ThoughtsI've been staying out of the recent comment threads, partly because I haven't had much to add and partly because I wanted to keep my nose and clothes clean.
This is one of those times I decry the anonymity of the internet and these bullboards specifically. Many times I want to put my real name at the end of my posts, simply because I don't want to hide what I say behind a moniker. Decorum on the internet disappears all too often. I try hard to say the same things in person as I do here. It saddens and tires me to read some of the mudslining, name-calling, bravado and borderline hysteria here. Perhaps my naivete is showing.
I have been invested in WND a long time, and i have at times voiced major concerns. I don't know if I am one of the 9 people Windy Guy is refering to or not. I do know that being a shareholder in WND has been a difficult ride, partly because of the industry, partly because of the ecomomy and partly because of the tactics of management. For the record I am still a shareholder and plan to continue to be in the short and medium term. I am generally pleased with what management has accomplished in 2011, with the share price performance in 2011, and with the prospects that I will make more money on my WND investment in 2012.
I echo some thoughts here about historical over-promise and under deliver from management. I echo the feeling that dealing with Jeff directly can be a prickly, unsatisfying experience, and I feel that management does not particularly care what I think, and is quick to dismiss concerns. I find many press releases to be long on hope and short on specifics (i.e. SIB, new 100MW windfarm purchase), with followup information elusive to the point of frustration. I sometimes feel that carrots are being dangled in hope of placating shareholders, and feel that these kind of releases cause more short term harm than good, as too many people have long memories, and the boy who cried wolf is a crude but fair analogy. I have also started to suspect that management is no longer just reading this bullboard but actively participating in the discussion.
BUT...I acknowledge that management was able to secure funding for our current projects in difficult lending circumstances. I acknowledge that they have overseen the contruction of 2 new wind farms this year, albeit later than hoped/planned. But how many home renovations/condo contructions/etc are built exactly on time? I find the delays to have not been onerous. I think that company updates have been timely this year and I have not felt uninformed as to the contruction status of our projects.
Our stock, while obviously down over 5 years, is up about 13 % YTD when the TSX is down 13% YTD. That's a relative return I can live with, and I expect better returns in 2012.
I do not fault management when the share price falls well short of analyst targets, company valuations, etc. This is common for early to mid stage companies whose revenues are more projected than actual. Add a generally skittish market at the most volatile time of year (tax loss selling, lighter trading, portfolio re-jigging, etc.) and I think it is unfair to point at management and say "it is your FAULT that the share price is lower". As a simple comparison I own shares in a early development mining company...at least 6 analysts have price targets above $1. yet the shares trade around .25. WND is not alone in having target prices that far exceed the current share price.
I do not think that $2500 per month to a promotion company is an excessively large amount. It seems to be a standard rate. I do not presume to think that no promotion/work is being done for that fee just because I don't *see* anything being done on a day to day basis. By that logic the Windstar farm has not yet been built, because frankly I've not seen it with my own eyes.
And while I think that criticism of management is warranted in many areas (mostly to do with how some information if communicated and tone /accessibiilty of communication) and posters like j_mart have a right to voice their dissatisfaction ad nauseum without the threat of being belittled, I also think that calling the CEO "Jeffy" when his name is Jeff is simply childish and a form of name calling that only internet anonymity allows.
I wish everyone a happy holidays, and success on our investment in WND in 2012.
Jory, aka El Joro