Ann: Dorado Project Update, page-189

Ilario did sell in 2021 after much whining. Appeared back here holding again in April after a years silence, making all the same whining noises all over again.

Me, if I sell out after what I identified as serious management shortcomings then bought back in again, I’d only be blaming myself when (as I saw it) those shortcomings came to the for again.

Some just do not understand the game, they don’t understand that the high potential rewards come with a lot of risk, and that once you’ve managed the risk a lot of patience is still required. The alternative being just to trade the waves of exuberance and despair.

This will be my last O&G investment, but I will patiently wait for suitable exit points for increments. I did offload a chunk above 30 pre-Apus/Pavo, and of course in hindsight regret it not having been a bigger chunk.

But it’s not management that I fault (although their biofuel greenwash move has me apprehensive). Close to a decade of very prudent risk and capital management under AC imho.

EL