Interesting, thanks. Ignoring S J's and fund's natural self...

Interesting, thanks.

Ignoring S J's and fund's natural self interest in barracking for stock, ultimately reconciles it as preferred over Smiles on basis that it provides (cheaper) value, irrespective of possibility of little or no future growth based on the existing returns it is generating.

Not a conclusion that shareholders should be content with or accept. If management can't grow business then should hand reins to a team that can.

Market continues to discount price due to ongoing earnings uncertainty and lack of tangible evidence of growth plans and real execution.