Easy to send such a letter when you have a strong cash position, on the back of a dilutive CR that left all SH'ers worse for ware.
LT view is great for the true believers - however those whom invest for short or medium term would have been burnt on the companies past performance.
wIMO this letter telegraphs the companies next move(s) - which I think will keep short and medium investors away from the stock, as it seems nothing will be imminent until Phase 2 is complete....which is shaping up to become a binary event for the company.
The next 6 months progress - ie walking the walk, as well as the Phase 2 results - will tell the true tale.
Ann: Letter to Shareholders, page-25
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