"Good point there Whytee which highlights the difficulty being...

"Good point there Whytee which highlights the difficulty being experienced by some posters in formulating value propositions for MSB."

I agree, @Naughty Morty.

Of course for some people, investing on the basis of some valuation framework is not important to them, which is perfectly fine and the way they steward their capital is a matter for them.

But others - not unreasonably, I would have thought - prefer to invest their capital with the security of some assessment of value... an approach that tends to meet with some resistance on this forum for some inexplicable reason.

To that end, an exercise that I think would be most instructive for many people is - if not a comprehensive debate about what MSB might be able to earn one day, and what the organic growth rate of its earnings might be, should it reach a point of self-sustaining commercialisation - then some discussion about when MSB might get to the point when it is a self-sustaining business, and how much capital still needs to be consumed before it gets there.

But I fear if such a discussion were to start, it would soon be scuppered by those uncomfortable with such an approach.