Patrick,
I was reluctant to offer the source simply because I was not
and am still not sure who wrote (writes?) it. I do believe
it was George Chelekis. I only received one part of one
issue and I did not receive it directly from him, i.e., it
was forwarded to me.
To those who dismiss the importance of the SELL SHEET simply
because it was written by GC, I offer my view of things...
Premise #1
==========
Like him or hate him, the fact is that his messages, ideas,
opinions, etc., reached MANY investors and traders (I am using
the past tense here because he has really cut down his promo
activities). Those who took the most notice of what GC
was writing were the professional traders. Why? Well, it
certainly wasn't because GC was the best stock picker of all
time. It was because they damn well knew that his writing style
(which is excellent IMO) greatly influenced many lesser
experienced traders. GC was in a position to influence the junior
markets much more than any regular analyst.
Premise #2
==========
Have you noticed how much easier it is to get people to not buy
a stock than it is to get them to buy it? Promoters, analysts, etc.
really have to work to paint a rosy picture of a company, especially
a Vancouver junior. But, it doesn't take much to turn people off
of a stock. After all, there are thousands of juniors out there.
It stands to reason that because most of the people playing the
junior markets have lost more money than they have made, fear is
an emotion than can be triggered in these investors much easier than
can optimism.
Conclusion
==========
When you put these two premises together it is no suprise to me
than when GC put out a sell recommendation on CYJ, that was the
end. You may argue that the BXM bomb was the culprit (as it was
for many juniors). BXM really did take the wind out of the sails
of most juniors. I will not counter that except to say that GC's
SELL SHEET just put even more nails in the CYJ coffin. Perhaps
I place more emphasis on the GC factor because I followed him
from early 1995 and I know first-hand what kind of havoc he can
wreak if he wants to.
Believe it or not, I have no axe to grind with CYJ itself. However,
I think pronouncing the quality of CYJ's management and properties
is a moot exercise. You need the market on your side to make
money and the trend was clearly down, so nobody long on CYJ was
going to make any money this summer. That being said, there will
come a time (perhaps sooner rather than later) when the tide begins
to turn as will the price. I actually think that buying CYJ under
0.25 is a fairly good risk/reward ratio. Anyway, that's all the
time I have for now.
Regards,
WN
P.S. I do appreciate the apology. Thank you. |
