Recent Departures, page-11

I know of a number of largish retail shareholders who despite being hated by Clinuvel and being the subject of illegally held dossiers have never sold shares. I respect these folk and consider them significantly more intelligent than myself. I don’t have a crystal ball and have never sold near the top my decision to divest my holdings and look for better options as been fruitful and resulted in significantly less stress. There are so many better managed companies with better prospects IMO. Lachlan hay taunted me at an AGM several years ago asking me why I held when I was critical of aspects of management. The truth is it’s hard to sell when so much investment of time and money has been placed. I had remained hopeful that the supreme narcissist in charge could take constructive criticism. He cannot. He surrounded himself with incompetent sycophants and the failure of e
erything they touch now is evidence. Can the level head of the new chair control the situation. It seems not yet, but it is early days. I’ve sold about 40% of my holdings, not enough but got lucky by placing it it well.