Hi Insected,Bucephalus is referring to the J Capital attack I...

Hi Insected,
Bucephalus is referring to the J Capital attack I was referring to as the recent "short attack" and I think is reiterating the same messages, in an easy-to-understand video format. (Good on him)

Put aside the allegations of accounting irregularities which WTC have refuted (and frankly, their auditors should be on top of), what J capital and Bucephalus don't get or agree with is the acquisition strategy of buying quite small entities to add i) supply chain functionality ii) new market footprint including local staff and iii) customer relationships, which then over time migrate to the WTC ecosystem. What we can all agree is that it will take time for the organic component of this approach to drive material value. If you are a believer in the strategic proposition, then that's what you are investing in.

I reiterate my view, we have a very high PE stock that's been subject to attack by some research by those who don't buy the strategic proposition. Which is fine. Who is right or wrong will start to short over the next 1-2 years. I think there is upside in the long term because to me, building an operating system for global logistics is potentially a valuable product in a vast TAM. WTC spend a lot in developing the platform, and I get the acquisition strategy.

From my perspective, the niceities of the acquisition accounting are less interesting and unimportant (as long as the auditors are doing their job). Once the global market footprint is complete (it nearly is) and the capability set is complete (it nearly is), then there is NO REASON for more acquisitions, and the proof of the pudding in organic growth will need to show through. As long as Richard White is still holding 45% of the equity, then I believe that he believes this is going to happen, so we are aligned. (I could care less that he makes a few $m from property leases,...its an irritation only.)

Thus, I am a HOLD and will ADD on any further SP weakness. I see the shorts as short term noise presenting buying opportuinities as I hate shelling out too much for a high PE stock.