Agree wholeheartedly with many of the points you make. I think...

Agree wholeheartedly with many of the points you make.

I think rent resume is just one part of the puzzle and this is really much more of a backing of a management play than anything else. There are a few counterpoints though:

-I think there is one strong competitive advantage (domain name).
- I think the strategy here is more one of engagement followed by monetisation rather than pure classifieds approach. You have to choose some metrics to monitor engagement and RRs are certainly one of them. Others include Alexa rankings, google trends and also absolute sales.
- I think there has been an absolutely clear cut demonstration of improved operations since Bader took over- there is clearly a better focus on ROI on marketing spend and being lean. The fact that this has occurred whilst new products and expansion of the business has occurred is a really really strong plus.

The question then is when is the optimal risk/reward situation- certainly at these prices the rewards could be phenomenal but loss of capital is also possible. At these prices with cash in hand the risk is counterintuitively the lowest it has been in its entire history. Put another way- the risk/ reward is the best it has ever been, and by some distance, in RNTs listed history. Sure it could get better and sure there may be better options available and sure there are risks of permanent loss of capital but that can all be mitigated by proper portfolio risk management/ construction.