Perth Good Oil Conf STX Audio 2019, page-102

When I joined HotCopper 13 years ago, I was young and completely in awe of Trade4Profit's posts. I can't remember which stock it was (maybe it was GDN) but he had everyone eating out of his hand and if you disagreed with him he'd put you in place and others would mob you on his behalf to make themselves seem credible. It was Hitleresque in the way ever miyone wanted to be on his side and fight his cause without seeing what he was doing and what was really happening.

So my post about being burnt before, although a dry Wagina joke (I apologize for it, it was unnecessary) rings very true for me. Posters get confused as to why the share price hasn't risen after more positive announcements. Highly educated and clever posters post intelligent and informative posts and back each other in. They ease the nerves of the less educated, the gamblers and players. Companies and management have also been known to embellish announcements, ride their salaries and bonuses and reward their mates with inside information.

As I've got older my risk profile has changed, and capital preservation has become a greater part of my investment strategy. Hence, if the big boys aren't in and the results aren't confirmed then it's still a risk. Each step is risk devaluation, it's part of the process, and it exists for a reason, one of which is to borrow or raise more money.
It was encouraging to see WGO raise to sophs at such a small discount. Having two companies in together is also minimizes the risk of company and management integrity.
Company and management history is also a massive factor. Giving bad management multiple chances is a bad investment strategy. With O&G this can be a bit harder to ascertain as it often comes down to a bit of luck with a discovery. A lot of big name O&G men have moved from a big successful company to go run a new company only to find nothing but shareholder dismay in his failure and big salary.

Anyway I'm not saying management aren't good or that this isn't a company maker. It's actually all quite exciting and I've had a punt accordingly.
IMO, it always helps to play it a little safe though and not get too caught up in the hype. The HotCopper forums can often read like the broken heart columns - people chasing a dream of happiness and prosperity only to end up being misled, feeling foolish and losing money.
A similar outcome to what would happen if we ended up being stuck with a dry ........