I remember during my HF days in NYC 16-20 where I looked at a bunch of micro/small caps in HK / Asia where a ton of them have negative EV (esp. HK) and my old boss wanted to buy them and we decided against. Turns out all these C-suites are ass clowns enriching themselves w/ the cash and the shareholders never saw a dime of it -- and w/ C-suite having control, public shareholders never had a chance ever getting recourse. I think the worse of one is where the mgmt funneled a ton of cash at way below market rate as a loan to a related party which turns out to be the CEO's personal bank. That bro clipped like 10 mm USD / year for himself w/ the spread. I'm not referring to any companies in particular, but the FDV trading under net cash is never a good argument. Ask the former $EOS bagholders for instance. Makes you think.