It's pretty clear to me what would make this a sell, #1 anything...

It's pretty clear to me what would make this a sell,

#1 anything about their investment process that I can find that indicates they aren't decent stock pickers or

#2 a persistent long standing return to the widespread speculative mania in the U.S. - say this "soft landing" nonsense persists through to the end of 2024.

#3 more significant outflows

I think the market is much smarter than I am in relation to (3) it does not like terminal risk at all and in these situations companies can sell for a very low price if AUM keeps dropping as it has been - even less than the net liquid assets (not NTA y'all that's different) of 50c or so.

But there's a difference between the price a company sells for and what it's worth, the idea that PTM would ultimately be worth less than 50c or even $0 is batshit crazy in my opinion. If AUM was $5bn tomorrow the company would shut up shop immediately, if it happens gradually they will reduce expenses.

We've already seen that the owners of this company are acting as owners in relation to Andrew, y'all may not realise this but it's actually very rare for shareholders to impose discipline on the management of companies they own and it's very important. If the Bell Potter muppet with a $0 price target was investing for a living rather than just pumping his shit reckons for a fee then he would know this.