Look at companies like $CLPT, $SE, $PAR or $XPEL. Before they were multi-baggers, they were either being viewed as a total disaster heading towards bankruptcy, or there were huge misunderstandings about their business models.

ClearPoint $CLPT was losing lots of money despite having superior technology because it was in its product investment phase. It was deemed “too hard” to understand. It was placed on one side by most investors.

$XPEL was sued by 3M on their single product. Many people thought XPEL was a goner. 3M's case was weak.

$SE was taking most of their profits from their only core game Free Fire to fund Shopee. Shopee was losing money, the market was thinking it was a value destruction activity.

People thought little about $FSLY's tech but later realised, Fastly's Edge Computing is a game-changer. Rose from $20+ to $100+, enjoyed massive re-rating.

The view was $PAR could not win Square, Micros or Toast in the crowded space of Point of Sale. During the pandemic, Par survived (I mean THRIVED), stole Toast's top executive and signed more Top Tier QSR as customers.

You need those fog, mystery or temporary overhang to create misunderstandings and suppression on valuations.

Many companies are doing the right thing but what they do is so unique and once the market discovers the full potential, re-rating happens.

Once we do the hard work, we will develop a variant perception from our pattern recognitions. We make money for our differentiated view and being right on it.