VUL megathread, page-511

I think your statement "what does the number of shares have to do with it" carries a certain amount of ignorance that you need to understand.

When I do due diligence on a stock which I wont go into detail I look at 1. the project...2.the sector....3.management quality...4.number of shares

When I look at the number of shares I go back 2 years and look at the dilutions that have occurred...both in number and amount and ask "have they been supported by the directors(must have plenty of skin in the game!) and do they look after their shareholders by giving them a chance to participate"..
What effect has past dilutions had on the SP or the advancement of the project"...not always do they both move in the same direction except long term...
.Who was the leading broker?..Are they just interested in their 6% fee?..and piling ST SIs chasing their 15% in a few days at the expense of LT shareholders?
How many times have I read HC and found disillusionment with shareholders saying " not another raise...we will be diluted into oblivion."etc
Quality management will anticipate their capital needs and not over raise knowing that they have a quality project that they can raise more against at a later date whereas those with a weak or marginal project will over raise in case the market goes soft.

In racing palence dilution is like adding weight to the saddlebags and the old racing adage "that weight will stop a train" or at least slow it down.
We VUL shareholders are living in a golden era where the project is huge...quality of management outstanding and the sector is warming up...right place at the right time and this is what is giving us a SP appreciation that is the envy of other investors.
Lets hope we are on a wonder horse that as we have further success..."tick the boxes" the dilution that will be needed will be less as SP will have appreciated many times