MoneyBgone: One doesn't have to look deep in those filings to spot this amazing artifact:
"Wave has incurred substantial operating losses since its inception, and as of September 30, 2015, has an accumulated deficit of approximately $443,797,000."
What I find interesting is just about half of that deficit was raised early in Wave's arc--there was a $220M placement. Nearly a quarter of a billion bucks was squandered on crap such as "Ishophere.com" and many other foolish 'investments.'
Right about this time, SKS was building a 10,000 sq foot private mansion in the Berkshires. And his wife was starting White Horse Hill Farm.
The company's admission that SKS spent office hours supervising the construction of his wife's horse farm and his mansion--didn't seem to deter anyone. I found it shocking.
When shareholders were burnt again and again, many wondered why the executives at Wave were still collecting full salaries and bonuses, instead of sharing the pain. One of their leaders said, "He's (SKS) worth every penny and more!"
This is the 'wrong-way steering seemingly popping up at every choice point and at every choice point, the advice was dead wrong and consistently bad advice that cost their followers tens of thousands.
Hard to beat that kind of consistency without someone's thumb on the scales.
Blue
