Hey, any company that isn't making money is open to the question of whether management and marketing are the problem.
Like most shareholders therefore, I'm sure, I've asked myself that from time to time too, but I can honestly say I have never felt that was the case. The strategy makes sense to me and they have consistently pursued it for about 5 years now, give or take a couple of diversions. The marketing is constantly improving in NZ, and we're hoping to see some measurable progress overseas now. We'd always like to see better on marketing, naturally.
A contrary view, of course, was expressed in the Xero presentation recently that pointed out that companies aiming for big markets lose more money than if they aim for small markets, and the idea is to get a payback afterwards.
We'll see. More info this Friday hopefully.
ps. There's nothing stopping existing shareholders from selling out that I'm aware of.