Stocknovice's April 2023 Portfolio Review

I mentioned my PE background solely because evaluating and dealing with top management is pretty much all PE investors do during the life cycle of a portfolio investment. No intention whatsoever to brag about my background, which by the way I often deem non-conducive to particularly good investment judgement on public companies (it’s a completely different ball game). Having said that, PE has a long term, highly operational, management-focused approach, that I try to adopt when looking at public companies. Having lived many companies from the inside, I know that value doesn’t get created – or destroyed – in a quarter. Also, value creation is not a linear process: it goes up and to the right through ebbs and flows, if execution is right. All this to say that I do not really understand all this fuss after one quarter’s results. I don’t understand how NET could be consistently one of the top three positions in virtually every portfolio here up until last week (with large position sizes), and now all of the sudden it’s become a bad company, led by a guy who’s no longer trustworthy. Prince is not a new figure to this board, we know about his style in earnings call, we know he likes to have an unorthodox way of conveying things about his company and the future of the business. So, nothing new there, as far as I’m concerned. And this thing about the underperforming sales people, to me, is really no big deal. As I said, I see it as a way of being transparent with shareholders.
You say “I personally find it borderline disingenuous to brag about his bold macro vision at the same time he was apparently blindsided by an underperforming sales apparatus right under his own nose”. We’re not talking about an underperforming sales apparatus; these apparently were just 100 people. I don’t know how many people work in sales at NET, but I think we’re talking about a small percentage of the total. And I don’t understand your “right under his nose”: he analysed it, he judged it, and he reported it. It doesn’t seem that things happen under his nose: I see someone well aware and cognizant of the situation. Also, your bolded text “especially since it was obvious customer adds and NRR trends had been lagging for multiple quarters” is not true. Total customer adds in the last 4 quarters were (from the most recent) 6073, 6086, 4197, and 3619. Big customer adds were 114, 134, 159, 212 (but the PRIOR 4 Q were 121, 156, 172, 143 – so, basically all over the place). NRR has decreased, yes, but is still 117% and it hasn’t really lagged “for multiple quarters”. Over the 4 preceding Q’s it was 122, 124, 126, 127, showing a slight decreasing trend but nothing dramatic, imo.

As I said above, I find it hard to be so dramatic after a quarter of so-so results in a tough macro environment. I too was disappointed when I saw that they decreased their year guidance, but again, it was a 4% reduction. I think we’re so used to see large beats and ever increasing guidances that we lost sight of the fact that things cannot go always linearly up and to the right. Especially when companies get big, especially in uncertain times like these. I think we need to be able to ascertain whether a business will grow durably and profitably and will continue to play a leadership role in their market over the next decade. Also, on the reported numbers, they basically hit the high of their guidance range for the Q (ok, one million lower), but this is NOT a tragedy. They also reported record profitability and cash flow, so all good there.
My view is that this is still a great company that makes products/services that are necessary to their customers, must-have products/services, and that this year will grow to be a 1.2/1.3bn company in terms of revenues, likely with good profitability and cash flow. They have their unique infrastructure that makes the business capital intensive but at the same time hard to replicate overnight. And, yes, I like Matthew Prince and his top management people. I think he has very clear where this company needs to go and develop into a multibillion revenue player a few years from now. I’m just not willing to jump around every Q from company to company. Maybe I’ll lose something in terms of momentum, but in the grand scheme of things (especially after all we’ve suffered over the last year and a half) it won’t make a huge difference.


About NET and how Prince threw their sales team under the bus - from anecdotal stories I’ve heard, their sales reps quality is all over the place and many clients wondered “how do you have such amazing product but such poor sales” when it comes to support or help customer find solutions from their product stack. Still, it is unusual to see a CEO throwing the team under the bus. I still think they have the best mix of product roadmap for land and expand and competitive landscape in the group of software companies discussed on the board besides Snowflake, which has very high multiples. On the other hand, the execution from NET in the last two quarters are very bad. I still hold all of my NET positions (about 20%) since I don’t see significantly better options to invest in the IT budget tightening macro.


The whole thing about the Sales team is that Prince knew they were underperforming but as long as the economy was humming along he was ok with it. He should have been cutting them all along. Now when the economy starts tanking he finally owns up to it? I still think this is a great company, and I don’t think Prince can destroy it because of what they have built. But maybe Prince learned a good lesson, because that bull market had run so long and also, Everyone of us does the same thing, well except maybe Saul, We keep telling ourselves this or that company is really not that bad but if we give it just one more quarter they will pull through.



