I recently sold my gold explorer after it announced acquisition of a new project aka a pivot. The pivot caught me by surprise but ultimately meant my thesis had not played out. Still, it is not everyday when an investment thesis doesn't play out AND one makes 100-200% profit.
How does this relate to NOR?
In early 2016, I realised my NOR investment thesis was not playing out and took profits (as per my 1st ever NOR post; one should always strive for consistency in posting as it adds to credibility). By tracking my own download stats I knew WP download rate delta (the change of the rate over time) was decreasing.
Another interesting thing came to light later... NOR were claiming positive margins by accounting for App Store fees as "marketing expense". Every $ sold on App stores is subject to a commission aka a cost of sale. Only NOR could move this fixed fee below the margin line to inflate margins. I argued this point with
@shanem on HC and Twitter. It wasn't the first time NOR "adjusted" the books. There was the initial Corona sales to 2*ASX300 companies which somehow disappeared in the segment revenue. The David Copperfield of the ASX can not only make capital disappear but sales!
To that end, I wonder what the investment thesis is for the 2*Top 10 holders who entered NOR in late 2015 and is it still valid or does the thesis pivot after each product failure?
Any thoughts?
All imo...
PS Cue the gruesome twosome to play the man and not provide rational counter-points... let's watch
