Hi tkc,
I hear you. But we really don't know the state of the glide path looking forwards.
Whilst his unsafe harbour comments have been excessively optimistic - even when he has said he is trying to be cautious - there has usually been a very different sense of prudence through the financial statements. I've always felt this justified a belief that Wave operates in parallel universes: one of which is sensible, the other of which is puffery.
These two views are usually in conflict. But now Feeney has become SKS' accomplice in optmism ie looking at the cost profile. So it may be something is up. Or it may be you are right and they are taking a huge risk. We will find out if you are right through the income statement.
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