Thanks your update on the leadership changes.
please forgive me if this is incorrect: but I wonder if you are emotionally invested into your thesis. Perhaps this is such a large part of your portfolio that admitting you are wrong is going to be financially and psychologically………challenging?
I have the greatest respect for your analysis. You are clearly a smart guy with great skills.
However the way you presented your thesis made me feel that there was an element of you trying to convince the audience (and perhaps yourself) that NOW it was all going to change and all evidence to the contrary is in the past and “we’re gonna…we’re gonna”
To be clear, I have no idea about this company-at all.
You may be entirely right.
But I feel the nature of your argument has changed, subtly.
I hope this is received as it is meant - as genuine constructive feedback, and an opportunity to reflect.
BTW - I do have a tiny holding based on your previous recommendation!