In 22 years of investing in the stock market, I have seen a few companies with questionable management. But none, and I repeat, none, have been so incompetently run as BIT. This is, bar none, the worst run company I have ever had the misfortune of being a shareholder in. My evidence to make this statement? The share price. Nothing is so brutally honest as the share price. If you understand the efficient markets hypothesis, you will know exactly what I am talking about.
Of course, it's all so easy to say in hindsight, but the warning signs were there. This company - as a biotech - was given a once in a 100 year gift: a global pandemic, and still couldn't capitalise. The now infamous mouse tests were the time to have sold. Unfortunately, I believed in their portfolio, even though I had doubts about the ability of the management team to deliver. In the end, I cut my losses - as big as they were - at 2.2c, and I am lucky I did even that.
There were signs of bad management all over the place - even down to the consistent grammatical errors in their announcements. As someone who works in an industry where small details are everything, I noticed these errors, and again, in hindsight, I see that they were signs of a management team who were sloppy and lazy. The management of this company lacked a sense of urgency, lacked any sense of marketing, and was effectively run as a lifestyle proposition.
I wish all remaining shareholders the best.
BIT Price at posting:
0.8¢ Sentiment: Sell Disclosure: Not Held
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