Ann: PTM turnaround program update, page-77

I don't seek to generalise with my comments as l greatly value alternative views that are well thought out.

Many posts, admittedly not yours, are just so trite they offer simplistic comments with no financial basis or analysis that they are just annoying.

In relation to dividends, as you know l dont care if they are suspended until the future is clearer. That will bring the price down, if nothing else. However, this is a cash flow positive, profitable, debt free business and that simply won't happen except as some part of a bigger plan.

I try not not complacent in my thinking or my posts, though it may come across as such, as history seems to repeat itself over and over and over again.

I still own shares in a companies l bought in the early 1980s , and many others for over 20 years, l have a fairly deep understanding of their business models, strengths and vulnerabilities. Being in the finance industry, it was natural to do so.

If my PTM drops by a 7 digit amount, l won't be happy, but l will not be in the street. Similarly if it rises, it changes nothing.

I see distress, l see uncertainty, l see counter cyclical trends and secular headwinds. Every stock l have every generated very large returns from , has been in the same predicament.

Successful change management is really important in these situations, but never certain. That is how a business ends up unloved and dare l say, "cheap". This is my territory, before HC l could only help people l know with some ideas to make money. Now l do it a little more widely, and l am happy for that.

l never want any followers or readers to see anything l post as more than an opinion. Many of my deep value plays have failed miserably, naturally, if l knew that, l would never have been in them, but who can which are 10 or 20 bags and which are duds, until after the event.

I have lots of experience with both, but anyone with the slightest maths skills can work out 1 ten bag result covers more than 3 losers would ever cost.

I certainly don't want anyone to invest exclusively based on my thoughts but more importantly, no one should invest without a plan if the price goes up, and a plan if it goes down.

I recommend NO ONE invest more than they can afford to lose, on anything, tempting as that may be.

These are lessons from the school of hard knocks that l had no one to tell me.

PTM is a fascinating little stock play with so many twists and turns relating to both people and money flows, ever since Judith poked her ex right between the eyes.

I don't expect to lose from this, if l continue to cycle through the 15% ups and downs adding and lightening all the way, up or down, using multiple entities and multiple stakes.

This is the sleep at night comfort l get from my well researched and (usually) diligently executed trading strategy. It is NOT simple, not easily replicated and is not for everyone. It is just my home grown process, and smart as it may be, l still need to pick the right stocks to ever make money.

Now that is hard to do.

GLTASH