Ann: Appendix 4E and 2024 Annual Report, page-22

Thanks for the suggestion, I did just that.

The last one was a good read.


A couple of highlights:

WHEN TO SELL

1. The investment has achieved its goals

2. The story has changed

3. A better idea becomes available

4. Life happens



1> We got some ways to go
2> Hasnt from my perspective
3> Im searching, I find nothing that comes sorta of close
4> It does, don't over invest in just one investment idea.



YOU CAN'T TRUST YOURSELF

IE. good idea to have a friend that will keep you safe, that will question. We have a number of 'friends' on here that do keep us on track, questioning management, questioning our thesis, questioning timeframes and what is being said.



They then have this to say about PAR:

Paradigm Biopharmaceuticals
We have been owners of Paradigm
Biopharmaceuticals at different points in time
(and are currently holding a position in the Value
Fund). The company has a very interesting drug
that seeks to treat the root cause and flow on
effects of osteo-arthritis and has been subject to
a special access scheme in Australia for some
time. Currently the company is in phase 3 trials
and on the cusp of commercialisation. Historical
holding periods have participated in growth in
the share price from $1 to $4 in a very short
space of time, only to fall to well under a $1 in
more recent times following a series of highly
dilutive capital raises. Our focus on
understanding the company’s financials and
corporate strategy enabled us to time our entries
and exits in/out of the stock such that we were
able to achieve a very profitable outcome and
mostly avoid the consequences of the
subsequent capital raisings. Being clear about
what you are in an investment for and what
constitutes a genuine catalyst for exit is essential
to achieving a satisfactory return on your capital.


The above shows us their discipline. They need to be, they are mandated to have a decent return and over a certain period of time. I like the fact that they are 'in' again.

This is where I like what we can do as investors ourselves, we can be nimble, we have no mandates except our own and certainly we can do our own research. We can spend as much time on this and cover so many areas in regards to just this one investment.




Cheers

Mozz