Massive opportunity cost, page-6

I don't discount this is a very good business and it "makes sense". That is why we invested such a large amount of money in April/May 2020, which was the best time in the history of my investing career to invest. I have seen my other investment do so well and, WZR not so much.

The biggest issue I have here is the opportunity cost. Whatever the metric we look at namely PE, PS, Buffet indicator, Shiller PE we are close to the top of the market and not the bottom. The only saving grace for the valuation at present is a 10-year and 30-year bond rates are low, but they are at their lowest in the history of mankind and, potentially can go in only one direction. WZR is so linked to the broader market and, if there is a drawdown which I expect at some stage next year or latest in early 2023, this will go down with it.

I also don't see WZR growing at the same rate as before as any other company maintaining this kind of growth rate has to slow down at some stage unless the European adventure takes off in a big way. Also, if the interest rate goes up, people would take fewer loans. Even if they go to the mortgage market, it is very competitive and probably needs more advertising and a higher cost base. I wish the management was a little bit prudent, thought about positive cash flow, and think about the shareholders' little bit more.

The bottom line is I am venting my frustration and hoping at least someone from the board looks at this forum (wishful thinking) and recognizes where the shareholders are coming from.