All good points. I disagree about the trading. In the not too distant past I noted the small uptick trades at the end of the day and didn't like it for various reasons.
Now I either see large (for CMR) volume trades on upticks, or even downticks early in the day which are just let be. So that strikes me that Mr. Market is more comfortable with the stock on its own merits.
Paul is a silver-tongued devil. He may be a silver tongued devil who is right, however. A question I hope to reflect on on a beach someday, with Bill and Ralph, sipping Martell and smoking Macanudos is: assume for the moment, that one has a viable developmental project; assume also that the market is misallocating capital to various dot.coms; what then is the appropriate role for IR?
Assuming they are on track with the refinery (and the slow move up to 80's and hopefully further is just what I would expect if they were) we will see nice price appreciation.
If they are not on track, we'll see a major breakdown, and a lot of fluff about Binco and Fer and whatever. For the next six months, I think what anybody says is of marginal value, then only thing that counts is what they do. If they bring on the refinery, market assessment of credibility will increase significantly and what they say about BINCO, Werner, Maskwa will hold much more weight. |