Its pretty clear that different people are going to react differently to what Prince said.

In my OWN take, I think Prince was trying to say [look lots of stuff going wrong with macro, but by god here is something we can control and we are going to optimize the heck out of everything we are doing to emerge stronger and better in all this]. That is I feel like he was trying to say that he isn’t going to sit back (kind of like what Bill said as I recall), [well its bad and everyone knows its bad and we are just going to hunker down and get through it].

Prince took the opposite track. [NO, I’m just not going to sit back and let this happen to us. We are going to do EVERYTHING WE CAN to get better, stronger, and use all this pain for a greater purpose]!

Therefore, I appreciated Prince’s approach, as an executive myself, I aspire to control the things I can control to get the best possible outcome. I may fail because of stuff I can’t control, but I’m not going to go down without a fight!

So that is how I took it.



This has been one of the best discussions I have seen on this board in a while. Appreciate all the input.

I don’t have the depth of understanding about this company that most of you have. But based on what I have ready over the last several years (mostly on this board), if I had to pick only one SaaS company to buy and hold for the next 10 years, it would be NET. That is why I made it my largest SaaS holding. Moat, management, speed of innovation, optionality, potential for profitability, cash management, growing market, solid growth history.

We are in a freaking boarder-line financial crisis. Banks are going bankrupt. Credit availability is tightening. Companies are slowing spending and tightening their belts. Things are changing rapidly.

The stock price is where it was…wait for it…3 months ago!

The price is very close to the long-term trend line. The risk/reward seems good here. I could be wrong - I’ve been wrong lots of times - so this is not investing advice, and make your own decisions based on your own analysis.

I have not sold or added any shares.

p.s. - Can you believe 1.5 years ago we were arguing about why the P/S ratio of 60 was ok? There might be something to learn there.


Well, Prince himself called it embarrassing. You should probably let him know he didn’t need to use such strong language. Come to think of it, if there’s really nothing to worry about he probably shouldn’t have led his opening remarks with all the talk about how many heads were going to roll.

C’mon, silvio…on this one, I have to call you out. Allow me to walk you through it.

Total customer adds:

That looks like four straight quarters of noticeable YoY declines to me. From the first four quarters to the last four that’s ~9K and 30% fewer customers added. It’s something I’ve noted as we’ve gone along.


1Q22: 127%
2Q22: 126% (Prince’s initial “won’t be satisfied until it’s above 130%” statement)
3Q22: 124% (with another 130% reminder)
4Q22: 122% (but don’t worry, 130% is coming)
1Q23: 117% (couldn’t find a mention of 130% in all the hammering of the sales staff)

Yeah, that looks like another four straight declines and 10% drop overall. The end of the world? No, but certainly not encouraging when combined with the new customer numbers.

And just to clarify:


So, which part of my statement about lagging for multiple quarters is not true? You might choose to weigh those numbers differently in your investment decision, but you can’t change the numbers themselves.

Again, please read the definition of “multiple” above. You can also check out recaps from various posters pointing out these trends the entire time. I can’t speak for others, but I have owned NET from August 2020 until I likely sell my final shares this week. I figure that’s plenty long enough to put this one quarter in whatever context I’d like. You can totally disagree, and I sincerely hope you make gobs of money on your shares.

A perfectly reasonable view. I just happen to feel differently in how I am allocating my current capital. Let’s face it. This quarter puts NET in more of a split camp than the past. That’s happening with a lot of companies right now. I totally get your point about making allowances in the current market. I also understand there’s a fine line between making allowances and starting to make excuses. NET has zero responsibility for macro conditions. However, it has every responsibility for the quality of its sales team. Given the way I am interpreting NET’s trend, I’d rather err on the side of caution while NET tries to clean up a mess of its own making. Everyone else, including you, is allowed to make whatever decision they feel is best. That’s what makes a market.


Below are quoted from two reddit threads and reviews from the Blind site on Cloudflare:

“Instead of a mass layoff of sales people, there should have been action plans for people underperforming. This is a layoff, not an “upgrade”. On the off chance Matthew Prince finds this thread, if you read this, feel free to DM me so I can personally tell you what a XXXX you are. You accepted zero accountability and that speaks to your personal character and the culture that you are fostering at Cloudflare. If your product is so good, fire the entire sales team and just let the fish jump in the boat. Let me know how that goes.”

