1/ I received many DM's from people asking what I meant by this post and asking me to elaborate. Happy to. As you know, we have long maintained Eleon has no real investor support, as evidenced by his shareholder list. He needs to raise and hasn't and he hasn't because. . . https://twitter.com/cppinvest/status/1263944323042873344

2/ There is no one real willing to pay these prices for Tezzler shares. ETF's cannot participate in secondaries. So, he has to go to the broader market for support. And the broader market is telling him to stick it next to Vern's sub. Don't believe me? Here's a picture. . .

3/ This is the latest 13F of largest buyers. See Goldman there at #2? Look at what they added this Q and what they have total. All those shiny new shares were added by Goldman this past Q, or, during the period Tezzler last offered shares.

4/ It's possible that 1.9mm increase was Goldman HNW being bludgeoned to buy stock, and probably is to some degree. It's a safer bet to assume that Goldman Inc. owns many of those outright. Either way, one can reasonably conclude the last deal was not well placed.

5/ You can also see who didn't add last Q, but that's not the point. I know this is a frustrating short. Thank retail (and Eleon) for that. The real point is this: large discretionary buyers are confirming your view on valuation. Small consolation now I agree.

But if this shareholder list saw new names of real discretionary buyers showing up or adding, the argument around this stock would have a decidedly different tone. Don't ever forget that. The market is speaking loudly and clearly. You are on the right track.