It just annoys me when people pitch up with derisory comments about the fools that didn't de risk.
You might made a trade in a company where you think the BoD are charlatans but you wouldn't invest. Sticking with that thought if you invested in a company where you trusted the team why would you sell out on the cusp of them delivering???
Especially when you hear comments like that.
I don't think that those investors were stupid maybe just trusting and I count myself among them. The only reason I did get some out was that I needed the money at the time but in hindsight I should have removed the lot but I don't beat myself up for it.
That is entirely true LEGENDS, except for the bit about BP, but I think what rubbed investors up the wrong way is that Charles Lucas-Clements gave his "We still think there is room to double and treble on a fairly, what you might call, safe bet!" some three weeks after the executive directors disclosed they had sold some £12.7 million pounds worth of shares. His talk was also only a couple of months before the reserves report which had 2P figures that were half of what he said at oil barrel.
A reminder of some of his choice phrases from that event (pity the youtube video is no longer available!):
We’ve seen many people say well, you’ve done your work, you can go home, you can cash out. Well the answer is, I wouldn’t if I were you!
We’ve got rid of all the risks and the potential is there to come up to the range of where it is pretty well established that $10 a barrel is the norm for this valuation.
We still think there is room to double and treble on a fairly, what you might call, safe bet!
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