RE:RE:RE:now what ?
frost: I agree with a lot of that. Management is key. And I don't mind buying a better story if I find on, e and not regretting the ones I move on from.
But with the special situations/turnaround and high risk / high reward microcaps the story is some times everything. If a company already has growing revenues and profits, a good balance sheet, and a substantial moat protecting their market position, and maybe even a growing dividned - well then there is not much risk and more of the value is likely already embedded in the stock price.
So anyway I don't buy one of these if I do not have some degree of conviction in the story, which for sure includes the management team. And lots more. I also certainly do not consider everything I invest as immediately lost. That would sort of paralyze me.