The above quote is half a year old, but I think it is still...

The above quote is half a year old, but I think it is still relevant to the BLA story. They managed to grow AUM to a billion with limited institutional support. But in recent half years, it has been all about institutional funds. Institutional investors conduct their own due diligence (and would have been well aware of the press claiming that their investments were duds and returns fiction), so the growth in institutional funds is a good sign about the quality of investments and that the growth runway remains long.

We are about a month away from FY17 results and guidance for FY18. I wonder whether investors didn't wait until August 2017 to be told the outlook is positive, and started to push the price up in June 2017.

As I reflect on the year that has been, I wonder whether I should've added more to my holding. Even at this price, I think it is undervalued, just not to the same degree as when I last topped up earlier this year. So the question for me is at what point does it make sense to add more in the months and years ahead.