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Gold/Mining/Energy : Naxos Resources (NAXOF) -- Ignore unavailable to you. Want to Upgrade?

To: Richard Mazzarella who wrote (19181)	5/14/1999 10:00:00 AM
From: Henry Volquardsen	Respond to of 20681

I take more of a Reagan approach, trust but verify. Yes big companies can cook books. There is no absolute defense against fraud or incompetence. The largest share of my investment in Naxos was as a result of the Ledoux numbers. I trusted their reputation. We know the outcome of that. My own suspicions are more to incompetence than fraud in that case but it don't make a hell of a lot of difference. I have no problem with investing in highly speculative stocks, I do a lot of that as well. And I agree that with the potential reward comes high risk. But that doesn't mean ignoring warning signs. We have seen with J/L in the past that the process is, at best, volatile. There certainly appears to be an ongoing evolution. Nothing wrong with that in and of itself. I said very early on I thought this was a technology play. I agree with those who believe there are pms in some of these deposits and it is just an issue of solving the riddle. But making a business decision has to be based on more than belief. I would have no problem in funding J/Ls research, and I believe it is still research, and paying a higher price when they are successsful. I disagree with the notion of signing such a deal before they verify. You and others don't share that view. I don't 'hate' J/L or anyone else for not subscribing to my view. I just disagree. And, in my view at least, all that has taken place on this thread is a somewhat lively debate regarding different views on the investing process. I really do hope you guys make money on MGAU but I am not going to stop participating in the debate when it spills onto this thread.