I definitely agree that it doesn't necessarily mean an increase...

I definitely agree that it doesn't necessarily mean an increase and yes, there are good reasons to question the valuations. At that point, each person needs to decide for themselves whether they think it's worth investing some money. All I'm saying is that I can see a path there and there is value to be gained in the unlisted space that is different to what you'll find in the listed space. As I understand it, BRL started as a vehicle for making unlisted investments, with JBL as the manager. Early investors in BRL put in money at risk and acquisitions were made using that money. Consolidating multiple acquisitions into a group, raising more capital, etc, there's nothing wrong with any of it.

I've argued there's not really enough info out there to properly value the underlying entities. It may well be shady, but I get tired of posts that question the numbers without even acknowledging the growth that has occurred.