Yes and PDN dropped from 13c in 2000 to 1c in 2003, we know you...

Yes and PDN dropped from 13c in 2000 to 1c in 2003, we know you wouldnt have blamed investor greed Growler or accept most investor's entry timing was incorrrect in 2000 (but proven ok in 2005), then the stock was one of the best performers in history.

I would blame the timing of the cycle and hence investor assessment of this - something you struggle with - as I see far too often management are rated great on a high stockprice (when it was the commodity price delivering 80% of the return). By 2021 95% of AEE investors will above water and by 2023 they will be very happy - as management executed reasonably ok and the respective commodity price increased by a factor of 2-3x.