The question is could it go lower? Don't look at rational...

The question is could it go lower? Don't look at rational investors who are loading up on fundamental value at these fire sale prices (congrats to you!). But ask the guy who punted $2k at 17c based on a rocket emoji or FB post and now sits on $425. When he says F**** IT and throws in the towel is when we hit bottom. And if we are not already there we are pretty darn close to it.

The order book has substantially thinned out as a result of the prolonged down trail. The vast majority who took a punt and were down 60 to 80% have already thrown in the towel. We've moved from capitulation into despair as also rational sellers are capitulating (at irrational prices). That's funny cause those pricing a worst case scenario should revisit what management said in the past re: the financing events when valuations were at least 4-8x current levels on radically different fundamentals. Classic can't see the forrest for the trees scenario.

Maximum despair = maximum opportunity. Remember you don't make money buying or selling a stock, but holding it. That means view interim price changes as what they are: short-term noise if nothing has changed on the fundamental thesis.

Oh yeah, I forgot, the fundamental thesis has changed: it's only gotten fundamentally stronger and cheaper in terms of valuations.