DUMPING, page-170

Nick007 - Spot on. We're all on the same team and all hoping the VAU share-price goes into the stratosphere. And I'm not "against you" in any way, shape or form. I'm just trying to outline a view which "thinks like the market thinks".

There's a quote - I think it was Lord Keynes but I'm not sure - which goes something like - the share-market can remain wrong longer than you can remain solvent.

All I'm trying to suggest to existing holders, without wishing to look back on past mistakes by management, is what the big insto's and professional investors may currently be thinking. And part of that is that their economists and their forecasters have a view that gold prices aren't going to keep rising forever.

Now whether I believe that or not, I reckon it's reasonable to point it out on HotCopper and suggest it's a reason that insto's and larger investors are favouring gold stocks with little/no hedging at the moment. And perhaps valuing VAU along the NPV lines I've suggested earlier this evening. What you and I believe is the intrinsic value of VAU doesn't matter in the least to these "experts" but they're the ones running the trading volume day to day (and by the way, did you notice the % of VAU shares crossed today after4.10)

For me, that's the macro background and that's what I'm looking at in terms of whether to hold, reduce or sell my VAU holdings. I really do hope the VAU price takes off but other than what I outlined in an earlier post, I don't think there's a lot the VAU Board can do to boost the share-price.

So, without forgiving the current Board for their past mistakes (real and/or perceived), I reckon the trick is to focus more on the future and that's why I get a bit frustrated with posters who come in here and complain about the past all the time.

If Hitler hadn't destroyed most of Europe in the '40's, my in-laws wouldn't have migrated to Australia. And I wouldn't have married the love of my life.

I guess my investment philosophy is - learn from the past but focus your energies on the future. And as a gumpy old bastard with not many investing years ahead of me, I want to enjoy the future as much as I can. (And my three daily viagra tablets are helping me do just that!!!!!).