It is a puzzle...
It says "relative value" but, relative... to what ?
Notice also the focus it addresses... in that it has a "buy" bubble and a "sell" bubble... and it points out where "speculators leave", and points again where "institutional investment " comes in... but, it doesn't ever show where fundamental investors who buy for pennies and hold for dollars continue holding until the backing of institutional investors coming in for more has peaked at a market top in the specific sector ? It doesn't show out as far as "dividend implemented"... where the prior purchase price is returned in its entirety each quarter, even with a relatively low yield relative to that future share price ?
For that matter... it doesn't even tell you to sell at the peak and then buy back in again, doubling up or better on your prior holdings, before the lows in the "orphan period" disappears forever... it just has the nebulous and cryptic "full value"... supposedly taking only a year to achieve ?
I've found more than a few decent penny picks in my time... and not a one of them has ever reached anything close to "full value" in a year...
But, then, its focus seems it is clearly limited to "exploration" opportunities, with the expectation that one will sell ones holdings either to a larger miner or to the institutional investors... and then go looking for another explorer to hopefully repeat that cycle... but, here... you'll already own that "next" explorer ?
I think it's a very solid view of what "typically" happens as an exploration effort succeeds...
What it is missing, is that "what typically happens" is less constrained in fact than the "average" might suggest.
It introduces the paradox that while it is exactly relevant to the general in reality and to SRSR... it is also completely incorrect in not fully or properly describing things as they are, for us SRSR holders... but, then, that is why you have an intellect and the ability to exercise judgment... ?
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