I have been following FMG threads for some time now and sad to...

I have been following FMG threads for some time now and sad to say that I see the same attitudes from FMG shareholders as I have seen for so many other ASX companies over the years.
I don't have any shares in FMG, but I am sure that if I did I would also be in denial about its falling share price too.
Its only a natural human trait to believe you have made the right decision in investing your hard earned dollars in a Company, and to refuse to accept that just maybe you were wrong.
Twiggy also appears to suffer from the same affliction as he bought shares at $4.70 and $2.75 as the share price struggled.
The true believers trumpeted his genius at picking the bottom each time, only to then see the SP eventually continue its fall.
FMG is one of the greatest success stories of the mining industries history, and Andrew is a great Australian who has given many thousands of people the ride of their life.
But no matter how brilliant this company is the fact remains that it is producing a product that is in over supply as we speak, and likely to remain so for some years to come.
I see no predictable turnaround point for the SP until we see a strong sustained rise in IO, and that rise in IO is based on genuine demand.
In the meantime FMG can only try to minimize the IO price damage by looking closely at its operational costs etc.
But the danger from that is that it could cease to be a clever innovator in the industry.
One thing we do know is that Twiggy does not give up his share of the companies he founded easily.
Witness what happened at Annaconda to see the resolve of a man to hang on to the bitter end.
I believe a report is due soon that will at least show how they travelled over the past few months, but I would be extremely wary of basing a decision to buy or not based on past performance.
FMG is now entering uncharted waters, and is going to be in a life and death struggle over the coming months or maybe even years. Good luck to them all.