Fonix - "I skate to where the puck is going to be, not where it has been."
Me - Fonix has yet to show me that they can put the puck in the net.
Fonix - "Fonix is a whole corporate culture, and that culture is unusual."
Me - Fonix is led by three greedy businessmen and their salaries are indeed unusual.
Fonix - "Fonix has a roadmap even when there are no roads."
Me - Fonix has wandered in the wilderness for two years changing course several times.
Fonix - "Well, I am pleased to tell you that fonix is out of the box and poised to succeed."
Me - Fonix has never been in a box that contains a product, any product that someone has bought.
Fonix - "Some have asked why we did not announce this symposium or release the names of the scientists. To do so would have been a violation of the spirit and ethics of their visit."
Me - Many question whether or not it is ethical for senior management to take such outrageous salaries and stock options in a company with limited resources.
Fonix - "fonix is not interested in delivering products that are inferior to what can be delivered"
Me - If Henry Ford had that attitude, He would have never sold a car but rather he may have been able to get work in the R&D department of GM. I don't think Intel is releasing products today that they believe are not inferior to what can be delivered. What is a better investment - Fonix or Intel?
Fonix - "We don't need to spend our prescious resources for manufacturing"
Me - Instead Fonix spends their precious resources for outrageous salaries for their executives. As a shareholder, I'll take manufacturing over executive compensation every time.
Fonix - "I am neither defensive nor apologetic that revenues are coming slightly later than earlier projections."
Me - That statement says it all about senior management's egos.
Fonix - "The officers and management are reminded constantly by other shareowners that their stock price has recently been under pressure and is down somewhat. (As a major shareowner I wish that it weren't, and so does my wife!)"
Me - I have a very hard time feeling sorry for executives that make outrageous salaries, are given hundreds of thousands of stock options, were able to buy their stock for pennies and aren't sorry for the people who trusted them that revenues would be much sooner.
Fonix - "Fonix is headed for initial revenues in the coming months."
Me - Yada, Yada, Yada. I am neither defensive nor apologetic that I don't believe Fonix's time tables anymore.
Fonix - "Seasoned investors realize that this long term value is worth the wait".
Me - Fonix has quoted Mr. Buffet whom I consider a "seasoned investor". Does anybody know if Mr. Buffet ownes Fonix? Any other "seasoned investors"?
Fonix - "In my view, those shareowners who have been with us for two to three years will enjoy enormous benefits over the next two to three years."
Me - I hope he isn't saying that the only people that will come out ahead on this investment are those like himself that were able to buy shares for pennies.
But, what do I know? Actually, I'm considering buying another 1,000 shares at these levels. Based on my track record that can only mean that Fonix is headed lower.
Marc |
