Ann: Annual Report to shareholders, page-6

Disclaimer: Not a content-rich post below.

I am just reminiscing on where this share was roughly one-year ago... The company had less (15%) shares and was flirting with 5AUD/share. Furthermore, it was a value-type of investment with one of my favourite characteristics which is: Share price rises steadily (and slowly) in the absence of news.

Then, the prawn-production growth plan came about and, although, I was not overly convinced by the idea, I did not necessarily have a strong opinion either way. I still don't but the SP trend is undeniable.

I felt that the reports are being a bit bipolar (example: 1st semester - let's leave the salmon in the water for a longer period growing to obtain greater margins/cash-flows, 2nd semester - cash flow actually decreases).... there are also more mouths (shares) to feed despite the increase in total revenue.

I have been dipping into the market here and there since the investment thesis has not changed but the smile that I used to have looking at Tassal is definitely not the same. Simultaneously, Tassal is already an unhealthy 9% of my portfolio and I do not feel confident about adding more.

Is anyone else here starting to have doubts about their execution capabilities? Is there any event in the horizon that will stop the downwards trend?