I can't believe that it is me that has to write this but here goes ....
For many of you, this investment has always been a 'Wave can do no wrong' addiction of sorts. To your credit, many of you have bravely defended 'Everything Wave' on every board you've ever been on. I say to your credit, because there were several people who tried (and continue to try) to place doubt in the minds of investors, and it was most of you who defended the cause admirably.
However, if some of you are willing to admit it, you've also over-defended at times, condeming even some of the more loyal of the longs opinions. Any contrarian view was usually met with a defensive posture, and an absence of accuracy, or truth. What Steven said this last week regarding cash-flow break even was not the end of the world. If you take it in context, Steven was merely stating that as both the market, and the opportunity/need expands, Wave will likely have to expand its burn rate and employee base to keep up with the increasing demand.
No big deal right? If you make the company, and your investor's some money while you're expanding then the Wave World is a happy place. We deserve it ~ right? We've waited patiently through all of this. We knew what we were getting into. We knew how long it took, and made the conscious decision to continue to invest, and support Wave management through the toughest of times, when good investors was what was needed the most.
What I think just happened was that many of you finally realized that CPA and others should have been asking these tough questions, and that our loyalty should not be blind. There was a clear play on words in Steven's last set of responses on the RB board. While he may have, in fact, felt that was his position all along, he did not even acknowledge why we would be a little disturbed at hearing 'cash-flow break-even' next year, and then hearing 'cash-flow break-even' in 2-3 years is more likely.
He knew what we were asking at the conference call, just like we knew what he was saying in this last meeting. And they clearly didn't match. While I don't expect humble, I wouldn't expect him to believe that we're going to believe that this was his meaning all along either. While I'm definitely willing to give him the benefit of the doubt, because it's tough answering questions on the fly as he so often does, I also want to take the opportunity to suggest that this kind of scenario is exactly why we should be embracing some of the tough questions that a CPA asks.
We should learn not to be so quick to dismiss concerns, and encourage them to come forward and be asked. It's Steven's job (as well as his management's) to prepare for these kinds of questions, know what he wants to say, and say what he means. What we just learned (I hope) is that we've been too complacent and accommodating in the CCs and SHMs. Although we can't prove it, many of us are feeling a bit strung along right now, and we have some uncertainty as to 'when' this investment may actually make us some money, and if we can believe what we hear.
That's the dose of reality we just realized, and should realize. Steven should also realize that he just turned a corner too. He is now going to be jusdged on his performance for the shareholders. All of the pieces are supposed to be in place. I'm not going to buy another need for healthy spend and R&D without revenues, increasing shareholder value, and a rising share price.
To that end, I'm not upset with what he said at all. Actually, I'm kind of glad this gap between actual commentary versus intended meaning occured, and was as wide as it was. Because it allows me to defend the tough questions. It allows me to highlight that people like CPA may not be as jaded, or bitter as some of you may think. He may just be a pretty smart man who should have the right to ask these tough questions, and not be considered an outcast on our board for being a bit more unsure than the rest of us.
I will close by saying that I think Wave is still a great investment. I beleive it will be everyhting I thought it could be when I first invested, and as I continue to invest. I also believe that Wave needs to make its shareholders some money before it begins to spout further R&D. R&D spending is fine for a product suite that makes money. More R&D spending without making some confirming revenues first IMO would be an even greater contradiction to what I've been hearing than what transpired last week. Performance is what Steven said is necessary, and perfomance is the standard he is being held to.
SHOW ME ~ Don't Tell Me
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