Ann: Quarterly Update and Appendix 4C-NOR.AX, page-57

Trading for pip can be a fair way of making some coin if you do it right. A couple of pips on NOR is 10% .. chuck in $2k and flip it for two pips, punter makes $200. Do it myself on a fair few tickers and make a bit of pocket money.

Or, someone might have thought it was about to head on one of its little mini-runs .. bought a few, then dumped them for brokerage as things changed and looked less promising.

When you buy something and it doesn't go to plan, you can either cut and run, or hold and pray.

The later, turning it into an 'investment' .. often followed by averaging down is an oft-taken path into dabbling in the spec end of the market. Almost always ends in ruin but some will stay on the ship all the way to the bottom of the ocean.

Those churning for pips around these levels are;

a) perhaps in profit, if done well. But mostly and perhaps more importantly,
b) not seeing 80% of their capital gone buying at 10c and higher