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FutureBuilder
There’s a long way to go, but I think you’re right GH is the man for the job. I know from previous bad experiences that not all CEOs are either honest, or intent on maximising returns for their investors. That, combined with outstanding and historic resources, should ensure that those who buy and hold are rewarded here. It’s not really a matter of “if”, it’s more “how much”.
This board has a great positive feel, and some very knowledgable folk, I just need to get myself up to speed on the terminology and science of prospecting.
ATB
Max
Future builder
I also topped up today. I had a Kong hard think about this yesterday and decided to sell a few of my long term investment funds. They’ve done really well over the past few years, but it was a difficult decision. I ended up doubling my holding.
I have read everything that I can from great contributors here and elsewhere, but I know I have a lot more to learn.
I wouldn’t even start to hazard a guess about where this is going in the next few days, there is absolutely no way of telling. I spent hundreds of hours learning technical analysis, studying charts etc and know enough not to try and guess tomorrow.
However all that I have seen has convinced me, as near to 100% as it could be, that this is only going in one direction. Let’s hope we are all right
GLA
Max.
Hi Fred,
I sold all my Sirius holding when the price spiked in the takeover announcement. Got a fraction under 5.5p. Since then I have been buying here and have gradually built up a decent holding.
Like others I keep trying to find the potential downsides, but other than those mentioned this afternoon, I cannot find any. I am now “all in” but only with my available cash. I have been considering selling some of my longer term investments in funds to gain even more exposure here.
Although I took a sizeable hit with Sirius, I feel so much better away from all the toxicity there. Anyway, best of luck here, I’d say I think we deserve it, but I know the world doesn’t work like that! :-)
ATB
Max
Applegarth
Very sorry for your losses. You know you teach us a valuable lesson. None of this is really that important in the grand scheme of things. The only three things I really need in my life are good health, my family and true friends. I wouldn’t trade those for any amount of gold.
Mercedes
Thanks for the response. I’m not wanting to take profits, I only bought in today after sitting on the sidelines for some time. I tend to hold medium to long term, so it was only out of interest I wanted to know what results were due this week. I can see a lot more upside to this. Thanks once again.
Max
I think that MC is a complex combination of issues, it’s not just about the physical resources of the company.
IMHO what really did for this project was a combination of risk and funding. As long as it was likely / possible that the financing to complete the mine was a possibility the MC remained relatively high. Once the financing failed, there was no chance of successful completion without a strategic partner or a buyout. If you can’t get the polyhalite out of the ground the mine becomes virtually worthless to the present SHs. That’s my take, but it’s probably a lot more complex than that.
Modsto
Didn’t claim to be “clever”, it’s just common sense. As far as my holdings here were concerned I had 350,000 shares at one point. I averaged down and took a small loss on 270,000 at around 10p. The other 80,000 I sold last week at a loss also.
The point I was trying to make was that it’s not the size of the loss that matters. It’s the proportion of your wealth that the loss represents.
There could well be people who have lost hundreds of thousands of pounds here, but if that only accounts for 2% of their wealth it doesn’t have a great effect on them
On the other hand some one who put in £100k total pension pot and comes out with £5k is badly affected.
The problem is people want to whinge about their losses, but they don’t take responsibility for them. You can moan about Fraser all you like, he can’t be criticised for selling the project, for talking it up, that’s his job. The job of the investor is to look at the proposal without rose tinted specs and assess the risk. I’m not convinced a large number of people here either did that or had the ability to do it. They just piled in with everything. I’m not going to pour sympathy on that, sorry.
As far as the pension fund business is concerned, there are strict rules governing investment for the very reasons we have seen here. You can’t start being reckless with people’s retirement funds. If you do a bit of research I think you’ll find that an AVERAGE of 9% per annum is considered very healthy. Hope that helps explain my point of view.
Cherokee and Modsto
Thanks guys, you prove my point perfectly. Another couple of gamblers who have not the first clue about investment strategy and risk. Stick to the casino lads, my guess is you’ll have just as much luck there.
:-) :-) :-)
Any commodity is only worth what someone is prepared to pay for it, end of.
If there was interest from multiple parties and hence some sort of bidding process we might see a rise in price. That now seems to be more unlikely as every day goes past.
The money that we have all put into Sirius is irrelevant, AA will pay as little as they can get away with, they have a duty to their shareholders to do just that.
There has been much comment about IIs not letting this fail. Again this is just not the case. Norges and the Qataris have a huge number of DIVERSIFIED investments. Their money in Sirius is a tiny proportion of their total assets. When they invest their money they know that a certain number of those investments, especially the speculative ones which are very HIGH RISK like Sirius, will fail. They will take the hit without blinking because this is only a tiny part of their portfolio.
The IIs attitude is directly opposite to over committed PIs who are not diversified and are clueless about risk.
I personally found JRs positivity quite amusing, but his recent posts really worry me. Nothing learned at all. If you go “all in”, you are not an “investor” thats “gambling” plain and simple.
Investors do not become emotionally attached, they assess risk and invest an appropriate amount of their available cash.
I sit on the trustees of a pension fund with £3 billion in assets. We make steady average income of 8 or 9% on average. If you want more than that then there is only one way to achieve it - increase risk.
I have lost more money here than I should have, but I live to fight another day with my mental health intact. Chasing losses by going “all in” again will seriously damage you health and wealth.
The bond sale was not just about raising the money. It was about getting more IIs on board. Even if that money could have been raised from us PIs it would not have qualified for the release of £2.5billion.
“If nothing else works, a total pig-headed unwillingness to look facts in the face will see us through” General C H Melchet
Bellers
It’s bad enough being stabbed in the back by the tracksuit basement crew in here, without the CEO doing something like this.
I don’t share the optimism, that just because the company says this is all a misunderstanding, that all will be ok.
It was only last week CF was complaining (rightly one my view) about some of the dipsticks on these BBs, then he does this.
If I was an II I wouldn’t touch Sirius with a barge pole with a lose mouth like this at the helm.
Still fuming!
What a complete clusterf***k.
I have supported CF in most of my posts, but this is really unbelievably stupid.
When you speak to the media, particularly the gutter press, you are extremely careful and guarded in what you say. I have had extensive experience at this. One of the first things you are taught about handling media is to expect anything you say to be taken out of context, particularly anything controversial.
He clearly said something about taking the company private, in whatever context. Only a complete imbecile would go down that road with a tabloid paper.
People here are so obsessed with the bloody SP they are blind to the bigger picture.
We are looking for strategic investors are we not? What do you think that this sort of c***k up says about our CEO?
Naive? Stupid? Both?
It may not affect the SP on Monday, but I’m not convinced of that, but it is the wider hidden consequences of the perception of a company looking for investment that we should all be concerned about.
And yes I’m still in for my sins, (albeit at a reduced level) and that is why I’m so bloody annoyed.
Very embarrassing, thank you for the correction.
Hale from