“I’m in the software sales world with experience selling to IT and security buyers. I didn’t work at cloudflare but I know people that were at cloudflare and it definitely had too many sales reps and territories that were too chopped up. They probably did need to lay people off because like many software companies they had more employees than made sense but spinning this as a failure of the reps rather than a failure of the company is super tone deaf. They architected the org in a way that not many people could realistically achieve and that’s on leadership.”

“I met with folks from that company before and they fit the tone of that message. It’s definitely on my list of companies to never work for or with.”

“Wow, this is crazy. It’s really harmful to those who want to pursue a different career in sales, and I personally never want to work for an org who does this to their own.”

“Let me just add this to the list I’ll never work for or collaborate with.”

Recently, a lot has changed at Cloudflare…My last Cloudflare team knew everything about Cloudflare, and could even warn me about quirks, inaccuracies, and features that were still half-baked on the back end. This new team glosses over those and tries to sell, sell, sell. They treat me more like a clueless CEO than a technical professional. Does this seem like a systemic issue at Cloudflare? Or just an isolated bad team?”

6 figure cloudflare customer under management here. Pricing on anything is like throwing darts at the wall. I reached my breaking point a few weeks ago and basically told the useless new team to leave us alone for the rest of the year. Probably giving Akamai a shot later this year.”

We tend not to contact cloudflare or want to use any more of their services… We find they always want to renegotiate the contract or and what we are paying each time…”

Cloudflare was by far the worst sales experience I’ve had as an existing enterprise customer. Akamai does the same things too, but at least Akamai listened to our complaints.”

April 25, 2023:
Compensation isn’t that great
Benefits are quasi inexistant
Quotas don’t seem to be reached by AE [Account Executives]

April 17, 2023:
Management turn over with no clear vision, politics over performance, eng and IT treated amazing but sales not so much

April 4, 2023:
• Losing its identity. Cloudflare is going through its angsty teenage years and trying to figure out how it wants to be moving forward to its $5B goal. Naturally scaling management and operations becomes very messy.
• No 401k
Quiet firing. At least it’s suspected by a lot of us. Hiring has slowed down and the teams numbers have been going down.
Poor management— you expect a company of this size to have its act together. However, it feels like we’re still at a startup sometimes. Up until recently it’s been the Wild West. Ironically they tried to fix that and somehow managed to make it more confusing. Changes have the right goals in mind but they’re always terribly implemented.
Low morale (in the sales org). The market is down, and expectations feel unrealistic. Quotas are rising and there’s zero room for mistakes. A lot of people thrown on PIPs; being managed out; or quietly looking for outside opportunities.
• Metric-focused. The changes in management brought with it outdated ideas on KPIs. They’re watching you like a hawk and emphasis is on putting out “activity” just for the sake of it.
• TC leaves much to be desired.


Perfect example of how we see things differently and place emphasis on different bits. And this is ok and the beauty of this game.

Let me point out my thoughts about some color that you added to your reply, if I may.

Have you listened to the call? Or maybe read the transcript? Well, first of all, I didn’t hear anywhere that he called it embarassing. But maybe I missed it, so I went back and re-read the transcript. And I didn’t see any statement of such tone. Second, his opening remarks are not really centered around “all the talk about how many heads were going to roll”. In fact, he gets to it not even right away, at the start of the call, and I found his way of addressing the issue very linear and rational and (as a shareholder) reassuring. And he added that this has been a problem but that, luckily, there’s a quick fix as 1) these 100 sales people contributed to just 4% of the revenues, and 2) there’s plenty of talent available on the market to replace them (and that while many tech companies are laying off people, they’ll be hiring). Is it sad to see people go? Yes, of course it is. But it happens every day in every company and not every CEO is open and transparent about that. This is not an unusual dynamics.
So, if I had access to him I could certainly let him know that “he didn’t need to use such strong language”, but I would tell a lie, because his language wasn’t really that strong.
Sorry to paste a big chuck of the transcript below, but I think this is important to clarify:

