There are rationales behind accounting choices. Reasons that still apply whether someone has a general ledger or is just managing pocket money. Reasons backed by REALITY and PRAGMATISM.
An alternative principle that, until a stock is sold, it is not at a loss is ... exactly what all bagholders say. Until they hold the bag.
Only value investors manage to back such a rationale, but with conditions so stringent that Cytodyn is at the EXACT OPPOSITE of these conditions. These conditions are centered, ironically, around the accounting of the company.
So...outside of accounting...it's a stairway to ...holding the bag.
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