RE: Q4 Conference Call Smart guys - everyone is get paid to wait except the shareholders.
That is the key sentence. IMO, the overall performance of the company is much higher than average (despite the many disappointments) and the one thing that is really wrong is the share price. That is the problem and that is the opportunity. What is frustrating, and a real problem, is that the management and the board don't perceive it as a problem because, as you say, they get paid to wait.
Whatever the cause, or even the intention (I sometimes believe the board and management are happy with an undervalued stock, the NCIB being one of the reasons), what is sure is that extremely bad communication from the management certainly contributes a lot this undervaluation.