OK...that's been interesting. I'm a bit like RCammo in the sense I appreciate Lofty taking the time to explain some of the rationale behind his/others shorting practices, but I'm still not sold.
I've heard the altruistic angle from quite senior eco-academics and these are obviously the arguments enabling the broad practices to still be legal. The laws and ASIC (for whom I have VERY little regard as a costly directionless toothless bunch of bureaucrats) seem to take the simplest explanation of what shorting / SP manipulation is about and choose to wave some wet lettuce around the general vicinity is worse than useless - it's insulting.
I wish they'd take a closer look at the longer term retardation that comes from some campaigns, look closer at shifty late night calls from BOD's...I'd like to hear of some arrests, some deep investigations. But they are quite useless. They keep charging me the $200-250p.a for each of my entities, but I'm entirely unaware of anything positive they do for me. It's just a tax as far as I'm concerned.
If it was as simple as a matter of 'keeping the bastards honest' as you point out Loft - then I'd be all for you and your mates. I see that angle. I wish then the practice was surgical and swift... in/out - do what you need to do to square up dishonesty, find a true value, make your money and move on. Maybe I'm impatient but many of these campaigns seem to be sustained and that hurts SP on a longer term and therefore hurts me, my family. (for which I assume you could care less / and that's ok).
The fact that your ranks incl the X% of the malicious and mercenary (what I hate the most) is neither a) in your control and b) as you point out - those a-holes operate on both sides of the fence and are par for this course.
There's something about the way this is playing out, in my new-to-this mind...that still seems NQR. To find value in upcoming stocks, there's assumed risk in the sense principal factors haven't quite formed yet. In our case ML's BOA's a fully bedded in experienced board etc... I assume most co's start this way and me as an investor should have the right to buy into said co' and take on those risks on face value.
The fact that your collegues (not you necessarily) seem to target exactly the same thing - and can have such drastic effects/consequences - turns the system upside down and makes outcomes (seem) totally random. Totally get DYOR etc... and I try my best. But I get back to my car without a steering wheel analogy. So as a system allowing the practices, in a broad sense, debases the system.
Being new to this.. totally get I could be seeing this wrong...and don't mind being pointed out on it if thats the case. Appreciate constructive debate on this.
But once again thanks for taking the time to engage at least and help me understand your POV.
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