Potential Billion Dollar Company, page-837

Glyco,

I know you enjoy learning from Warren Buffet and Charlie Munger, and I guess you know the following. Still, in the context of where we are with IAM re a complete lack of information flow from the CEO/Management, it is worth posting for all to understand and reflect on.

By way of disclosure I have mailed the company several times in the past little while enquiring about several matters. I have never received even the courtesy of an acknowledgement that my enquireis have been received, let alone answers to my questions as a shareholder.

WARREN BUFFETT STOCK INVESTMENT CRITERIA

We select our marketable equity securities in much the same way we would evaluate a business for acquisition in its entirety. We want the business to be:

1. One that we can understand,
2. With favorable long-term prospects,
3. Operated by honest and competent people, and
4. Available at a very attractive price.

We ordinarily make no attempt to buy equities for anticipated favorable stock price behavior in the short term. In fact, if their business experience continues to satisfy us, we welcome lower market prices of stocks we own as an opportunity to acquire even more of a good thing at a better price.


While Buffet never goes anywhere near start-ups for the simple reason that they have no demonstrable revenue on which to base their investment thesis, arguably, all four criteria apply to IAM as it exists in its present format, especially welcoming lower market prices as an opportunity to acquire even more of a good thing at a better price.

But how do we really know?

Why, as shareholders, should we be forced to rely on posters such as yourself and ForestField - excellent as you are - for information/research, when in fact it is a core component of any company's business strategy to communicate effectively with shareholders as a means of creating market awareness while at the same time generating the necessaary information on which current and potential investors can justify their own investment thesis?

More than ever we live in an age of fast-moving and relevant information, something which at this point in time appears to have escaped the attention of IAM management.

While there is no doubting their competence in their respective areas of expertise, their competence and commitment to open, honest and effective communication - not just with us retail shareholders, but the broader investment community - is sadly lacking.

Nature abhors a vacuum, the market uncertainty.

And so we drift lower while waiting for both to be filled.

Does that create an opportunity to acquire even more of a good thing at a better price?

How do we really know?