You’re no doubt accurate in your research of my SGR...

You’re no doubt accurate in your research of my SGR recommendations! And I’m not terribly proud of them, at least so far. But I am investing with a long term horizon in mind, of up to ten years. And I would like to explain something about how I’ve gone about my actual purchasing, which gives me confidence I’ll do all right out of SGR in the end.

I’ve purchased 7 times:

10,000 @ $2.79 on 31/8/22
3,000 @ $1.84 on 28/12/22
4,000 @ $ 1.26 on 1/5/23
3,000 @ 1.03 on 10/7/23
5,000 @ 0.99 on 21/8/23
10,000 @ 0.95 on 25/8/23
5,000 @ 0.89 on 11/9/23.

I haven’t finished yet. I suspect I’ve only just begun. But I am trying to build a holding, in a measured, gradual way, where most of the purchases are at lower prices. Of course, this is simply what is known as “averaging down”.

You are quite right I said “buy” at $2.80. Clearly that may have been a bad call, or at least a premature one, although the reasons why weren’t so apparent at the time. I wasn’t exactly Robinson Crusoe calling “buy” at $2.80. But as the price got lower, particularly recently, I have naturally become more convinced of the investment thesis…as it’s now so much cheaper.

I do think it is important to be constantly asking ourselves “should I be buying this now” without being influenced by considerations such as “but I’ve already lost money on it”. If you believe it’s better value now, then you should buy more aggressively now.

I hope I did not give an impression that I think all my calls have been good ones. I didn’t mean to. But I did want to convey my view (and I really do believe it) that I think SGR is good buying at 75 cents. And I’m certainly interested in adding again (and maybe again and again!).

But yeah, I’ve made quite a few potentially bad calls (not just on SGR!). Happily some good ones too. I think we all do both. And often, it takes many years for a seemingly bad call to be revealed as not so bad after all. Certainly a lot longer than the one year I’ve been investing in SGR! I hope that when an investor like me makes their entry a bit too early (and whether that was so won’t be clear for a number of years) it doesn’t disqualify us from giving our thoughts as to what we feel folks should be considering doing right now in response to the questions we are all grappling with about SGR.

Finally, I appreciated the understanding tone of your post, and hope I have managed to respond in kind in a similarly respectful way, which was my intention.