you can never pick the bottom, but all those who paid for their options, sold their shares to do so, now have zero gains above the equity they invested. But they might then, also take a view, that they can effectively buy from market, at the same price which they converted their options. They rationalized the investment decision once, then that creates support for them to do it again, on market.

You would think, that all those who have bought into brk, should at least understand what they invested in, and that a PUD sale, will exceed the short term headlines of cash flows from wells, as oil producers. Selling the farm, and the cows. Not just the milk. So that we can buy say 10x the size of the next farm. And scale up the ladder.

Who the seller, that loses sight of that, is in the short term robbing themselves of better days, but a need for cash today, is entirely their right. Or their speculation regarding Oil.