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Andy,
Since you asked me what I think of the desert dirts as a whole, and IPMCF in particular, I will break my silence on this thread and answer. (I have been silent because the emotional intesity is overwhelming, and I see no need to clutter the tread with my useless babbling, since I have nothing new or valuable to add to the discussion anyway.)
If you go back a long way in this thread, and even longer way on Compuserve (I know, the messages there scroll to oblivion) you will find me among the most enthusiastic followers and shareholders of IPMCF. At one point my desert dirt portfolio was over 50% of my total portfolio. (I know, CC, I know). I was cheeleading with the best of them...
Let me back up a bit. I got into IPMCF after CL first brought it to Compuserve. Thanks again CL. I got in at round $2.50 on average. This was, of course, before the Bre-X scandal. I had missed most of the rocketship Bre-X, but made a nice profit on Bre-X anyway, and bailed out when I found out that the Walshes were selling their shares (summer 1996, around $25). The sector had been hot. I thought I was as well, so I loaded up. Hopes were high all over. CL brought up MXAM, MRHI, CHIP, USPS, and I jumped on board. Thanks again CL. I got into MXAM at $0.15, MRHI under $0.1, CHIP around $.50. (I was in and out of USPS with a slight loss, my fault)
Then the price of gold started tanking, Bre-X crashed and burned, and took the whole gold sector with it. It became very clear to _me that the only gold stocks that would do well would be the ones that had impeccable management, cash, and/or ability to get it, excellent properties, a bulletproof plan of execution, and consistent, purely factual, varifiable news releases.
Up to the Bre-X crash, I saw nothing wrong with the dirts (with the exception of the 1996 IPMCF AGM Dohre bar fiasco).
I had taken profits on IPMCF along the way, just in case, and was eventulally riding free shares. For my modest means, lots of them. The MXAM, MGAU, and CHIP profits I let run for a long while...
I sold all of my CHIP shares first, shortly after their April 3rd news release, see: techstocks.com for about $1.50, because the press release was impossible for me to understand, and I do not hold shares in companies whose press releases I do not understand. (I know, the press release was subsequently explained, re-written, re-released, and now makes more sense, but for me, that was too little, too late.)
As the IPMCF AGM approached, I dug deep into my memory, and remembered what happened to the IPMCF share price after the 1996 AGM. I re-read everything on the IPMCF web site. I scrutinized the press releases. I was not completely happy.
I was not happy with the press releases coming out of IPMCF because in the post Bre-X era, it seemed obvious to me, that market confidence can be built _only with simple, clear, factual, and detailed releases that name all parties involved, at all times, and are _totaly consistent. I expected that IPMCF management would know this. It seems rock bottom totaly basic to me. In particualar, I did not like the fact that BD and Lyco were not named (I know, this has been rehashed here ad nauseum.)
I did not like the fact that Le spent a big chunk of his Spring Message on the shorts. It seemed like displacement of coflict to me. (By displacement of conflict I mean: let us place blame, instead of let us concentrate _only on what is in our control and power). I did not like the fact that days after Le posted his Spring Message, MXAM followed suit, and also published, on their web site, their own PresidentOs message, which seemed less elloquent, but very similar to that by Le. Doubts entered my mind about IPMCF and MXAM management ability to see the _whole picture, specifically, how their _words impact the market.
From the beginning, the interconnectedness of IPMCF, MGAU and MXAM management seemed like a plus to me. If IPMCF can pull it off, I think all three will soar in unison. But the sword cuts both ways.
I decided that I no longer saw any reason why my massive gains in MXAM, and great gains in both IPMCF and MGAU should stay on the front line, fighting the war with the shorts, the press, etc., when I had doubts. I decided that a bird in hand is better than two in the bush. I decided that I can get back in any time. I made a bundle already, so what if I do not get the whole pie, half the pie is fine by me.
Every day I make a point of examining all of the stocks I hold, and I ask myself: would I buy the quantity of shares I hold of each of them _today, at _todayOs price? When the answer is no, I sell some, or all.
I sold all of my IPMCF around $9, MXAM around $1.50, MGAU around $3. 25.
I had lowball standing buy orders in for IPMCF and MXAM in for weeks now. I canceled my standing order for IPMCF after the halt/no-halt IPMCF drama. Canceled my standing MXAM order last nite after I read the post by Richard on MXAM insider sales, see post techstocks.com
I am now on the Desert Dirts sidelines, and will remain there until at least after the BD signoff. I see no reason to hurry...
I know, MXAM may be going to $6 this year, and may be bigger than IPMCF. I know, MGAU may go to $65 or more. I know, IPMCF may be the KINGMAKER. I may have to settle with remaining the poor JOKER.
I never stated so here on this thread, but in my mind, and in private posts to some, I poked fun at CC for selling most of his IPMCF, just before the run to $14. I no longer do.
I am now certain, without a shadow of doubt, that CC is, and always has been, right on the money with this bit advice: Do not be greedy, take profits on the way up, because mining is mining, and past performance is no guarantee of future success.
All the best,
Michal |
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