Why are you using a variable as a baseline ? this only provides an outcome for as you put it "the present". and that's as far as it goes.
Market Cap - In this instance, the variable doesn't really provide any TRUE data - if IMUs MC tripled tomorrow on results (yes I realise it won't) - then your graph would put IMU much lower on the ratio graph and your argument of IMU being mismanaged is completely redundant.
cute graphs though - A for effort on the pictures not so much on your argument.
Why IMU is a multi multi bagger, page-26368
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