Another view on HML. Is it all what it seems?, page-5

I appreciate anyone looking more deeply into this but he's either missed some things or is presenting them in a deliberately misleading way, for example:

1) One post quotes the HML prospectus and questions how they can be doing so much in the unlisted space. This completely misses the resolution passed in 2016 to allow such investments given the manager's experience in that space.
2) "Invest $6.3 million and forecast $5.5 million in profit" -- to be clear, $6.3 million is only for HML's stake in JBFG, but he then uses JBFG's complete forecast profit rather than a percent of it equal to HML's stake. Whoops. JB Markets is a broker not a funds manager, and they are handling broking for HML and BHD. They also got a % cut for handling the BHD IPO. The more pressing question is who are there *other* customers and is there *other* revenue being generated? Hopefully this will become more apparent.