To All:
This is my first post to SI and I do not intend to be become a regular, just isn't my style. However, I am long FAMH, have been since last fall and have followed this thread daily. Prior to purchasing any shares, being cognizant of the risk inherent with BB stocks, which I normally avoid like the plague, I did a good deal of due diligence and spoke with Ira and other NYC FAMH staff. In my opinion, this was and continues to be a sound speculative investment. As the plans Ira outlined have come into being, I have added to the position and hold a fair number of shares.
As we are all aware, LE, Jamie Orr and a couple of other very recent NON-SHAREHOLDERS, (The Group) consistently berate the company and its management. The Group may be one individual or distinct individuals, we don't know. The Group has its own agenda, it may be MMs trying to kill the price, it may be a party intent on purchasing a large position at a reduced price, it may be a party trying to settle personal differences with FAMH principals, or a host of other objectives. Again, we don't know.
Some time ago, LE posted that the internally prepared income statement did not take into account principal repayment of debt. That is where I began to smell a rat. Anyone who has half-heatedly sat through the first couple of weeks of a high school book keeping class would recognize the absurdity of that statement. This guy doesn't even understand the most basic concepts and I take what he says to be untruths, half-truths or twisted truths. Furthermore, no non-shareholder would go to the lengths this individual has gone to without a significant personal objective.
What is obvious, and I am surprised that nobody has commented on this earlier, is that the agenda of The Group is not the same as ours. Quite the contrary, the agenda of The Group is the complete opposite of ours, that is that The Group is constantly trying to spread fear (play on our emotions) in order to entice us to dump our shares and thereby depress the share price. If this achieved, we get hurt. So what is the agenda of The Group? It is to hurt FAMH and thereby hurt us.
There is risk inherent in any equity investment, particularly a BB issue. However, I don't think it's wise to listen The Group, much less take any action based on their commentary. We may perceive Ira to have his shortcomings, but we don't really know the whole game plan. What we do know is that the company is growing, our investments have appreciated and the future looks bright despite the current issue. The primary job of a CEO is to enhance shareholder value and that is precisely our interest. Despite whatever MM games may transpire tomorrow, I, for one, will leave my shares alone and let Ira continue to do his job. |
