Valueman, Mr. A.--your comments about Readware strike me as very appropriate. He has demonstrated on numerous occasions a degree of knowledge, common sense, and just plain depth about the satellite industry that constitute an extremely valuable resource.
I have zero vested interest in being an apologist for him, nor does he need me to rush to his rescue. That said, I find recent critical posts petty at best. In the year or so that I have been reading his remarks, I think he has made two or three observations that subsequently were found to be off the mark. If he were in the baseball business that would give him a batting average and a contract that would permit him to buy LOR.
So the layoffs and a few asteroids/meteors/whatever are supposed to cause me to ignore the other 98% of the time he has been spot on? When I first started my due diligence on the satellite biz, I was treated to lots of information about launch risk. Readware was inundated with anxious posts from others who were given the same info. He patiently and statistically delineated the degree of risk. Do birds blow up on the pad? Yes, of course they do. Now let's talk about how often and with what financial consequences. Let's examine launch reliability over time beginning in the 50's and going through to the present day. When he was done, I had a fact based degree of confidence that this was a very well contained risk, and that it assumed no greater importance than other risks attendant to all businesses.
Others chose to think otherwise and permitted me to buy LOR shares at what was an absurdly low valuation. I have Readware to thank, and I do so. If he gets a few dents on his fender from time to time, I think it is infantile to suggest that the car be declared a total loss. It would also be extremely unprofitable. Each to his own of course, but count me in on the side of those who think his extraordinarily disciplined, methodical approach is invaluable. Mike Doyle |
