Yes dr, it is good to hear dissenting voices, but not when they resort to cheap shots at someone doing their best to add value to the forum. I refer in particular to Aqua. Yes he's enthusiastic, yes he dreams big, yes he wears his heart on his sleeve, but are those not qualities shared by all on here who have invested big? As Whisky noted today, this is a once-in-a-lifetimer for most of us: We want to dream big. Aqua, I hope you are still reading and I hope you return soon.
I have refrained from posting of late, in part because I had nothing new to say but in equal measure because of the incessant bickering which I can do without. Enough of that.
So what, I thought, might I contribute today that might lift some spirits? For inspiration, I turned to my AGM reports with the intention of culling some highlights. Then I stumbled across a comment piece I wrote very late that night after several beers, sundry reds and a Lagavulin 16. (Yes it was a big night.) Rather than edit the piece, I repeat it here verbatim. Older members can drop out now; you newbies might find my observations interesting, written as they were immediate after attending what was a very enlightening and uplifting meeting.
Hi All
Been a big day today. I don't mind saying I have worked hard to bring the AGM to a computer near you, so I'm going to indulge myself in some editorialising.
I will start from an unusual viewpoint: I really liked the FAR people I spoke with today. That might sound like shite, but experience tells me it means a lot if you can look into a person's eyes and think, "Yeah, they're fair dinkum." Cath made a point of walking around the room meeting as many shareholders as possible and genuinely engaging with them. Chairman Nic was entirely approachable and engaging. So what does any of that matter? It cuts to credibility. Can I believe these people? At the end of the day, we are at their mercy and I liked what I saw.
I was enormously impressed by the way in which the Chairman fielded questions. He was on the front foot to all of them, admitting where things could have been worded better and gently but forcefully defending reasoned decisions. It is our right to question what the board is doing, but today has left me in little doubt about the directors' competence. Every curly question had been debated at length by the board and a considered position reached. It was impressive.
Thank goodness Nic and Cath realised immediately post-discoveries that we needed to beef up quickly. The Chef and the Admiral were masterstrokes. We are no longer an 'explorer', we are a discoverer and that has changed the game from checkers to chess. We've recruited two grand masters.
I came away with the impression that the next 12 months is absolutely pivotal to our fortunes. (Der, you might say.) We need cash, guys, shitloads of it and fairly quickly. If you assume, as I do, that the appraisals will be positive and the exploration drill achieves our hattrick, then $33m cash at half year just won't cut it. Give COP in particular the faintest sniff that we're cash-shy and we'll be swallowed in a heartbeat. Yeah, it's lovely to think the company will give us mums and dads a crack at the CR, but seriously? We are but bit players: FAR needs to hit up some serious wallets if we are to remain relevant. My view is I need to convince Mrs OOO to stump up more cash at nine cents rather than rely on the official CR to keep our heads above water. I suggest you do the same.
My O&G and geo knowledge could fill the head of a pin, but there is no doubt now - Cath and Nic said as much - that we are tied to a *ing sky rocket. More discoveries WILL follow. Current finds WILL be upgraded. If you want evidence, look no further than Conoco. Put yourself in their shoes. The market has turned to sheet. We need to slash and burn, but at the same time we can't avoid the need to replenish reserves. Hmm, Mr Senegal, you're the hope of the side: Go forth and recruit the best-of-the-best from across the company.
If there was one moment today when I thought, "I really need to work on Mrs OOO's reticence," it was then.
Call me a ramper. Call me a dreamer. Call me an optimist. Call me pissed. (Good call.) But write this down and use it against me - nine cents is a joke. Mortgage your house, sell your children ... just make sure you don't miss this one.
Actually, don't do any of those things. My financial planner is ever-fond of talking to me about balance. FAR remains a risk play (to some extent) so keep your house and your children, but seriously, devote any risk funds here. I have.
A quick aside. I attended with an 82-year-old mate of mine who has a very large holding. His quote? "I've told my children that if I get hit by a bus tomorrow, don't liquidate the FAR shares."
(20min delay)