Chart, page-6387

Let me add to your many astute observations, stockrock. One thing traders must capture, if they were not to be tossed about by the volatility , is the reason why we chose FLC:
(1) Decentralisation of waste water treatment
(2) MABR is low opex and low capex. Only technology that can return low TN (total nitrogen levels) which is what China needs at the moment
(3) SUBRE can add treatment capacity without additional footprint
(4) China needs to meet 13th FYP on rural water treatment and they are clearly behind schedule (I can't ptove this but I surmise).
(5) Convergence of technology where waste to energy is coming into the fore. https://www.fluencecorp.com/waste-to-energy-solutions.

These are major secular trends captured in FLC. Remember, not all water stocks are created equal.

If we forget the above, we will let ourselves be tossed by the vagaries of the share price, and be a pawn of the Mr Invisible Hands.