I am in the same boat with some of my long term spec holds.
What surprises me is the frequency which directors of those companies are destroying my equity at the very bottom of the cycle by not restricting cash burn, or undertaking massive cheap placements to sophisticated via shares/notes.
I have a negative view on companies that behave like that. If they cannot make an attempt to preserve shareholders equity at time like these, then they are unlikely to ever do so.
I used to give company directors the benefit of the doubt, believing that they would act honourably, but I now realize that I was mistaken to do so.
One thing that this market is good for it removing the mask from the +50% of small cap listings that are nothing but scams to separate you from your cash.
You may as well invest in a company that is going to mount a fairy hunt in Wales for all the benefit you will see from many of the small caps.
