I quite possibly was a little harsh, but come on, the guy is like diarrhoea - he explodes everywhere. If he spent as much time thinking about things as he did posting he may actually add some value.
My comments hold, irrelevant of stage of life of a company.
Illustration below. This made up company raises money through time and dilutes shareholders through time but it has an increasing market cap. If you believe what you say then you would be happy with that as it displays progress
Now view that from another perspective. Market cap/ total cash raised. That paints a completely different story - one that doesn't look very good at all.
And here is KNL's - funny how shareprice tracks true value add - not market cap.
Now, would a sophisticated investor truly track Market cap as a proxy for performance - hope not. Just reflect on this comment from Robbo one more time
"
As is flagrantly obvious, the market believes KNL is becoming more valuable as time goes on. "
Of course its getting more valuable - they keep raising capital and investing - you should expect that. But does that mean I am happy? Not necessarily as value sure hasn't been "created".
I work in PE (predominately growth capital) - WACC, BETA and CAPm's are all but hazy memories and the concentration risk we take would probably make your eyes water!
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