How do I rate the Glaucus reports?, page-3

I agree with Pikel. The issues that have caused the price drop were all in plain sight. (That said - I did not see them. I was not looking - but even if I was, I probably would not have seen them). It is true, that you sometimes see this sort of analysis in 'blogs' - but it does not make it invalid. In this case, well done and well played Glaucus.

I would add that an additional 'bigger issue' is: if it turns out that BLA's AUM are materially above what BLA can realise the underlying assets for and this means in turn that a material slice of accrued revenue for funds management is not ultimately realised (which is what has driven the SP drop in my view), then let's hope the people responsible for that state of affairs are subject to some sort of meaningful financial and other sanctions. If not, we'll keep having these 'issues' in the Australian market, which is really not good for anyone.