Cogent - What Now?

I’ve written a lot about Cogent over the past few years.  It’s been the target of significant investment research and a sizable position in Recurve’s portfolio for several years.  It has looked like quite a bad mistake to this point.  It proves yet again that effort does not lead to predictable output in the investment business.  The company is at a very interesting juncture, so I thought I’d share my thoughts on how things may evolve from here.

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