Firstly l will say that PTM with no debt and a substantial tangible asset base, would be forced by shareholders to either return capital, liquidate or merge long before its shares lost value or, as you say "go to zero".
That is simply a certainty (if you are really suggesting that zero is a possibility).
In relation to the new CEO strategy, l cannot be sure of anything except, they will have learned from errors of MFG. Many of the significant changes they made to the existing portfolios they held, after their crisis, detracted from performance. I don't think we will see that.
The FUM being redeemed soon will offer managers a chance to re-weight existing positions, including cash and shorts, in order to raise the required funds.
l do not believe the AC demotion will alter existing positions as much as it will temper his clearly China centric bullish views.
Having spoken to one of the company's officers this week, they seem to understand the somewhat cynical views of research houses, peers and shell shocked investors. Reading between the lines, they know what their brand stands for and absolutely intend to honour it.
You are absolutely on point with one thing :- funds flow and FUM is everything to this business.
All my opinion only, of course. None of us are offering advice or are able to see the future.
GLTASH
PTM Price at posting:
$1.08 Sentiment: Hold Disclosure: Held
(20min delay)