SRS, here's what I mean by implicit.
It is reasonable to infer from this "View From the Bridge" that Rich and SEVU as a whole possesses intregrity, honesty, and candor. Remember, they were worried about new "wheels" due to SEC SD/FD disclosure rules. As it is quite clear they are not reckless, this tells me they went to the trouble to figure out how to issue these "views" without getting in some kind of trouble.
Also remember that this is a long-term pattern. SEVU has NEVER, to my honest knowledge, actually misrepresented a material fact. I maintain that enthusiasm is not only excusable but very good. Lying is NEVER OK!!! Read their PRs and previous wheels CAREFULLY to refresh yourself, if necessary. You'll see what I mean.
My point is all about having a sufficient, long-term PREPONDERENCE of evidence to REASONABLY infer factors important to any investwement decision that are not explicitly stated by the company.
As an absurd example, I would be very worried if they actully said "We're honest."
BTW, you're right about "intelligent skepticism" and I have used this exact phrase in previous posts. "Intelligent skepticism" and enthusiasm are not mutually exclusive, IMO.
JMHO Bulldop01Toror
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