Thanks Kdropper and Madrum for your excellent summaries.
One point that is sometimes overlooked is how tightly the shares are held.
This is especially so when good news is announced repeatedly over a short period.
While it has been recently reported that 60% (including PB’s 40%) is held long term, I tend to think it could be in the 65% to 70% range from talking to various S/Hs at LNC events over the last 2 years.
When we have good news after good news (ie 6,300 bopd in Gulf Coast then the Oil Shale) more S/Hs convert from day traders/short term holders to long term holders. Because of the shortage of stock at the trading range, the S/P quickly rises.
While some may take profits on small parcels at prices around $2.50 – $3.00, many will hold until at least $5.00 IMHO.
So once again PB, by not having many Capital Raisings, has protected the long term S/Hs (which, of course, includes himself).
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