Everyone has to have their own approach to their investments,...

Everyone has to have their own approach to their investments, but you've made this point before and I gave a similar retort to what I am about to say.

Buy and hold might be a valid strategy for some but I personally can't understand why any investor would buy and hold such volatile stocks as pre-profit drug discovery biotechs (or pre-profit mineral discovery miners, etc). There have been so many opportunities over the past few years to trade this stock around capital raises, rises and falls in market sentiment, risk-on/off cycles into and out of biotechs. Anyone who has been in this stock has been able to buy in capital raises in the $0.40s and $0.50s. (I can't even remember the exact prices now) and been able to buy on market in the $0.30s.

A few years ago I was a bit naive and stupid and got suckered into Graham Kelly's salesmanship and the resulting share price pump. I bought my first parcel at $3.40 in April 2015. If you got in at that sort of price back then, you've had every opportunity since to trade away that loss and get your average cost down. I've got my average cost down to $0.42 and I've built my holding as I've gained confidence in The Beard's management of this very risky play (along with the angst of the questionably timed capital raises*) and the prospects of the drug (thanks in large part to the research of several posters here).

I'm probably wasting electrons and my time posting this because this argument has been made by me and others several times here before. If buy and hold is your strategy then don't whine about the share price because there has been ample opportunity to trade this bad boy over the years.

* There is a paradox with Kazia, the company is a risky, speckie biotech play but The Beard, I perceive, is somewhat conservative and risk averse.