· 方法论
涉及标的： $BOT
我不确定怎么会有人觉得以7.5亿美元市值买入 $BOT 中价值1.45亿美元、经常低于 NAV 交易的非流动资产是个好主意。 即使下跌37%后，它仍然约4.9亿美元市值。 除此之外，人们还在买入一个通过股权融资工具缓慢滴灌的20亿美元有效 ATM。 散户不仅提供了： > 退出流动性。 > 而且是在极度膨胀估值下提供退出流动性。 > 同时在有效 ATM 提交后，把自己买入的东西财富转移给公司。 也许基金有良好意图，但在当前估值下： 如果你是散户投资者，你基本上是在用流通盘玩金字塔烫手山芋。
I'm not sure how anyone thought it was a good idea to buy $145m worth of illiquid assets in $BOT that frequently trade under NAV. For $750M MC. Even after the 37% drop, it's still ~$490M MC. On top of that, people are buying into a $2,000,000,000 effective ATM that's slow dripping via a equity facility. Retail not only gave: > Exit liquidity. > But exit liquidity at massively inflated valuations > While wealth transferring whatever you buy over after the effective ATM got filed. Maybe the fund had good intentions, but at current valuations: If you are a retail investor, you're basically playing pyramid hot potato with the float.