cash-backing equal to market cap, page-13

"Cash backing for a speculative means very little".

Yes, everyone told me the same thing about EXS over and over, but the cash-backing put a nice floor under the price while the market collapsed and then the takeover offer eventually came for twice that amount.

It's all about pricing risk to me. A speculative with lots of cash is a lot less risky than a speculative with no cash - particularly when they have a decent asset that is attributed no value above that cash.

Anyway, that's my strategy - I look for speccy's with cash-backing or that are subject to takeovers, both of which protect the downside but with a good chance of upside. The fact some investors don't value cash over speccy assets just gives me an opportunity to get in - the market eventually works it out. I was happy selling out today for a decent profit.

Good luck all - I will be buying back in if this happens to get sold down to cash-backing.