"Marc Boroditsky, our new President of Revenue, has dug into retooling our go-to-market efforts and identified significant opportunities to improve efficiency and performance of our sales teams. Although we’ve won 1/ 3 of the Fortune 500 customers, if we’re honest with ourselves, we saw a lot of our success with our enterprise customers because our products were so good and solved real problems that every big company faces. That allowed many on our sales team to succeed largely by just taking orders. When the fish are jumping right in the boat, you don’t need to be a very good fisherman. But at the risk of mixing watering metaphors, as the tide goes out, you get a clear view who’s not wearing shorts. The macroeconomic environment has gotten harder, and we’re seeing that some on our team aren’t dressed for work. Digging in with Marc, we’ve identified more than 100 people on our sales team who have consistently missed expectations. Simply put, a significant percentage of our sales force has been repeatedly underperforming based on measurable performance targets and critical KPIs. That’s obviously a problem. But it’s one in this environment with a particularly available and actionable solution. We are now in the process of quickly rotating out those members of our team who have been underperforming and bringing in new salespeople who have a proven track record of success, grit and a strong cultural fit. To give you some sense, these 100-plus people contributed approximately 4% of annualized new business sold over the last year. So we’re optimistic we can make this team upgrade without significantly impacting sales capacity. While team upgrades are always hard, this is a uniquely good time for us to do this. A year ago, the tech labor market was extremely tight. Today, there is an abundance of talent eager to work at Cloudflare. In Q1, we received more than 0.25 million applicants, approximately 40% of which were for sales positions. That’s more applications than we received in all of 2021. In addition to the volume, the caliber of the applicants we’re receiving is higher than we’ve seen at any point in our history, especially for go-to-market positions. While other companies are laying off, we’re going to be bringing on great people with proven track records to raise the capability of our enterprise go-to-market team. We’ve always had a culture of high performance at Cloudflare."

I think the overall tone of this piece of call was fine. I don’t see any “strong language”. What I do see is a CEO who’s transparent about the business. And again, if those 100-plus sales reps consistently underperformed the blame is only on him, as the ultimate responsible for ALL the choices that his team makes on a daily basis.

On the numbers, thank you for clarifying that we were looking at them from different angles: I was thinking Q/Q, while you meant Y/Y. And yes, the NRR has gone down. I shouldn’t have written that your statement was not true. My point was exclusively on the importance of looking at the big picture.

Oh, and thank you for teaching me the meaning of the words “lag” and “multiple”! :slight_smile: Learning is really a never ending experience :slight_smile:


A couple of years ago ZS had a similar problem with sales. It turned in a poor quarter and it’s stock price was pummeled. During the earnings call the CEO announced that a new head of sales was being hired. It took only a couple of quarters for things to significantly improve.

As a former sales nug, I have an understanding of how a few underperformers skate. I also understand that the CEO doesn’t run the sales organization by name, but uses metrics to measure the organization’s success. Issues come to light when they are unearthed. If metrics were being meet, the CEO probably didn’t care about over and under performers. In this environment he had to do a deep dive. He did the dive and is letting us know what he’s found. Seems honest to me.

I prefer to understand the issue than to get some generic mea culpa that does little to enlighten.

I would be concerned if I heard many stories about lost deals. While the Reddit comments are interesting, I don’t appreciate how to put them in context.



While your stock picks currently do not make it onto my spreadsheet for company weighting, I always eagerly look forward to your write ups either monthly or on quarterly reports.

However, after reading this thread and the transcripts I tend to have a less absolute take.

I was technician, now I am a scowler, I scowl for a living. The pay is decent, the
work it easy and I get a decent tan. Can’t complain. A few years ago my company was moving our network support group from purely insuring network reliability to some customer facing work, I commented that it had been so long since I had seen a customer that I forgot what they look like. Personally, I want to keep it that way.

Some years ago I thought I could be a good customer facing person, sales, sales support or customer facing technical support. For the most part I failed at those jobs. In at least two of them I was terminated. In both cases it was a relief and a life upgrade.

I say all this to say, if you are selling all that you can put out, having incompetent order takers is better than having no one
answer the phone. However, once the infrastructure of the company catches up, either because the economy slowed down or the you start reaching TAM, then the quality of the customer facing team starts mattering. I say all this to say that the under performing sales personnel may have been pushed into sales work when they should be doing something else, being thrown off the bus when you don’t fit in and don’t want to go that way anyway is not a terrible thing.

Second, in an environment where there are no bodies available, you take what you can get, when the environment changes, you realign. We do it here. (Mostly) I do it in my
personal life, my employer does it, shouldn’t the CEO do it also?

