John,
I generally find your posts interesting and stimulating. They embody the value to me of the internet and the SI chat lines: the chat lines help me think about Valence and my other investments from new angles, and ultimately help me make more prudent buying, selling, or holding decisions. I welcome all points of view, for each is grist for my mill.
Now, a little ancedote FWIW: About 18 months ago I met DA in Henderson when I walked in unannounced and annonymous, and asked if there was anyone willing to give me a few minutes of their time. DA soon came out and spoke with me for some 45 minutes. He was certainly as patient and forthcoming as I could possibly have asked for under the circumstances. Seeing there was a building, lots of cars in the parking lot, and a CFO willing to talk seriously with me reinforced my confidence in Valence. Nothing (except, perhaps, the Cal Reed episode) since then has undermined my confidence, and indeed my regard for DA has risen. We are fortunate to have him and his good will at Valence.
In this light, I worry that continuous attempts to push DA and the other Valence management into returning phone calls, making more public progress reports, and approving trips to NI and such will ultimately become regarded as pestering distractions from the work at hand. Please understand my response here to your post is really directed to all those posts I see here and on Yahoo which refer to making calls to DA. When I think of how many posts I have seen over the past 6 months about calling DA, and I think about how I'd react if I were in DA's shoes receiving all those calls, I have to think that at some point my exasperation would be so great I'd never reply to anyone. After all, DA is the C Financial O. Public relations isn't his job! There is a point at which all this sounds like a car full of kids yammering "are we there yet? are we there yet?"
Finally, I remain confident (and heavily invested) in Valence, but it must be understood to be a speculative investment requiring both patience and luck. Of course, I too welcome news, and hopefully positive news, as soon as possible. But I do not want to see DA and Valence battered pointlessly by impatient and disgruntled "investors" who want it all and want it now! Rather, I want DA and the rest of management to use their best judgement as to how to proceed, when and what to communicate to the public, and so forth. They owe us honest and diligent pursuit of the company's business plan, and we owe them the patience and understanding required of those who (voluntarily) invest in speculative ventures.
Again, thank you for all your efforts, and please do not feel I am singling you out for criticism. Like you, I am concerned only that Valence management be given every chance for success. |
