I'm out of SSM at 59 cents. I'm not a happy camper about this, because I sold two months short of getting a much better tax rate, and I have a large embedded gain. In the end, the resignation of Patrick Flannigan from NBN has spooked me. It suggests to me that NBN is a dysfunctional boondoggle. That in turn suggests to me that we won't resolve the problems with the NBN buildout for possibly years.
Since all upside in this stock was for me attributable to winning actual NBN contracts, at some point the realization that NBN is in trouble has to set the stock back some. Without NBN, I would be interested in buying back at around 35 cents.
Flannigan basically wasn't willing to sit around doing nothing while politicians argued ineffectively with no defined end game. I am not willing to sit around either, and I guess I have to thank him for sending us a clear message. If he had sat around daydreaming of a job change, I would have been none the smarter and would have ridden this thing back to where I think it might go.
SSM Price at posting:
55.4¢ Sentiment: Sell Disclosure: Not Held
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