My guess it that identifying removing and replacing customer facing people at scale would take in excess of 120 days, maybe as much as 180 days in a well run nimble
company, a couple of year or never in a company like AT&T.

Just laying off 100 people takes minimum of 60 days, then on boarding and bringing sales people up to speed probably another 120 days. I cannot imagine trying to come aboard my technical job and trying to be anything more than a warm body in 120 days, typically when I change job titles, staying within network reliability, it takes 3 to 4 years to become a technician leader. Even moving from territory to territory can take 3 years to become a full journeyman.

Worse, reading the glass door reviews, it appears that there is no well made sales organization to bring a new hire into and train them and mentor them up to

As the CEO was able to go to the report with a fairly detailed assessment, maybe he is already into the 120 to 180
day time frame to get better results out of the sales organization.

The question that you and others have had a difference of opinion on is: Can he engineer, and manage this change? Is it outside his skills tool box?

He has proven to be a good CEO so far, but is this situation overwhelming?

Qazulight (Glad I am paid to be a grouchy old man and scowl at people while they work)


In the sales world (management of sales, that is) there is a common report called the ‘rank and sp@nk’, that can be built to run on any slice of a business – region, product, sales person, etc. What Prince did was present a generic review by rep. There is nothing unusual about this, and in no way was he ‘torching’ or calling out by name anyone. Those 100 reps know they are likely on there way out. For a company the size of NET, to have 100 sales reps of suspect initiative/skill/luck etc is par. Nothing to see here…


An important point for newer readers, and what I’ve been trying to say all along. Yet you keep spinning back to comments like this:

Every quarter. Many times both. Those quotes I keep referencing don’t come from thin air, including this one:

Prince in Q4: My initial reaction, if I’m honest with embarrassment, over some of the basic things we should have been doing better, but my second reaction was excitement is there are so many opportunities for us to improve.

So yes, Prince did call it embarrassing. And just 90 days later he has switched from embarrassment about basic things to a significant change requiring the hiring and ramp of possibly 100+ news salespeople (who never produce right away anyway) in a tough economic environment. That will be neither quick nor easy.

That’s after:

  • reading the room incorrectly on cash flows last year and getting his wrist slapped by the market

  • customer adds and NRR clearly lagging as the year went on (thanks for acknowledging)

  • floating a guide suggesting acceleration in the face of those lagging numbers that later had to be restated (if you really want to engage, you can walk me through how those numbers suggested an acceleration in the first place; it’s easy to say Prince “couldn’t know” but again he’s fully responsible for the stated number)

  • changing a large customer revenue metric from a specific 61% and 63% in prior Q’s to the more general “>60%” this one (a subtle change but one my past experience suggests is often a yellow flag especially given the other declining metrics like NRR)

  • admitting a significant portion of any recent underperformance is due to salespeople who weren’t up to snuff (which is 100% on the company itself)

You can view each of these as nothing more than the usual bumps in the road for a big-company CEO (which you seem to be saying). I can view those in aggregate as a sign I might prefer to put our money elsewhere. Both views are valid.

My point is that’s only your view of the picture. Others are entitled to theirs. You keep implying we aren’t zooming out enough when looking at Cloudflare (and possibly others with your QoQ hopping comment). I happen to disagree. I have no issue with a different interpretation of NET’s quarter or string of recent quarters. I also have no issue with a different decision on owning shares. I do, however, take issue with insinuations anyone coming to a different conclusion than yours either hasn’t taken the right perspective or considered the big picture. And I believe that’s a point worth making for newer readers as well.


You keep saying that everybody’s entitled to their opinion, as if my replies to you were some sort of weird imposition of truth from above. OF COURSE, everybody’s entitled to their opinions, no need to write it every other line (in bold), stocknovice.

And there’s no insinuation whatsoever in my words, believe me. I really do not understand why you’re being so defensive on this whole thing as if I was attacking you or your thoughts. There’s nothing of that, really.

My thoughts are simple. I’ve decided to reply to your initial post because I believe that this whole sales rep layoff thing has been misread and exaggerated. But, again, that is my opinion and it’s important that I state it.

And I also think that NET is a great company in a great market led by – yes! – a capable founder/CEO. And that the current environment makes it hard for everyone to navigate, and that they’re all doing their best. Period.

