Dilution in the case of CWRN is not a theory, but a mere reflex. People are used to screaming dilution every time some pinky goes down. PPS drops for any reason, at any time = the company is selling shares. A theory would require some ground work and justification. Reflexes, in turn, are easy to follow and do not require much thinking. CWRN is NOT diluting. I know that. You know that. Others can believe what they choose to believe, it has and will be their loss in the end.
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