[This is a backlog for a previous trading transaction. It may not fully represent my thinking at the time of the trading.]

After holding the portfolio without any activities for more than nine months since last transaction, I sold BYND at a tremendous loss of 77%. (BYND was reversely split 1:15 during my holding period.)

In retrospect, it makes full sense to purchase a company whose valuation is close to its cash holding (minus any outstanding debt). It sounds something like the "cigarette-butts" investing by Ben Graham. However, the lesson from this transaction is people should also make sure management is not burning cash. FCF needs to be carefully watched too.