Mendelawitz's, Consistently, massively over forecasting of quarterly gold production, followed by excuses, and useless webinars. A few years back now, I had a longish phone call with Mendelawitz, addressing the issue of his constant over forecasting. His conversation when along the lines of "this is the quarter, we are all very, very excited, it is shaping up to be a fantastic quarter, the future is looking fantastic blah! blah! blah!.
He sounded pretty convincing. When the quarterly was released, the gold produced for that quarter was 73% down on yet another Mendelawitz dodgy forecast. He was a spin doctor. He had Zero credibility left after that. That was when I sold the lot. Was it totally down to Mendelawitz???. No, but he was up to his neck in it.
Plenty of good, smart loyal investors got burnt with CDG and the spin. I don't hold IOR. If I did, his presence on the board would make it an instant sell. Go and have a read of a few of the IOR posts about his connection with Fortescue......talk about deja vu.
CDG Price at posting:
7.0¢ Sentiment: Sell Disclosure: Not Held
