Rise of Green is remarkable – and it hasn't bought a thing yet
Are Stephen Vernon and Pat Gunne really worth €70m?
That is the question raised by the persistent, even remarkable, march higher of shares in their Green REIT over the past months.
The real estate investment trust launched on the stock exchange in July with €310m in cash is now "valued" at just under €380m.
Shares are up even though it hasn't bought so much as a brick or a square foot of ground.
A chief investment officer, Caroline McCarthy, was hired at the start of this month, and no doubt activity will pick up. But sophisticated international investors have already piled in, driving up the shares.
The Punt hears it's all about Vernon and Gunne.
The duo are without question highly regarded.
Green Property, where they ply their trade, famously came through the crash because it bought nothing in Ireland during the boom.
Investors are betting the team can now pull the trick off in reverse by being among the first into the market after the crash.
They have certainly been given a vote of confidence, but as the share price keeps on rising it is becoming an awful lot to live up to.