Looking across my portfolio, Bailador is one that just keeps moving sideways (plus divvies) where they are screaming from the rooftops how good they are at backing winners and having conservative valuations.

Going through previous straws on Siteminder and Bailador, it seems not much has changed in the last couple years albeit a small Bailador sell down of some Siteminder (at a good price relative to today).

I am still of the opinion they should sell their Siteminder completely and return a special dividend to shareholders for them to decide whether to buy into it or not. With such a substantial position in Siteminder, it does frustrate me the amount of management fees they're taxing us plebs.

Given the broad based increase in costs across all industries and cost pressures within small - medium businesses, do we think that Siteminder will have an increase in adoption rates as owners look to tech to increase productivity?

Personally, I am still against the Prophero investment. I don't have any love for buyers agents, especially these guys who clip the ticket from those who don't know that they're getting screwed. Their customers go to them following great marketing and ultimately hand over their hard earned for sweet FA.

Also, Sol Patts has been selling down over the last few years, do we have an opinion of that?

What I like about Bailador is their size and flexibility. They are small team, not overly burdened with red tape, nimble enoughto get into small companies and get them flying along. Siteminder isn't small anymore...