Opportunity Cost

There has been a lot of complaints about the opportunity cost lost based on the long time it’s taken to finalize the deal.

Keep in mind UMG is a real business that’s growing while we wait.

So while it looks like opportunity cost lost since we’re moving sideways (sometimes down) when this company IPOs we should sync up for lost opportunity cost since it should trade at its fair value including all of its growth (in addition to the valuation agreed on) while we’ve been waiting.