hi d&o,
i'm not in quite the same place.
i don't think that hopelessness necessarily accumulates over time. wave certainly has a far superior set of products to whatever it has had previously. but still the sales are anemic.
this may be explained a number of ways. i don't feel i am in a great position to know with any certainty whether wave is making missteps on the supply side. too much mush.
but i can keep my eye on demand. and looking at that, i do have a worrying suspicion that this is going to take a very long time.
so i am looking for catalysts. if i assumed continuity of progress, then this company would not be worth the effort. too much expense required to build the foundation and too little evidence that all that expense will yield the income it needs to in order to justify itself.
so far, sks has shown himself adept at destroying capital. even so, the architecture he has built looks capable of delivering revenue on a really large scale if the company can (i) survive and (ii) breach the incumbents' barriers to entry.
i am not confident sks is capable of taking that final step. so - since no change is possible in the management or board structure - we'll just have to wait and see if that happens. or move along, maybe. it's certainly a very frustrating company to follow.
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