Actually I've pretty much always been a skeptic - much to the ire of the AJX boards' most liked posters - but at the same time interested in the FR product that had the potential to be the only viable alternative post coming new FR regulations in the US. At least that what it was sold as. But my skepticism has saved me quite a lot of money. Pinto saved himself a bucket by being appropriately skeptical when the time came also.
My position on PCM has been pretty much the same throughout though - a gift that kept the company afloat while the FR built up. But the FR has apparently been shrinking, mostly because a large portion of the original FR business was unviable - which was absolutely totally unbelievable when that news came out. The guys at the top paying themselves top dollar for unviable business. The most fitting word that comes to mind to describe AJX during those days is "scam".
AJX were smart to raise that last bit of capital when they could, because it can carry them a few more years. But currently I think the business is a straight up gamble, because they need growth and a lot of it to balance the books, but to me it appears to still be pretty much stuck in recession. The continued lack of meaningful growth says to me that this is something to keep away from for the time being. Forward estimates on production costs that have just come out show management aren't planning on seeing any growth in the short term either. If the FR product was really all it was cracked up to be then I don't see that reflected in the books.
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