Between heaven and hell

Dear friends,

Sometimes I feel I'm in the middle of one nightmare.
To the ones that follow Karoon the last ,lets say 3 years for sure understand very well what I'm talking.

Doesn't matter what,how,who,why but the share just doesn't flight.

Every reason (good or ridiculous) is a "fair" reason to drop... Any good new reason (money or projection) is recieved with skeptiscism and the 10 cents today will be the loss of 11 next day.

The amount of frustration we carry in a daily basis invite a serious question(at least I'm doing that)...

How much more we need to carry, wait and when the believe become just a trap we are in ?

All here know very well the children story of the woolf and the 3 pigs... after so many lies..

But in our case even is a lie... even a "truth" is not enough !!!

Todays retracement is linked not a natural and healthy retracement ( 1 or 1.5%) not 5/6% erasing previous gains...

I wrote I think 1 year ago (and black also) that the good news for us is so dangerous because next day we retrace stronger than we went forward ..

No.. is not a question (at that stage) to have Irwin or john or mccay.. the problem after while become the "brand".. kar is becoming more and more a dog share..Nobody believe and everybody bet that always will have more sellers than buyers..

How come this 2 big funds went all way to grow more than 5% of holds and even that didnt produced a huge increase of price.. Answer ? somebody sold..

Difficult to suggest at that stage "recipies" how change..But maybe a good begin should be the board begin buy shares showing and leading by example.
Because if they don't think 600m cash + Brazil x 3.16 is not a bargain, who will ?

Cato