|I think I've said something like this before, but it's worth repeating anyway.|
As exciting as the Mercedes deal may have been for several years, it's now a stone weight around the metaphorical neck of the share price. Before that deal, the potential commercial value was entirely a matter of speculation, left only to the imagination of the investor. (And if there's one thing REFR investors have in surplus, it's imagination.)
Most of us remember that chart that Dixon would post ad nauseum, which had a range of speculation on the value of the Mercedes deal as anything from $1.7 million per year to over 10 times that. Well, as the last five years have shown, it turns out only the bottom end of the range was even in the ballpark.
And so now, that's the baseline. Until the company can demonstrate otherwise, the market will assume that REFR's next big deal -- if and when it ever comes -- will be something in the neighborhood of that $1.7 million per year. And in a company with 24 million shares outstanding, that's just not going to generate much excitement.
But hey, it could be worse. Just imagine if REFR didn't have the winds of an 8 1/2 year bull market to its back.