Coiled Spring, page-217

Lol.

No one like losing money. I just see it as necessary to participate in spec stocks. I must admit I am questioning the value of the spec game - after doing it for some 24 years now on and off I think I would have done better financially if it just did what Buffett says and just saved and bought divi stocks or indexes. It would not have been nearly as much fun (or frightening) but the reality is there as the big stocks just keep appreciating above an inflation rate so they preserve you capital and pay an income stream. There are big down moves in them too but if you are used to specs then they feel minor. I learnt the hard way on HC early, thinking I had discovered the next big thing when all I had really done was read a new thread. ADO really impressed me (obvious by how many I bought) with the platform application and excellent cash management and built a strategic Board. I really can't fault them - they even timed the cap raising nicely so all those who had bought faithfully and held for some time under 10c didn't get diluted at bad levels. New holders in the CR got some joy pretty quickly too so all good. The only real disappointment I can see in the end is the timeframe to close and that is occurring across all the HC biotech favourites so I'm not sure the company could have done much more - just the SP got ahead of the actual progress. I have more exposure to PYC now but only cause ADO went down and PYC went up - still like them both but for different reasons.