RE:RE:tmm still has a long run ahead
I am not sure why you continually only acknowlege the positives, but always fail to acknowledge the bad, but that is a recipe for disaster. You have to be balanced. You can't say the problem is acquisition timing and POG, as all produces have had to deal with POG.
Bruce had done a good job building SF, but not so good at managing expecations and maintaining good shareholder relations. That, coupled with an overpay on an acquisition when the POG is low and the target has no/limited cash means you use leverage - something I feel wasn't used enough - overpaing with shares, diluting other shareholders and creating overhang. This is primarily why the stock dropped to .26.
So, some good, but the last two years, not so much. No one can argue the CEO has been good when a stock drops from $2 to .26, drops significantly more relative to its peers in the industry, and alienates long term shareholders with dillution. All this while never "putting money where his mouth is" by buying in the open market (rather granting options instead). He needed to be a better leader and more in tune with some things (imo).
That said, I do believe this is a steal, has significant upside and will be back to a more traditional valuation range in early to mid-2016.
B