Ann: Letter to Shareholders , page-49

Hi EL

"You are so wrong, these small specs don't get delisted, they get new dreams, morph from biotechs to oilers, or to tech stocks, or vice versa if need be, otherwise the gravy troughs would dry up."

lol. I agree. However, along the way the shares usually find their true value at around $0.001 cents/share, at which there is a 1 for 50 consolidation. That is rather painful for shareholders.

"Any way Loki, not sure I can ever recall your glass being half full, and it is real easy to knock a stock at such lows with nothing but sentimental stuff. I winge, but I hold, and I hope albeit often cynically."

If you read my prior CVN posts carefully you will note my negativity back in 2010 and 2011, especially about the oil/gas sector. I think conditions have gotten worse (unless one is lucky) because of the new gas being developed with new technologies.

I was probably being a bit polite in not specifically criticizing CVN. To be honest, I do not really understand the oil/gas sector and having fairly consistently lost there (smallish amounts). I always looked at it as a very spec sector, and not investment grade. It is more about finding a greater fool to offload to unless you buy an established producer like WPL and Santos when they are going cheap.

Perhaps I was being a bit harsh in what I wrote and it stung you, but I am disappointed that you hung onto a falling star and call this investing.

CVN has always just been a trade, like 99% of the minerals/oil/gas sector companies. It is definitely not investing in BHP/RIO when they are going cheap.

Well at least you did very well in the pre-GFC phase of the minerals boom and did many right things to recover losses in the GFC so presumably you can afford a few bigger losses.

However, this is now late in the current upcycle in the US market, unless a miracle happens and so risk assets without divis get thrashed.

Good luck.

loki (yep - I am having my own goldiebug crisis as the gains there unwind because I too fall for dreams and tall stories. Currently mostly in cash which I expect to deploy from mid 2013.)