Ann: Operations Update, page-388

My view is this is a progressively de-risking speculative share. Speculative shares fluctuate more wildly than blue chips. The price has been deflating on low volume. My view is price movements in speculative plays are more dramatic because people like me (retail investors) with little knowledge occasionally get it right and amass a reasonably significant volume of shares at a low price. An investment in the tens of thousands of dollars could end up being worth millions.

Investors like me get nervous when your paper value of a million drops to half that. Nervous retail investors set arbitrary values for their shares and sell or buy when it hits that level. We start to believe the sophisticated and professional investors know something we don't and come up with wild theories about why the price is rising or falling. We've seen it happen here in EXR before, exactly the same thing, and we'll see it happen again.

Those of us who bought in eighteen months ago, even six months ago are significantly ahead. I believe I'll be even more significantly ahead if I ignore the noise and hold while this unfolds. I'm backing that belief with my money and knowledge gained through research.

I don't know what the price will be next week, or next month, but I'm hoping it will be significantly higher over the next year or two. That's what I'm here for.