Valuation, page-4

I'm hearing the company is really misunderstood by the local investment community (read Analysts). I have a suspicion the company uses ~50% of its revenues to incentivize users to onboard (as the exchange/main broker they should be GETTING brokerage fees, not paying them). If I am right, these fees will drop to a minimum once traction is gained and the network effect established, and meanwhile, there are revenue-linked marketing costs - perhaps the smartest capital allocation action a CEO can make. Looking forward to holding this one for at least a decade.