I’m not sure what’s up with the volume. I did some checking and found something interesting but may mean nothing. After removing the highest volume day from October and November, October had 18.23 average daily volume and November had 9.81 daily volume average. The high-volume days removed was 208.9 million for September 2nd, and 157 million for November 11th. The average volume isn’t impressive, but those two high volume days are.

So far December has a 10.67 average daily volume with no high-volume day removed; reasonably in line with the two previous months. December did have 30.5m, 48.3m, and 27.6m trading days which is well above the average for the month. I’ll be curious to see if tomorrow the volume is in excess of 50 million, or in the 80 million range for Monday and Tuesday. Regardless of the volume in the last two days of 2019, my opinion is ONCI is buying back discounted shares from Canouse; hopefully to retire.

Berman stated in the July shareholder letter “We are also looking at a company buyback of shares as well as myself buying shares on the open market.” If ONCI is buying back shares and started the process prior to October, then it would need to be reported in the year-end report due January 31st. Reporting this would most likely increase share price which could limit the number of shares that ONCI can afford at the higher price. By delaying the start of the buyback to October it wouldn’t show until the Q1 on March 15th. Doing this would give ONCI an extra 76 days to buy shares at a lower price before reporting that they have done so.

As far as Berman’s silence. The last shareholder letter was on July 1st and there have been only 12 tweets over the past 89 day; none in December. My opinion is the silence is for a reason; just don’t know if it’s good or bad.