JTG apologies for the slow response … you asked so here goes: 1....

JTG apologies for the slow response … you asked so here goes:

1. What is your investment timeline here QQ if i may ask, when do you see your ROI?
I have no fixed timeline, I am lucky enough to be able to work and wait or sell whenever I give up … it’s bio tech so the book ends on value and time are a long way apart. I have about 1000 weeks left, but am happy to bequeath a fortune or zip from PAA, but obviously I’d like a big SP jump asap. What a thrill to know that is possible eh? How lucky am I to even be able to be in this position.

2. Will you be OK with a SP at 50% less than what it is now that continues to decline?
No of course I wouldn’t be happy about this. I realise it could happen (see 1. above), but I would hope it to be very temporary, it is all about context and I do think it can happen even if we have a blockbuster drug because you still need to close a deal with some often ruthless players.

3. Will you then be happy about a CR at that price?
Certainly not, but it may be the best of a very bad situation if it happens. Again, it is all about context and I prefer to hope that it’s not going to happen. If it does, well I knew that was a foreseeable risk when I started investing. Maybe taking a loan is much better too … context matters.

4. Will you be OK when next year PAA only deliver a third of what they say they will?
No, because I am getting very confident that we have a palatable MND trial and think they can stay financial enough to finish it and I think it could be excellent. I think they have done very well to get the MPL to this point and that they can continue to cover costs with Epichem revenue, that is why I think this is a remarkable investment. They have done an amazing job by not diluting my holding and when they have they have genuinely given me/us an opportunity to buy in. I like that a lot.

5. Will you then be happy about not being able to exit because of the SP and low liquidity?
No, but I am lucky enough to be able to hold on (see 1. above). Let’s be clear, I don’t like SP and liquidity weakening, I do see the whole market context, and I could go all Rumsfeld with Known Knowns etc. But here’s the thing …. I only lose if I sell or this crashes completely. I respect that is not the case for everyone and I don’t like to see good investors lose out because they can’t hold on any longer,,,, that is tough,,, they took the risk and it didn’t work out,,, that is capitalism … winners and losers ,,, though I think if you had a go your a winner anyway.

For what it’s worth I sold out 1 mil shares over a year ago because I got disillusioned and could see another investment opp instead,,, I might add that that is bio too and it is battling as well. Since then I have bought back 50% a bit at a time. I still believe this could be a blockbuster, and I still get excited at the prospect of funding something historically good for the world. That is a buzz for me, it’s not all about the coin, but I respect the context is different for all of us … even our life partners

What I won’t be doing is continuously complain about things along the way … it’s no fun, it’ll just make me older faster. It can also infect the thinking of others and that is unhelpful particularly for the PAA leadership team who i have met and am very sure are good, well meaning and highly motivated professionals trying to deliver this vision.

It’s not RA’s first rodeo,,, I want a smart negotiator here that that is heavily personally invested,,, not some flashy carpetbagger that promises to unlock cubic value with quick suboptimal wins but stuffs up the business by needlessly throwing out the team that knows what we’ve got and cares about maximising value.

I probably didn’t give you the answers you wanted JTG, but they are honest.

I hope you all have a safe happy break, if you don’t have to work.

Regards
QQ

PS as Ken says … Trust the Bucket,,, over and over etc.