We can get into the details on the numbers and the quotes from several earnings calls back (I’m sure someone used the word “embarrassment” again, somewhere – there wasn’t in this LAST call, which was the subject of this whole exchange, and what I was commenting on), and the commas and the semi-colons, but this doesn’t change the substance of my view, nor yours.

But now I have a question for you, if I may: as you’re citing instances and quotes and numbers from prior quarters to essentially depict a picture of unreliability for this CEO, why have you held on to the shares until now?


this has turned out to be very informative and useful debate.

Clearly there are merits to both Silvio and Stocknovice points…
However, it seems to be getting personal…
Would love to keep getting both of your inputs on this board… hopefully you can overcome emotions and consider keep expressing your valuable points in a bit detached manner and focused on stock / management etc.


Excellent request, @nilvest. Here’s my initial attempt at a detached response. I hope it comes off that way.

I’m happy to answer that question. Answering purely from an investment perspective (which has honestly been my intent all along), the trend from prior quarters has lessened my conviction in the strength of NET’s business. This has been reflected in smaller allocations over recent months. This just happens to be the quarter that conviction level fell below my threshold for continuing to own the shares at all. Any comments from Prince aren’t taken personally. They are simply data points from which I believe NET’s narrative is trending in the same weakening direction as its numbers. Nothing more, nothing less.

Any defensiveness in tone was meant solely as clarification in response to statements either information was incorrect or those selling weren’t seeing the larger picture. I’ll take full responsibility for anything which sounded defensive because that’s not the spirit of the board. However, I fail to see how a direct suggestion my numbers weren’t true or I didn’t read the transcript doesn’t merit a direct response if we are debating the quality of the quarter.


Ok, stocknovice. Thank you.
On a final note, as I said in my prior reply, my intention has never been to attack or discredit your view. And if I came across that way, I sincerely apologize.
I think our exchange, besides a few colorful clarifications from both sides, was respectful and civilized. As it should be.
Good luck with your investments.


And thank you, @silviocast.

That’s ultimately the way this board is supposed to work. I sincerely appreciate the conversation.


I don’t know why I never noticed this before, but it sprang into my mind last night. One of the great things about this board is that almost no one ever swears. People can have a passionate debate with each other without resorting to foul language. Novel.

Thanks for being civil.

This is completely off topic, but I hope it will not be deleted.


Another very interesting quote:

"I pinged my friend who works at Cloudflare and shared this thread. Here are some of her insights:

  1. Cloudflare product is top notch, must have. Historically, this had made selling Cloudflare easy. They’re also in an industry that’s doing good. Everyone is moving to the cloud. Or wants to. However, a majority of their business is still represented by people on the cheap plans you can buy on the website, not contracted B2B customers. And usually the CF sales reps have to compete against their own freemium plans and this makes selling and acquiring new logos difficult.

  2. That said, it’s common knowledge that the CEO does not respect salespeople. If there are any investments to be made, it’s to the Product and Engineering teams. They recently brought on the Twilio CRO and things might change now. But until now most of the focus has been on product, not sales.

  3. The sales team has no strategy or resources. There is no territories or set of accounts. If you want to find business, you have to go source the internet for your own book of business. There is also zero sales enablement, sales methodology, etc. Little to no segmentation / verticals to help the salespeople focus on CLOSING business. No unified sales methodology either. Everyone is pretty much a lone wolf.

  4. Steep learning curve and large product suite. You’re responsible for selling all the SKUs (about 15-20 products) and the product training is abysmal. You get some training in the beginning during the onboarding bootcamp but outside of that the product knowledge you need to have is insane. Takes about 1 year to ramp up. The worst part is there is no Gong so reps have to learn everything from scratch which makes learning difficult.

Overall, Cloudflare has excelled by the sheer amount of users who use their freemium services. The product is GOOD. There is no denying that. However, the lack of sales leadership and sales investments make it difficult for the sales team to perform their job. Cloudflare sales is a culture of excellence where you are already excepted to be a top performer by the time you join. But they do not want to train you or enable you.

Laying off the 100 salespeople makes sense if they were at the bottom of the totem pole. But as of now, leadership has no plan to help the newcomers succeed and the same thing will happen if they don’t step up their sales strategy."


I shared this chart last week, and here is the updated version after the last few days. The price touched the long term trend line and bounced off it (slightly). This does not mean it won’t go down more, but for now it stopped where it should have IMO.