There were many positives in VG’s earnings announcement yesterday, but the one that I think is the most exciting for investors is the company’s $23 million debt prepayment.

After one has traded for some time, it becomes apparent that the biggest investment profits happen unexpectedly and are in retrospect not in the least bit correlated with underlying business conditions. The game of investment then becomes about positioning one’s capital in low-risk situations hoping for that unexpected success.

Vonage’s financial results and business metrics continue to show improvement, despite the obfuscation of accounting results and the timing of new product launches. Since the company’s stock price has yet to reflect these seemingly obvious positive developments, as well as other potential value-enhancing events, it would appear to me that the stock still presents an excellent investment opportunity.

Despite superb financial results, VG stock declined on customer loss issues. But, the customer loss concern is mostly irrelevant, and priced in. The stock still offers an incredible risk/reward at the current price.

Do Vonage (VG) shares, currently sitting at all-time lows, offer a good risk/reward?