Valuation, page-40

The forager article is very damaging. As an outsider we cannot really see the marginal return on each additional site location acquired. As the company grows the best sites are taken first, then secondary sites then more marginal sites. This problem can be hidden at first, but when cracks appear it does act as a warning. I have no idea if gxl is at this stage. But I am nervous especially after the forager article. If gxl debt was much lower then I would be less worried