Agree with you. If you're going to invest in early stage companies then you need to be comfortable with risk and be able to remain level headed rather than allow emotion to cloud your judgement. Share prices are a roller coaster, sure, but there's no urgency for LTHs.
The current share price reflects uncertainty - as it does right across the market while B-word is weighing on things. All will become clear.
Although there are definitely lessons to learn about unquoted and hard-to-shift stocks (naive given potential Brexit turmoil?), I wouldn't choose to sell my Woodford holding. I share his view of investment fundamentals and would still expect him to come good over the investment cycle.
I wouldn't normally agree with that viewpoint, but today is the first time I haven't averaged down. I only have 100,000 shares (nice round number helped me avoid pressuring myself?) but it was a costly day.
Not sure how I'd missed that, so thanks for posting. Useful takeaways for me were:
1) $120M of potential inground value (~350,000 carats at budgeted average value) 2) of which 5% has so far been mined, so ~330,000 carats remaining 3) Operating expense in 2018 was ~$3.8M (does anyone have figures for the 2019 budget and beyond?) 4) Breakeven at that level of spend is a little over 11,000 carats per year 5) Current targets of ~15,000 carats per year gives a ball park ~20 year lifespan, with annual profit of $1.35M 6) Estimate of total lifespan profit is therefore ~$27M (around 10x current market cap)
The concern is that the 2019 projection was 12,000-16,500 carats, but H1 only achieved 4,936. So that's 41.1% of low end - and still short of breakeven.
RE: Mike Houston - Proactive Investors video09 Jul 2019 14:11
Easy to say, but there are 1,629,001,910 shares now vs 635,190,910 back in February. There might well be profit to be made if you're a new holder, but let's not forget that the share price used to be in double figure pence.
I've averaged down to 0.37p over time, but that's still a 76% loss.