Friend asked why I bought SWF shares. Answered in elevator pitch., page-3

In order to be objective, you need to also point out that there are risks.

They are very beholden to Openmarkets and could not operate their business without them, however, they are also OM's largest customer by a very large margin so OM couldn't operate without them either. In my view, this balances out the risk.

The current level of trading is not sustainable, there are a lot of new entrants into the market. Lots of inexperienced traders who have unrealistic expectations of the returns they will make. SW will win a lot of market share with these people but they will lose interest over time as they either wipe out or see returns that aren't in line with their (overambitious) expectations. SW will still do very well out of this so I don't see that being too much of a problem in the medium term.

One other medium term reason to hold SWF is once they hit a market cap of 100m they will come onto the radar of institutional investors. This may provide a price bump which could be significant.

All things to consider but having said all that, I still feel like they are a good medium-term investment and I have set my target for them at 90 cents by the end of the year.