Why I am Buying XF1 (XREF), page-32

results are retrospective, the current share price indicates that pain.

The macro outlook is extremely uncertain.

The fact is a lot of people have lost their jobs, these people will eventually get new jobs and compliance around hiring will no doubt increase.

If you are investing XF1 for a short hold, you might be disappointed (you might not), but at some point in the next 1-5 years, we will see the most amount of hiring that has ever taken place in the world ever. That's what you are buying in now for at a low price.

They have to survive until that point, but I think they will