Hilarious. Skip to 22:00
I was looking into this company again, having sold it around $19 several years ago, because of their exposure to Twitter. More than 14% of their fund is invested in Twitter. Here are their holdings.
The question is, why is the stock trading $4 below its NAV?
I will tell you. Since coming public, their CEO, Mike Moe, has demonstrated an acute disregard for shareholder value. Instead of managing the fund, with the shareholders in mind, he’s focused on collecting fees. Every time the stock went up, he filed a secondary offering. It got to the point of comical abuse, which is why I walked away from this company. As you can see by the share price, nothing has changed.
Although it’s nice to see Twitter so overweighted in their portfolio, the way it’s structured, so broadly diversified, it’s almost impossible to see a real increase in NAV. He’s invested like a coward, only interested in very late stage companies and meekly to boot.
These 1-5% positions are a joke. No one makes money on those positions but him. If this company was truly interested in you, the shareholder, they’d have 10 10% positions, confident in their ability to pick winners.
Heck, they don’t even pay dividends or buy back stock. Why should I invest in Mike Moe, when he doesn’t care about my money?
Ultimately, this is a play on getting back to NAV, which is a sizable percentage increase from today’s share price. I do believe this stock will increase in value, the closer we get to a Twitter ipo. However, let the record state, thus far, GSVC has been a boon for management and a sinkhole for investors.
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What about SVVC?
Imagine a similar thought process…
Their NAV is $23 and only 8% of their fund is in Twitter.
hahahahahahahahahahaha
3 callers…all hostile…
Dr. Fly,
are you holding on to WETF through tomorrow’s earnings?
help the plebs with an answer
I sold it
Hi Fly,
You mentioned at one point (once your accomplishments are greater) wanting to write a book. Which character from a published novel most resembles you. I would be curious to read that.
Sorry for the off subject question.
The Count of Monte Christo!
more likely Andy Capp…
All human wisdom is contained in these two words–“Wait and Hope.
Fly stopped reading books, in favor of movies. Don’t you remember? Which is to say, Fly stopped being a gentleman, in favor of being a child. I kid, I kid. But there are approximately 0 movies that are better than the books of the same name.
I’ve been reading books again for past 3 months, after seeing every movie made over the past 100 years.
Any good ones recently?
Fear and Loathing, Hell’s Angels
Hunter S Thomson.
Lol Feds can’t find me
Mike Moe is a piece of shit.
+1
Fly, what about OCZ?
oh my bad I forgot their upcoming filing. btw mike moe sounds like a fucking prick.
when is the twitter ipo? are you in gsvc or just watching for now?
MM is a stinky vagina.
Always has been, always will be.
Upgraded the offices recently too.