2nd point regarding Walt's comment:
From fund managers I know, taking a position immediately if a well presented story is considered worthy is not at all untypical. And this certainly doesn't preclude a more studied approach, or a future reconsideration at a more mature stage.
When a company goes on a roadshow, whether it is a small show to a few private money managers or a larger tour to a number of investment banking firms where institutions, and institutional and retail brokers get to hear the story (as told directly by management) and kick the tires, it is usually because the story is a good one NOW (even if some of the milestones are months/years off).
So after the GS private roadshow, when AMTX continued to fall, I think Walt's assessment was reasonable that for the purpose of getting an immediate interest, it wasn't successful. Doesn't mean the story wasn't/isn't interesting, or that these same folk may not be all over it given a few contracts or other criteria - even different market conditions can make a difference.
Watch how the H&Q conference (anyone else planning on attending?) tommorrow AM until Thurs afternoon occurs. While a company is still presenting (there are over 300 presenting), you will often see the stock react... although in THIS environment, which is NOT the momentum environment of 6 months ago, I don't think too many of these stocks (tech and/or small cap) will pop during the presentation.. More likely, IMO, selling will occur as that seems to be the motif... shoot first.
OTOH, maybe this conference will be a catalyst to get value small caps back in play.
Best to all-
Steve |
