Ann: Update on Central Processing Plant Commissioning, page-170

I have held 2 stocks that have literally gone to zero. CNX and BEC. With CNX the QLD government banned insitu goal gasification after the company had demonstrated its viability and environmental safety (it didnt use fracking but got swept away with anti fracking coal gasification regulations) and with BEC the company sold its core assets (1.5 billion wort of retirement homes) not during the financial crisis but during the recovery when it was not needed. In both cases the tech and assets where snapped up by foreign investors and are worth considerably more now. You can identify value all you want and be 100% right on it but does not mean you will be right as an investor. PEN could very easily be seen as a foreign company from the perspective of US regulators and arbitrarily F'd in the A by either administration with or without encouragement from its competitors. There is no "you must" in investing other than a must control your risk in order to stay in the game. I like to joke about my position in PEN being a gamble despite it being over a million dollars in and that is true but professional gamblers are all about risk of ruin. Sure there will be times where you can spot value but time and time again the market itself proves it knows more than you do about the hidden risks.