When I attended my first Boston Omaha annual meeting in November 2021 it was quite intimate which allowed for a deeper dive into what we as investors wanted to learn more about. The questions were on point, but I remember one that stuck out from the rest, it was something like, “I have a great appreciation for your strategy and operational ability, but it pisses me off when you do a private fundraising round at a below-market valuation…” It was less of a question and more of a critique, but in light of the recent (at the time) discounted cash influx it seemed like an important issue to address. The response by the Co-CEOs basically said that their main priority was optionality. They didn’t want to feel that at any moment they couldn’t quickly and effectively capitalize on an attractive opportunity. This notion led them to raise capital they thought was necessary. While I do not condone that form of fundraising always it can make sense especially when you are a smaller enterprise competing against some big players. For example, their billboard subsidiary, Link Media, is the 6th largest in the US.