Thanks KW for your thorough and considered response.To be clear,...

Thanks KW for your thorough and considered response.

To be clear, I bought in because
1. turn around story
2. gold output growth and cost reduction
3. leveraged to price of gold
4. some sex appeal with TI.

You can decide yourself how each of these have fared over the last 6-8 months. My view 1 is over, 2 completely stalled, 3. is as true as ever 4. dead.

regarding "the plan", you are right I was thinking of the objectives. Increase sp or MC aren't objectives, rather outcomes, because its an outcome beyond your control, but other objects within your control can be focused on that you believe will have the outcomes. Subtle but important.

CW's posts and others often, mention activities going on, and glow after having had a chat with management. But thats what management are good at, putting on a nice face that's why they are CEO's and I presume not you or I. What is sold as a great thing is often a necessity i.e. my interpretation of the CFO change was because they knew they were going out backwards if they didn't get way more cost control. I don't like when necessity is spun as virtue.

What I also don't like is saying to do something then not. There has been plenty of that I gather over time. It may seem like nimbleness or fleet-footedness to others, and it has a place, but FML are not mountain goats and one bad step could dash the enterprise.

I have a sense that FML is rag-tag and decision-on-the-run. I can't pin it down to anything specific but not feeling good about the culture. Individuals might be fine but the culture doesn't seem right to me. Seems a mad mix of previous history of near-death survival and prudence mixed with...I was going to say gambling, but thats too strong..perhaps not properly thought out, or 5 IQ points short of what they should have planning wise.

Anyway, I continue to hold only because of 3. above.