Ann: Further Significant High-grade Au Intersections at Calibre, page-52

Hi candidcamera

I will say again. I doubt there would be many shareholders still holding AZY shares from a decade ago and underwater, and if there are some, it would be of no significance to us today. A non issue.

.

In relation to speculative shares let’s take alook at ‘low level speculation’. Yep the blue chips.

CBA dropped 40% in less than a month earlier lastyear, from $90.26 on 18 Feb 2020 to $54.26 on 23 March 2020

CBA dropped 60% from $59.40 in Nov 2007 to$24.07 in Jan 2009.

RIO took a 78% nose dive from its $145.19 highin Dec 2007 to around $32 in Dec 2008.

Telstra has halved its share price from about 5years ago and is down about two-thirds over the last 20 years.

Westpac had a near death experience in 1992.

HIH collapsed in 2001.

Babcock & Brown went from $9 billion tonil.

ABC Learning was a $3 billion failure.

Banks suspended or cut dividends last year.

Imagine if using leverage at these times ...

Equities as an asset class on the investmentspectrum fall at the higher risk end. Of course there are sub-classes within that.

There are particular elements and patterns and risk management strategies to tradingjunior explorers. But I don’t have the time to go into that.

In terms of money flow, even GGP has dropped35% off its highs in recent months. The XGD index is also off about 30% from its highs in August last year.

Money flow and sentiment matters. It ebbs and flows. It will return.