Hi Beale, Recent interaction or not really isn't important here...

Hi Beale,

Recent interaction or not really isn't important here because, over the past couple of years, I've learnt to completely discount what management suggest to me in terms of deliverables.

To invest in a company whose management continually fails to deliver is really quite insane. But I've always had a smaller limited fund which I call my "Mugs Punt" portfolio into which I throw my insane, illogical gambles. Rules are simple: no more than x in the fund, for no more than x months and total no more than x% of total Funds...and be OK with loosing the lot.

Simply, when you cant trust management, you cant complete a professional risk assessment of the investment. That of itself doesn't mean there cant be a decent/good/great potential reward. But if its not an investment, then its a gamble.

In many ways, I actually prefer these types of punts to fail as failure validates my investment policies and reinforces the discipline to maintain them. Its like eating a McDonalds burger; you do it every few years to remind yourself not to do it. But there's usually one or two taste buds that traitorously keep you hooked. The Mug Punt fund has occasionally done surprisingly well. But only through shear dumb luck.

Really, it just means I've accepted the gamble and accepted that the chance of failure is very high.

Cheers.