Ann: Quarterly Activities Report, page-67

Anyone who has been a serious investor for over 20 years will have seen 50% drawdowns many times.

I will not for a minute suggest they are easy to swallow. In every case I have considered myself a little under prepared in due diligence or foolishness, to help rationalise how I could ever get an investment so wrong.

At these times, as bestas I can I attempt to re-test the basic that led to the buy decision. Revisit the quarterlies and position of the company. Assess whether new information changes the original decision. Re-appraise how deep one wants to go OR what other opportunities are available to invest in.

If after all of that, I still believe in the business, I pin my ears back and invest. This overcomes fear, averages down cost and increases leverage to upside share price rebounds. Admittedly, once the stock recovers the forst 15% above my last buy, I will sell to release cash that was never expected to be committed. After that momentum usually rebounds along with the price, over a 6 -12 month time horizon.

It does not serve any purpose here, but every 5x investment I have ever owned has put me to the test with serious declines. Recovery is never guaranteed but often the outcome once the selling stops and company strategy executed.

ALK owes me nothing as it spawned a very very large banked profit in ASM. The tax was also huge but a bill I happily paid via my SMSF.

I think ALK may need 18 months to genuinely develop and implement its production plans, hopefully with a cash up JV partner. Until then, I must concede I have been unable to resist buying at sub 50c over the last few days as weak hands falter as a consequence of doubt.

This is not advice. Each investor needs to examine their unique circumstance. I have and am going all in over the next week or 2 or 3 while the business is "on sale".

As for shorters, I expect I can outlast every one of them. I am using my own money, that has no strike date, no strike price and no interest charge. I almost believe it is an unfair fight and they are the one's holding the knives, not the guns.

GLTASH