Hi JT,To call buyers 'less fortunate' tends to belittle their...

Hi JT,

To call buyers 'less fortunate' tends to belittle their intelligence/free choice.

In the market, all enter by free choice and no-one should be forced to buy or sell (or put themselves in a position to do so).
There are many ways to make money (and lose it). For me, I play the Buy Early Sell Vefore Spud BESBS game. I work on buying under-valued stocks that clearly have (among others) the following features (that make them undervalued by my reckoning):

* SP within 15% of the annual low (or at a CR price) to create a floor.
* Have a drill coming up that offers the chance of a company making reward.
* Be financed for the drill
* have a SP that offers good leverege to reward
* have a history of a much higher SP at drilling

Working on a 1 in 10 success rate for drillings (although it is a bit higher in the Cooper and Gulf of Mexico), I sell as I think the odds are against success. For some (as you describe 'less fortunate'), they are prepared to back the 1 in 10 and reap a huge reward if it comes off.

In essence, we simply have different risk/reward behaviours and make our choices accordingly. When QPN drill, as I explained above, past behaviour suggests that many traders will back the 1:10 chance and go for the big reward. It is their free choice and if it works, they win. They might also hold for the next project...

Your comment about the companies all being 'close to cactus' is fair enough. Remember though, I don't buy to hold them. I buy for under-value according to BESBS. Some investors clearly buy knowing that the 1:10 risk remains and should be aware of the company projects/finance etc for the longer term. If not, they shouldn't be buying and selling. This is free choice. No-one complained when Hardmans hit the jackpot. We calculate value and risk as we see it.