Easy to say with hindsight. Hard to do if you are already sitting on a big loss, looking at a business with negative cashflow, a recent downgrade on production, big questions about liquidity, and rumours of a former suitor buying up its debt looking for any opportunity to put the company into administration. Oh yeah, and also some big economic headwinds - tariffs on steel, trade wars and a falling commodity price.
I was trying to explain to myself this investment the other day to the missus and 2/3 of the way in she probably already decided it was a stupid idea and stops me says, ‘Wait, you’ve already bought this? How much did you invest?’
It can be very hard to be contrarian. Fortunately, I didn’t have any baggage, and I’m not sure if I had to double down sitting on a loss, if I could do it either. With hindsight, we’re all geniuses.
CRN Price at posting:
15.5¢ Sentiment: None Disclosure: Held
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