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ParanoidAndroid's avatar

Excellent post. A bit late to read it but it's still very relevant today. I am very excited about the group but arrived at the same conclusion as you, namely that because of all the noise with acquisition costs and how they are amortized or not, I am unable to properly value the business. You'd really have to do sum-of-parts valuation to get comfortable. Still, I am comfortable enough with the general directionality of the business to take a small position that I would grow over time if I see the performance improving.

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Max's avatar

Helpful. Thank you!

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