Hi Scott,
I feel your last paragraph (too deep into investment/ lotus position) best describes how I feel about this investment right now.
Last July, I thought this was the best investment I have ever made. I did an enormous amount of reading into the company finances, back story and projected earnings etc. There are some here that said the stock was over priced and too much hype. I have to disagree with that sentiment. Both Newing and Petra valued the stock at the $2 benchmark. They are not punters with wild dreams. They are professionals in the business. Even if you discount their personal objectives and halve their projections, it is still a $1 stock. To say someone 'bought into a hype' is simply a statement of hindsight. If that stock went ahead to hit the $2 mark, you would say that same someone who bought the share at $1.4/$1.6 was a brave genius. Even Newing mentioned lately, better to chase a stock to an astonishing new height. That theory, when applies to AfterPay, another stock that people are laughing off as over-hyped, just keeps on smashing the ceiling. Regardless of what PET is as a company, there is no doubt PET is a poor performing stock.
This is now by far the worst investment I've ever made (and it was hard to beat Telstra the bomb that was going no where). Sure it is still a good story. Sure, long term it still does have good potential. The 'positive' folks here (not going to name anyone) will keep on putting a great spin on how good the company is... blah blah blah, and I do not disagree. However, we are not here, putting our hard earn capital to support a company that only has potential and little success in showing how our trust in them was worthwhile. I feel that the management had let us down severely. Not a little disconcerting, but downright extremely disappointing. That's twice in 6 months they mis-led us, they first continually re-affirmed 2019 targets then not deliver. Then continually re-affirm 2020 targets and still not deliver. It is always someone else's fault. It is always circumstances beyond their control. Known anyone like that in your life? Would you trust them with your hard earn cash?
If management is reading this, have no doubt my sentiments towards you in very negative. Big fat thumbs down. Bet you don't care anyway, still gotta say it.
3 days of hard fall, a piss weak non-recovery and looking like another red day again when ASX is going up. That also applies to the recovery since the low point in March. Nearly every other stock, even the travel ones, have recovered substantially from the bottom. What's PET's excuse?
Sure, the company may one day turn around. By some miracle my big fat paper loss may be redeemed. But the opportunity cost is gigantic and I may never recover from that.
GLTAH.
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