I think we are talking apples and oranges. PTM was essentially...

I think we are talking apples and oranges. PTM was essentially run as a private company when Kerr was at the helm. Successful funds management businesses were popular in the market place making it a win win outcome. Things have now changed.

In my career, I advised private companies as well as operating them. They generally make smart long term business decisions because they will own the business for a long time, unlike public companies and CEOs rewarded by short term price performance. Private companies often reinvest profits for growth ahead of paying dividends. The business goals and shareholder goals are usually aligned.

The good ones were far superior than any public company, which is why they remained private. They are not designed to be widely held, subject to the many different purposes and objectives of widely held public interests.

Funds managment businesses with very strong cultural biases, like PTM, are no longer suited to being listed. Accordingly, the market is not valuing them with for growth potential, recovery potential. The market even questions whether they even add value to investors, or are ripping them off. The threads on all managers are full of "sell" posters abusing investors who think managers can outperform passive index funds. I strongly disagree with that view, but am in the minority, and cannt be bothered to argue such a subjecive and cyclical argument.

I expect the (mostly internal) major PTM holders (not small retail holders) will do much better this business off the market. In most matters, I back self - interest will trump common interests.

I prefer the business remain listed, but if the SP undervalues the business model, it shouldn't, and I will happily exit at a price above $2. I have fought long and hard over the last 18 months to average my cost below that, with the $2.20 price earlier this year being a wonderful opportunity to release some of my fairly large capital investment in the 7 digits mark.

Naturally, I am now very heavily back in never really needing to pick the top or the bottom. I started buying back under $1.70 and all he way down to $1.50 using nothing but the proceeds of earlier sales. It took over 30 years to learn this lesson and although I often sell out too early, I rarely lose on my big bets.

I want to be cashed up again for 2024, when I believe markets will be much much lower, and opportunities everywhere. With PTM admonished, I need some form of corporate action to get my recent money back. If that doesn't happen, my U3O8, precios metals and green metals holding are deeply in the money, so I will sell them if I need to.

A couple of my holdings have been absolutely belted recently, so they also soaked up my free capital. They are years away from recovering to 3-5 bag territory OR being worth nothing. That's my bad luck and yet another lesson that contrarian investing is a very imperfect art, and I still make pretty big errors playing in turnaround positions.

PTM may frustrate us all, but I do not expect to lose from overweighting this one, adding heavily around current prices. We'll see how smart or dumb I am, in 12 -18 months.

GLTASH.