Massive opportunity cost, page-173

Of course, I think this is more than 50 million.

There is 23 million of unrestricted cash. I certainly think it is more than 27 million for the rest of the business.

Growth will be scarce going forward and even if they grow at 10% Q on Q it will very valuable. There is IP, customer base, etc. These businesses are scalable as you know. Also, I am expecting a recessionary environment to help with the loan book. Also most importantly I think there could be takeover and merger value that is for me very valuable.

Currently, the market cap is 134m and I think that is undervalued and at worst fair valued. Can it go lower? Sure. Will stay there for a considerable time. NO. Also, back to my contrarian argument you being a non holder is looking at the price. That mean either you think this is approaching fair value or you are shorting it. Either way, I am comfortable holding the equity at this price level and probably add on weakness