Red: "A stock should always reflect it's true value..."

yeah, well, some professors like to believe in that because it makes their formulas work out nice and tidy, kind of like how central bankers like to use models that don't include time as a factor...(I digress).

Red, if your statement were true, than value investing wouldn't work. Implicit in every single buy decision I make, I am catagorically stating that the price is wrong. Hence the opportunity.

But you bring up real risks that do in fact exist. If you feel strongly about them, then I would use position sizing to address them. The risks you discuss are exogenous, and you couldn't possibly calculate a probability that global market chaos will derail PTK's plans. Hold half now, and buy the other half after they announce some revenue. That's what I would do. But just for the record, while I do worry about the macro picture, PTK has enough money to get them to the finish line. I believe the finish line is inside of 2016.

peace.