Another tiddler, page-18

Most of the management has changed at macmahon. It is almost a new company. The big change was when they moved office. Now only brierty have an over priced office.

perhaps I was thinking of viento instead of brierty. Viento had to change auditors to get their accounts signed off.

How much you are misled isn't important. What is important is how accurate your picture of their future is.

Let me put it this way to you. Did you think they were going to be doing this bad back in 2014? I didn't and neither did others on this forum. Why didn't we? Because we got the impression things were different to what they were from reading the information brierty told us. It may not be them deceiving us as much as it is us Deceiving ourselves! We got it wrong. Do things look better now?

The auditors comments that brierty may be bankrupt in both the full year and most recent half year and the recent fire sales of their equipment paint a different picture to mcbains words.

Why do you think the price started tanking so long ago from a peak of $0.60? Do you think it is possible people knew more than was announced and were making more informed decisions? Do you think it looks similar to the start of macmahons 10yr graph? do you think that an auditor saying the company is potentially bankrupt is an issue? what level of issue is large enough for you to say the potential returns aren't worth the risk?

I'm not saying don't invest. I'm saying put numbers to the risk and make an informed decision. I did and that's why I walked.