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@BillWinterberg @AlwaysPinHigh I think this take is true, but not sure how useful: “One just doesn’t know the final net result of [any risky investment decision] until the asset is disposed.” Disclosure: I have a vested (research, not financial) interest in TLH being important public.asu.edu/~lstein2/research/boguth-stein-tlhivol.pdf