how much lower, page-56

healyn,

I shared my reasons for selling because on HotCopper there is often only discussion of reasons to buy - and one never buys something when there are reasons to doubt something, or the outlook is negative. It is nice to be positive, but when everyone is positive, potential investors aren't weighing all the factors and that could make them overconfident.

In fact, there's nothing worse for risk taking than only positive information - HotCopper and the broking community both need to support naysayers as long as there's a vaguely rational argument why people should avoid, or indeed, sell an equity.

With Galaxy, I did buy, I sold, I made money. I've done this twice, when I guagued that the positive factors outweighed the negative. This last selling, I realised that all we had heard from the company recently was that they had madea few tonnes of product - the other two pillars of their business model were totally absent, and remain absent.

To my mind, if you can't understand how the company intends to fund itself and see the logic in it, then there's something wrong. To me, right now, its the fact the company has completed a mine - and is producing product - with no clear and firm way of making money from that product. Meanwhile it is completing an industrial facility in jiangsu, and a battery product division, with no clear communication of when it intends to get this vertical integration business sorted.

That leaves a lot of expense and very little income. That, to me, is something I think people should at least consider before making an investment decision. I made my decision, and it may be shown to be false in the long-run - but I can always re-buy as GXY goes up past 1.27 again.

For now...I maintain my sell sentiment.