Good Question........(and you are right.) So here's my story FWIW.
I was late to discover VGL. I liked their International spread, sound management and reputation. However I think the timing of my first purchase was wrong (although the TA indicators looked awesome in Mid 2019 - see pic.) Buy the trend.... and in mid 2019 the long term trend was UP.
Attachment 11517
That said, I did well by taking only a small stake. I'm a big into buying in instalments. Small nibbles.
What I didn't foresee was a large slowing of revenue as the company went to a SAAS model. This was badly received by the market and the SP dropped 30% with a 'death cross' occurring in Sept 2019.
When faced with such a TA 'death cross' I usually sell out and wait for the trend to change. However rather than selling out at this stage, I chose to average down. In hindsight this was a wrong decision.
Then Covid 19 came and I was again blindsided as the SP dropped when "lock-downs" became common internationally. All of a sudden the once sound International Movie and Entertainment market was hit hard.
Faced with all this, I've been buying at the current SP levels and 'averaging down.' I suspect it will be 1 - 2 years before I start getting a decent return on my shares.
As I've said before, it isn't all woe. VGL is rare red ink in my portfolio (in which my av returns are still well above NZX50 averages) and I'm well placed to sit this one out. I still believe this company has great prospects. Time will tell.