When you own Capman, the feeling year after year is this:
Today’s interim report wasn’t exactly miserable, but it doesn’t provide much comfort when you’re just getting “defensive victories” year after year.
Things are moving in the right direction, so to speak, but very slowly. And if one thing goes well, something else inevitably goes less well. If money comes in, expenses increase in the same proportion. AuM (Assets under Management) is growing, true (by acquisitions). Even now, fundraising went “well,” but still fell short of analysts’ expectations.
Management fees are making us wait, and as Inderes pointed out, how can the investment returns always be so weak? 
Inderes keeps repeating time after time that the company has potential and the stock is cheap IF things progress even in an OK way.
The bar for the stock has been set low. We’ve been building momentum for 3 years in a row (or much longer, depending on how you look at it). Could we finally start clearing that low bar?
