Core Viewpoint - The investment thesis for Boston Omaha Corporation has not materialized as expected, leading to a decision to sell the remaining shares after years of holding [3][15]. Company Overview - Boston Omaha Corporation was initially seen as a promising investment, drawing comparisons to Berkshire Hathaway due to its focus on three main businesses: billboards, broadband, and insurance [6][5]. - The company had notable successes, including a significant return on its minority investment in Dream Finders Homes and rapid growth in its billboard business [7]. Recent Performance - Recent business results have been disappointing, with billboard revenue growing only 2.5% year over year, and broadband assets failing to deliver expected cash flow [8]. - The asset management business is being wound down due to unsuccessful capital raising efforts [9]. Management Issues - There have been significant management concerns, including excessive bonuses awarded to co-CEOs and a lack of effective communication with investors [10][11]. - The abrupt departure of co-CEO Alex Rozek raised further red flags, as he received a substantial payout for his stake in the company [10]. Investor Sentiment - Despite some recent efforts to boost investor confidence, such as an upsized buyback program and insider share purchases, the overall sentiment remains negative due to the lack of tangible business improvements [12]. - The stock is perceived to be undervalued relative to its net asset value, but the market's skepticism towards management and the business model persists [13][14].