RE:RE:RE:RE:RE:Q3 *yawn*
Anyone who tries to lead a discussion with their school credentials and past "trades", that's amateur hour at the comedy club. Tickets are free if you buy a $4 beer. There's better laughs elsewhere, better info too.
topdop wrote: I have been a shareholder, on and off, for a very, very long time. Some years I had no shares. Some years I had tens of thousands across many family accounts. I've made very good money investing and giving my capital to PEY.
Over that period, I have come to understand the fundamental problem PEY is in - in my opinion.
And I have grown to not like it. One bit.
Sure. I profited handsomely when it collapsed 6/7 years ago. Infact I was still buying under $2.
But that opportunity came because of the *fundamental problem*.
I absolutely admire PEY's oilmen & oilwomen.
We must recognise their consistent top quartile cost performances and efficiencies.
We must admire their land management and excellent geological understanding (of same). Generating Drill Targets has been an absolute stand out. I also agree with buying Repsol. I am an Engineer myself (Mining, Camborne, UK), and PEY oilmen & women are some of the best in the business.
So what is the *fundamental problem*?
Well, PEY isn't actually an Oil & Gas Company. That's the problem.
It's a FINANCE house. And as smart as everyone thinks they are right now, there is no empirical evidence that proves PEY will ever beat Mr. Market. And I mean over time. Again and again.
PEY clearly didn't in 2017/8 and because of that, they almost blew up the firm.
I DON'T want to invest in a company whose pure existence is predicated on the timing, aptitude and sheer LUCK of a bunch of CA suits timing the futures market. I'm simply not interested.
Barrick tried that a couple of decades ago, and I've pointed it out in posts before. It killed them and they had to re-fi to the tune of $5BB to get out of that hole. It can happen to any company that chooses to play these games.
It was a BAD board decision previously and to now load up and go at it all over again is exactly the myopia that will destroy us.
Why are we permitting these suits to take hold of the very futures of all of our hard working, successful oilmen & oil women, the shareholders and everyone's families?
All over again??
I'm up over a buck and a quarter since I again came back.
I will be a seller as soon as I can and I will watch from the sidelines in hope that the Engineers and Working Families win out over the Finance Suits.
Good luck which ever way your pecker points.