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The largest shareholder is the customer - the board will therefore prioritize whatever the best outcome is for the customer which is at odds with the best interest of other shareholders (maximise returns vs stable supply).

Normally a co would distribute or invest spare funds so shareholders can earn a return on alternative investments if they don't have growth opportunities exceeding those of individual investors.

GRR don't care about maximizing shareholder wealth - that's not their primary concern and so it leads to a discount. Buying shares in a co whose management's interests are not aligned with you as a shareholder is bound to mean a discount imo.