RE: Dead Money -ZoidieHi Zoidie-
I'll respond to your post as it's the only one that isn't just a rant.
I'm aways amazed at the reaction that any post that isn't positive receives.
First, I'm not short the stock, just out for now.
I sometimes short ETFs but I don't short individual stocks; it's that risk/reward thing again.
All opinions to the contrary, clearly the market did not like the results.
One of my major concerns is that the level of unrest here and in Libya will take longer to resolve than the company can wait. As you point out, drilling is expensive and in my opinion, WIX doesn't have enough money on hand to continue at its current burn rate which means curtailing some operations or an equity raise. Niether will be good for the share price.
I did phone the co. in early Feb. after the unrest began but before results and spoke at some length with Brad and one thing I did learn that surprised me is that even prior to the unrest the co. had no Canadian personel on site which given the spend I find a bit troubling
I'll continue to follow the co. as I bought in for a reason but I think I'll let the dust settle a bit.
I have no problem buying back in at higher levels if some of my concerns abate.
Like I said earlier too many unknow/unknowns.
A few years back, I held Verenex and sold (thankfully) to the $9+ offer only to watch the Libian gvmt. veto the deal.
I just don't think the potential gain here justifies the risk at the moment.
all the best