dig, it's a good analogy ... but in fact the ship has been sailng for many - too many, most would agree - years, and has always found ways to replenish its supply of food and fresh water. Moreover, the officers on board seem aligned and motivated, and by all accounts know their stuff, and the captain has been able to attract and retain outstanding new talent.
Dilution ... yes, and many disappointments to its investors back in the Queen's court. But that's the nature of investing in an adventure or concern in the nature of trade that hasn't been charted before, and at the end of the day we vote with our feet whether to stay or abandon ship.
Wave remains a compelling opportunity in spite of repeated disillusions in terms of a market that has remained just over the horizon, while the captain has continued to state not so much his knowledge as his belief that landfall is imminent.
But never mind that, it's each investor's choice to go long or short. From my vantage point, I can see that there are a lot of birds in the air these days, ... birds that live on land, not at sea.
cliff
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