betting against the technicals, page-11

I note the points about cash flow and capital expenditure last year......I share those concerns...

It's important though that one years cash flow is not used as a guide for other years.......albeit, another year like last year and SHV would be close to bankrupt...

Put plainly, all the cap ex and cost base is going into the SHV orchards.......well, those orchards made operating profit around 2 million dollars last year!!!!!

Again, the rainfall last year was quite freakish and unprecedented

The Annual report stated that even their acquired orchards made 200k or something.....not exactly an accreditive use of cash

I don't have a problem with their business model......they just need the cyclical 'farming factors' to come into line.....and now they have bet the house on it