It's easy to get emotional
and lose objectivity when management does things like this. Trust me, I get that. But I've found, more often than not, that selling into that impulse is the wrong thing to do. That's particularly true when the fundamentals seem so good and the balance sheet is improving.
Unfortunately, the upside gets curtailed with each successive offering unless they can significantly expand their markets either geographically or through product line expansion.
As the Oracle of Omaha said, the stock market is a mechanism for transferring money from the impatient to the patient (or something to that effect). Of course, WB wouldn't invest in a company like this, but such is my predicament.