Thanks for the reply JID, and I agree with your thoughts.By way...

Thanks for the reply JID, and I agree with your thoughts.

By way of apology, I was raised in the UK with the set and forget investment mentality, which works really well for shares like M&S and Tesco. Things are a bit different over here.

Mining service companies have always had crappy balance sheets and MC is always way above NTA, but they traditionally make good returns. I've done well with mobs like MND, but not so well with AAX. Distinguishing between the two is just a learning process.

Even with AAX, my first purchase was at $2.25 in December 2008 and since then they've paid about $1.05 in dividends, which is 50% over 5 years, plus franking credits.

I'm not blaming the Labour Government, because commodity prices are a bit shitty right now, but the mining tax had the effect of bashing confidence, and that combined with commodity prices had a more sudden and dramatic effect on investment, and hence service company incomes, than I think many people were expecting. One minute we were in the middle of a mining boom, the next someone (I think it was Mr Rudd) announced on the evening news that it was over.

So where to now? Panic and sell in the opening auction? I think that's not for me. I think I'll probably grit my teeth and hang in there, writing the net cost off as experience if the receiver comes in.