Phone conversation with Scott - Jan 12th 2023., page-527

Nicely balanced, MF.

Things have been tense here of late, with people jumping all over others simply for expressing opinions that contained the slightest doubt.

And it is all well and good for SM to disparage shareholders. But the string of decisions, the timing, that has done us no favours.

Truth is, who ever thought we would be here, after the Big D was announced? Barely holding double digits?

Raising at ever-lower SPs?

Limping from one to the next with no opportunity to even clear the hangover from the one before it?

Going alone sounded great. Keeping a bigger %.

But with this insane pace of dilution and the chronic uncertainty about funding it has increasingly felt like an arrogant miscalculation.

A smaller % of a less diluted company might have been the better alternative. Might have let the SP settle at a more reasonable level.

Let's hope SM's confidence is merited.

I've held for years and haven't sold a share, nor do I plan to change that in 2024.

GLTAH. DYOR.