RE:RE:RE:Paying $2.40 for $3.70 seems like a no brainerI'm always willing to take constructive criticism and you raise a fair point regarding time and how long I'm willing to wait.
I took my initial position in Macro in mid-2016 when the company was trading at $1.52 and subsequently purchased at $2.05.
You could argue that pipeline projects are impossible to build in Canada. Watching how long it takes for TMX and CGL as well as the death of numerous others along the way might support your position.
Right now I like the backlog of work to the end of 2023 and feel that there will be more work along the way. I also like my alignment with Management and their ownership position. Sometimes it makes me a bit nervous to think they could privatize the company without the rest of shareholders getting FMV. I also could see why some people feel that Management hasn't done enough to create value for shareholders through buybacks; however, that hasn't concerned me just yet.
Regarding the comment around group think, I suppose the flip side of that is that the small group of people contributing here are familiar with the challenges being faced by the industry and aren't being naive about it. In some ways this investment could be considered contrarian and to an extent that would make your argument about some herd form of group think paradoxical. If you had asked that same question of this board in 2013/2014 when everyone believed that the coast would be stacked with LNG terminals and Macro's share price had speculatively run up past $6, I would have agreed with you.
It never hurts to have these questions and don't think for a moment it hasn't crossed my mind relative to other opportunities; especially, when TMX got kicked through the regulatory gates of purgatory!