Ann: 1-Page Quarterly Commentary and Appendix 4C, page-51

This is the issue with virtually all concept stocks - if you don't get a steady flow of positive newsflow you get sick of them, particularly if the stock is falling.

Then you think about what the base valuation should be and with virtually no revenue, earnings or cashflow to fall back on it, you can conclude it is be worth $5, $2 or $0.10 etc - who knows -> SELL.

Very few people actually get lucky (no matter what people tell you!!) and get on board near the start and sell near the top. Most people i) buy somewhere during the middle of the rally, ii) get bigger and bigger as the stock rallies as everyone gets excited, iii) are usually the biggest right near the top, iv) buy on the first fall, v) buy on the second fall, vi) then sit tight for a while vii) then everyone gets sick of it around the same time and it really cracks.

Then even though you got in a lot lower than the peak, given the initial averaging up and averaging down, you're underwater even though you're selling above your initial purchase price. Not saying this happens to everyone, but it often does.