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Edit: Next time I'll SELL when I'm up.

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ramblehe

1,402 Posts.

21

21/04/19

09:51

Post #: 38219618
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Originally posted by ramblehe: ↑

One thing I learned from a previous mistake... big boys, if they're big enough, don't care two hoots about losing a few mill. They have other irons in the fire - so if one goes bust, they just move on. That particular mine had nearly on a billion worth of infrastructure, was operational for several years But had a low grade which is why it got in trouble. The point is, they sold the mine for a pittance in the end. No one got any money back and the share holders were well and truly dudded. Being the last in line.
There was talk of a class action, malfeasant deeds by the board, all that sort of thing... but at the end of the day, if there is no money it isn't worth paying lawyers to chase it. It left me wondering why the directors kept on with such an obviously dead duck. But then you realise they are getting well payed while the ship goes down, and not only that, a lot of them - just like the big boys - have other irons in the fire.

Waterblunt would know the company I'm talking about.

So what I gleaned from that experience was 'be like the big boys and have other irons in the fire too'. Don't put all your eggs in one basket in other words. Kind of appropriate for Easter I suppose.

As far as OGX is concerned... it's highly unlikely IMO we will see it recover or get any money back. Talk of 'it's not over yet' while technically true is really clutching at straws. Sorry but that's how I see it. Next time I'll see when I'm up - the notion of 'free carrying' has a lot to like about it. I was greedy, got sucked in by the rosie pictures of nuggets, didn't sell, didn't want to pay tax on a loss if I sold under my average, held on then lost so much on paper it wasn't worth selling anymore. I did nearly buy more to average down, but as a said in an earlier post, hesitated. So glad I did.

Best to everyone. Good luck with your other irons.

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Edit: Next time I'll SELL when I'm up.

OGX Price at posting: 0.3¢ Sentiment: None Disclosure: Held
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Edit: Next time I'll SELL when I'm up.

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