my apologies, page-18

Morning all, hi blastoff

"Might pay to follow Pintoho's entusiastic comments about growth on the IPR forum.... It simply has not happened years after we were told it would. Even now the company is merely 'hoping' to break even for a quarter rather than make any money on it's mapping business."








Blastoff, thanks for the opportunity to discuss the differences between a couple of investments – in particular my involvement in fml and ipr.
It should be known that any company I am involved with substantially I support and defend – there would hardly be any point in being in them would there?
A few years back I identified 2 potential blue sky companies on the entire asx that I thought had a big chance of making it – fml and ipr. I thought ipr had more blue sky potential – but aside from that both companies were very different horses.
I felt ipr was a sprinter and if it made it – it would make it in a hurry with a short window opportunity. Fml on the other hand was clearly bred for endurance and had very good genes.
Now when I let a company go – I don’t discuss the reasons in detail in public nor do I dump on it – I just walk away and hope good things for the people still involved.
That said the main areas of difference between both companies was in the people involved – more accurately the dynamics in the relationships between board members and board and management.
I knew ipr had the goods – and some good people. I was concerned about the dynamics on and off for a while but let it run to see how it played out – I firmly believed that if they could settle then the company would be on the front page – unfortunately, it is not.
So the reasons for my being on that horse evaporated --------------- and there is a saying that goes something like this ---------------- ‘when the horse under you drops dead, the wisest course of action is to dismount’ ---------- now I am not suggesting ipr is dead – but my reasons for being on the horse died.
FML was a different horse. Since that time, although not perfect – no company or organisation is – fml has gone from strength to strength.
The dynamic between board and board and management is constantly monitored. The relationship changes all the time as it does in any company, but vigilance on culture is steady and valued. Of course there are problems – but they are managed, and I believe mostly managed well.
FML has, like others had opportunities drop at it’s feet – the difference being that fml has picked up the ball and ran with it – fully prepared to change course if the need or opportunity arises – this is how I see one of those chances.
Madam was loping along with the pack – in the pack at the time were some great names – ncm, Ramilius the great horse, intrepid, etc. etc.
Madam was smaller than most but powerful and was positioning herself for a long run. Our board decided to give her a boost – they bought some 7.6 cents per pound oats in order to stimulate growth, power and speed.
No sooner had that happened when galloping along in a forward direction Madam approached on her forward right quarter an unplanned large steep gully (cre) ---------- her immediate reaction was to shy away (the board wanted to stay on course – not to divert) – but then one of our people said that they knew this place from when they were a kid and there was a way to jump this gully and shortcut the course and put madam a long way in front of the other runners.
Hastily a plan was formed and it was decided that madam should indeed go for it – she should just have enough power and speed to make it – so the order was given.
Madam changed course to the right and flew out into the abyss – she cleared the gully and although this quick change of events unsettled her and rider slightly, they were across safely and well under way.
Now what the punters saw was that madam had left the field – disappeared across an obstacle and was away off into the bush ------------------- all the betting changed – did they know what they were doing or was this madness – the jury went out.
At the same time the race went on – some were flying, some were plodding – Ramilius was making a lot of ground with the punters although it was unsure why, the big guy was carrying a lot of weight but momentum was carrying it along ---------- no one watched madam.
To me this change of direction at breakneck speed changed the whole race – it was just that people didn’t know it at the time – in fact they still don’t.
If we fast forward to now – even though most have got bored with all horse racing – all those horses are still racing – and here is how they are going –

Madam is powering ahead – she is away from the pack on a different track and making good ground. Many of the other players have fallen back badly – rms has dropped back from being the market darling, intrepid has just received a big body blow, smitten by Indonesia, ncm is buckling under too much weight that has been there for a long time – many others have been taken out of the race – some have been purchased and some have fallen and been shot.

Oh what a difference 3 years makes ------------- if one judges by shareprices – they should all be shot – but if one judges by condition and running – then madam, her pilots and her board of directors are performing extremely well.
Madam at present is running through new lush fields – catching many looks from hopeful suitors – some chinese and some other. She can afford not to be distracted – she is strong by herself, but would entertain a friendly and opportune coupling – but, she doesn’t need it so she can afford to wait. And maybe, just maybe as she thunders through these valleys – she may have caught the eye of an arab horse – no one thought of that one – maybe there is something to it for the future – and maybe not.
All the while the entire gambling industry is resetting and it looks like horse racing is going to come back in a big way – just as madam canons out of the short cut onto the home run – way way in front of the other runners – she is one of the few in the race who is still fit, strong and running hard – many others are hobbling along in pain.
The times – they are changing – not fast enough for those of us who are impatient and or bitter – but in reality, times are really flying – so is madam. Her odds will shorten rapidly when she appears of of nowhere.
So in short blastoff ---------- when circumstance and conditions change – I change my mind and my positions.
When a horse dies under me – I consider it wise to dismount.
When I take a new mount – I tell everyone what a fine horse I think it is.
Also, I am not perfect ------- I win some and I lose some.

Have a great day all

Pinto