Jon🅰️than Cooper

$ASTS If you've never felt actually nauseous looking at your portfolio....you've never been through a market correction. Just after the 2008 banking crisis that sank the market, we had lost over half of our net worth. Our company stock (Ticketmaster) had been crushed. Barry Diller had recently spun off several of the IAC companies after loading each with large amounts of debt and the market was treating each as if they would go bankrupt given the disruption in the banking system. I had almost no cash left. A friend of mine called and asked how I was doing. I felt nauseously numb. We talked about TM stock and he said, just be glad you're not at HSNI, which was one of Dillers spun out companies. A good friend of mine ran their C/S org. I took a look at the stock. It had been trading in the $11-$12 range. It was now at $1.62 and falling. I took my last $8K and bought the stock around March of 09 believing the market was overreacting and trying to catch the proverbial falling knife. By the end of 2009 when the market realized it wasn't the end of the world and not all stocks with debt were going bankrupt, the stock rerated and rocketed to $20/share (it would ultimately rise to over $50/share). I bailed in the $12 range having 7x'd my investment. During the crash the S&P 500 lost 47%, HSNI lost 86% at its low. By the end of the year, the S&P had recovered with a risk on return to finish down only 13%. HSNI underwent a massive short squeeze and ended the year up 92%. Over the next two years when the market rebounded, our portfolio went up 300% as we stayed fully invested. Not a prediction of the future, but the set up feels eerily similar for ASTS. The market has punished growth, AI and Space indiscriminately. Assuming the market is wrong, the re-rate will eventually come and when it does, it will briskly sweep these stocks back to more reasonable valuations. Stay strong brethren!!