I am truly thinking out loud here. I have a fair chunk of my...

I am truly thinking out loud here.

I have a fair chunk of my portfolio in cr8 lured primarily because cr8's market window which I think is huge. However, the qrtly, my conversation with Michael, the recent video linked and any other document I can find, has not been anything but awe inspiring. A couple of points.

1. It bothers me when the CEO declares she is an 'entrepreneur'. Sounds impressive but results are what matters IMO. CR8 needs a CEO and not someone on an adventure.

2. Nationwide have been on the radar for 12 months and not a cent of revenue to be crystallised. Moreover, no guidance on what might be crystallised. That says (a) cr8's revenue model is not clear; and/or (b) conversion process is slow which bodes well for rivals. Somebody needs to close out deals.

3. Nationwide are on a 'transition' discovery process. In his own words, 90% + of opportunities explored don't see the light of day.

4. Supposedly there is another fortune100 company on the radar. Given the nationwide experience (ie non revenue producing protracted engagement process) , who cares?

5. CR8 is filling up with boffins ... Universities are already full of them.

I am concerned that there is an awful lot of spin and not a lot of substance behind cr8 publications. I'm still trying to work out if and when that might change. Even another fortune100 name is likely to be absorb without a blink.

Until then my sense is that cr8's price will sink.

Time will tell.

Have a great day