This is a very good point and one that can often be forgotten. I have been thinking about this a lot recently in regards to whether or not I will take up my entitlement. Should I go and drop another X thousand $ into AVB and maybe see no return (or minimal return) over the next year or place that money into any of the other spec stocks I follow that are more risky but have a much higher potential upside. At the end of the day I am the only person held accountable for these decisions.
While I can definitely understand grids frustrations, I think he is missing the point that the potential upside of AVB has been continually eroded by the capital raising done by the management team and at one point in time did have the potential to be a $1 or $2 share. So if anyone was making their valuations "back then" they would have been justified to do so if their research backed it up. Getting angry at someone for sharing this information in my opinion is pointless as the only people who are accountable for the share price are management, the rest of us can only speculate.
This is not meant as a criticism of management as I believe for the most part they did the best they could with what was available. Could another team have done a better job with the resources in place? Maybe, but unfortunately (or fortunately perhaps) we will never know.
