An enjoyable read as always! Great writing style and once again charts support the narrative — yes the shares outstanding chart is comical and yells “management doesn’t dilute shareholders!”

I also end up asking myself questions after reading your posts. Last week, based on one of your comments, I asked myself how would I go about valuing Meta’s metaverse business. And the answer is — I have no clue. Zero idea.

I like mocking venture capitalists because they invest so much money in silly endeavors (FTX is a prime example). But at the same time some VCs can actually put valuations on businesses such as the metaverse, and they bring value by doing so.

Reading about this nanocap, my thought is how does one manage to research in detail a company for which little information is available, and yet avoid the sunken cost fallacy of “now that I’ve spent so much time looking into this company, might as well invest in it to avoid wasting all that work.” (Obviously such thoughts are not conscious.) Maybe by studying many such companies and therefore not focusing on a single one?

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