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AWRCF Correction--I was reading Charoong's financial statements wrong and looking at the unconsolidated numbers instead of the consolidated numbers. They actually earned 28 cents per AWRCF share in Q3, more than the 27 cents AWRCF reported in Q2. Unless there is a huge write off for their other operations, they have to report well over 40 cents next week and maybe even 50 cents. With an AMEX listing this should easily climb to over $10 in the next few weeks.
AWRCF Correction--I was reading Charoong's financial statements wrong and looking at the unconsolidated numbers instead of the consolidated numbers. They actually earned 28 cents per AWRCF share in Q3, more than the 27 cents AWRCF reported in Q2. Unless there is a huge write off for their other operations, they have to report well over 40 cents next week and maybe even 50 cents. With an AMEX listing this should easily climb to over $10 in the next few weeks.
AWRCF--Charoong Thai reports Q3--AWRCF's 51% owned publicly traded Thai subsidiary reported its Q3 results today. Sequentially, revenues were up 26% and earnings were up 22% from Q2. The earnings will contribute 16 cents per share to AWRCF's Q3 earnings compared 12.8 cents of the 27 cent total for Q2. This sets the stage for AWRCF's Q3 earnings to be 30 cents per share even if its other operations earnings in China,Singapore and Australia were sequentially flat (which I don't expect). If other country earnings improve also, overall EPS for Q3 could be 32 or 33 cents compared to 27 cents in Q2. Those would be high earnings compared to AWRCF's current 5.85 share price. Charoong Thai's shares rose to 12.30 bhat after the earnings announcement today so that AWRCF's 51% ownership position equates to $6.11 per AWRCF share--in excess of AWRCF's $5.85 share price even though Charoong contributes less than half of AWRCF's revs and earnings. AWRCF shares should jump this morning at the open in anticipation of strong Q3 results when the company reports on Nov 17.
AWRCF--Charoong Thai reports Q3--AWRCF's 51% owned publicly traded Thai subsidiary reported its Q3 results today. Sequentially, revenues were up 26% and earnings were up 22% from Q2. The earnings will contribute 16 cents per share to AWRCF's Q3 earnings compared 12.8 cents of the 27 cent total for Q2. This sets the stage for AWRCF's Q3 earnings to be 30 cents per share even if its other operations earnings in China,Singapore and Australia were sequentially flat (which I don't expect). If other country earnings improve also, overall EPS for Q3 could be 32 or 33 cents compared to 27 cents in Q2. Those would be high earnings compared to AWRCF's current 5.85 share price. Charoong Thai's shares rose to 12.30 bhat after the earnings announcement today so that AWRCF's 51% ownership position equates to $6.11 per AWRCF share--in excess of AWRCF's $5.85 share price even though Charoong contributes less than half of AWRCF's revs and earnings. AWRCF shares should jump this morning at the open in anticipation of strong Q3 results when the company reports on Nov 17.
Charoong Thai reports Q3--AWRCF's 51% owned publicly traded Thai subsidiary reported its Q3 results today. Sequentially, revenues were up 26% and earnings were up 22% from Q2. The earnings will contribute 16 cents per share to AWRCF's Q3 earnings compared 12.8 cents of the 27 cent total for Q2. This sets the stage for AWRCF's Q3 earnings to be 30 cents per share even if its other operations earnings in China,Singapore and Australia were sequentially flat (which I don't expect). If other country earnings improve also, overall EPS for Q3 could be 32 or 33 cents compared to 27 cents in Q2. Those would be high earnings compared to AWRCF's current 5.85 share price. Charoong Thai's shares rose to 12.30 bhat after the earnings announcement today so that AWRCF's 51% ownership position equates to $6.11 per AWRCF share--in excess of AWRCF's $5.85 share price even though Charoong contributes less than half of AWRCF's revs and earnings. AWRCF shares should jump this morning at the open in anticipation of strong Q3 results when the company reports on Nov 17.
