The most dissapointing for me in the shareholder letter was there was no counter argument to, "the market has momentarily given up on our growth potential" other than the reply (paraphrasing), "well it can't get any worse from here!" Would've loved to hear what long term prospects could convince the market otherwise, but nope it was (paraphrasing), "we are fairly valued based on the market's (correct??) assumptions". I also blame these types of comments for practically zero volume/liquidity. Very bad.

The only good thing I learned was the business does very well when there's geopolitical instability.