Anthony Scilipoti

I sat with them, talked to them before.

It's a situation where someone is such a masterful spinner of a story and is... Are you talking the CEO?

Yes, the CEO and the management team.

So you had Mike Pearson and was executing.

And, you know, he comes where he came from a great pedigree.

He was not taking a salary and everything was tied to the stock price.

You know, he was...

you know tires tirelessly working in the company and he'd proven because what ends up happening is price creates narrative so all of a sudden you don't believe it day one but then you see that they made an acquisition it didn't seem like it was going to work but then it works and the stock price goes higher and then they do something else and it kind of seems a little bit strange but

And then they change their accounting and they change the way they present their non-gap metrics, which is things we noticed.

Like that's another huge flammable item.

The company says, you know, they're reporting their, they use an adjusted EBITDA and they calculate it in a certain way.

And then the following year, they calculated a different way.

Well, that's a non-audited number.

It's whatever management wants.

And, you know, the markets just believe it.

And so that's something that Valiant was notorious about.

But it didn't matter because the stock price just kept going higher.

And as the stock price keeps going higher, it's very difficult, okay?

In the money management industry, when you're underperforming, it is so difficult to stay high.

course.