FSIN latest US listed Chinese stock to get going private offer from CEO and PE fund (similar to HRBN). I have been asked by a PE fund for ideas of other going private candidates. The criteria are 1) founder/ceo owns significant 10%+ stake 2) current market cap up to $300 million 3) languishing at low PE on US BB or higher exchange 4) solid growth history and prospects. Any suggestions?
HRBN, FSIN--I owned HRBN and bought FSIN a while back for my sister's account. I have been asked by a PE fund for ideas of other going private candidates. The criteria are 1) founder/ceo owns significant minority stake 2) current market cap up to $300 million 3) languishing at low PE on US BB or higher exchange 4) solid growth history and prospects. Any suggestions?
AWRCF and Charoong Thai Wire----CTW traded up over 8% to 9.40 baht on Thailand exchange today on huge 13 million share volume. AWRCF's 51% ownership now equates to $4.70 per AWRCF share or 81% of current $5.80 share price even though CTW only accounted for 37% of AWRCF's sales for the first six months of 2010.
AWRCF and Charoong Thai Wire----CTW traded up over 8% to 9.40 baht on Thailand exchange today on huge 13 million share volume. AWRCF's 51% ownership now equates to $4.70 per AWRCF share or 81% of current $5.80 share price even though CTW only accounted for 37% of AWRCF's sales for the first six months of 2010.
Charoong Thai Wire----CTW traded up over 8% to 9.40 baht on Thailand exchange today on huge 13 million share volume. AWRCF's 51% ownership now equates to $4.70 per AWRCF share or 81% of current $5.80 share price even though CTW only accounted for 37% of AWRCF's sales for the first six months of 2010.
AWRCF poised to run---I think AWRCF is a poised to appreciate at least 50% in the next 60 days for the following major reasons:
--It has earned .27 per share for each of the past two Qs or an annualized
$1.08 per share. This equates to a 5.4 PE at its current $5.80 share price.
--They will be announcing Q3 earnings on or about November 15th prior to presenting at the Breen Murray conference that week. I expect Q3 earnings to
rise to at least .30 per share because 1)the economies in China, Thailand, Singapore and Australia are all growing briskly 2)their currencies all appreciated against the US dollar in Q3 by as much as 10% 3)the spot copper price appreciated 25% during Q3 so their copper inventory will be marked up.
--AWRCF owns 51% of Charoong Thai which is publicly traded on the Thailand Stock Exchange (symbol CTW). CTW has been trading up on high volume recently in anticipation of strong Q3 earnings. At the current 8.65 baht share price, AWRCF's 51% position has a market cap of $59 million or $4.23 per AWRCF share. That is 73% of AWRCF's current $5.80 share price even though, for the first six months of 2010, Charoong only accounted for 38% of AWRCF's sales. At its current share price, Charoong trades slightly over a 7 PE based on first six months of 2010 annualized so its current share price isn't high especially if it reports rising Q3 earnings.
--AWRCF's consolidated book value per share at 6/30/10 was $9.62. If you add minority interests which can't be consolidated, the book value is $14.09. I don't know how much credit the market gives to the book value of minority interests that can't be consolidated, but it's real value and is worth something.
--AWRCF has disclosed in its filings its intention to uplist on a higher exchange (probably the AMEX). Michael Dell owns 10% of the shares subject to a SH's agreement which gives him the right to put his shares back if the uplisting isn't completed by February 2011. There is a real incentive to get this done soon and almost certainly by the end of December. I'm hoping and wondering whether they might announce it in mid November along with earnings leading into the Murray Breen conference and other roadshow meetings. That uplisting coupled with strong earnings should give the stock a powerful boost especially if the broader market environment continues to be conducive. Positive developments often fall on deaf ears in a crappy market.
-- As I have been a shareholder since 2003, I have known and met with the CEO over the last five years and more recently with the CFO who joined last year. I believe they are capable and honest are working effectively to boost operating performance and increase the share price. They have hired a PR firm, enhanced the frequency and quality of their SH communication and attended more conferences and roadshow meetings.Also, Ernst and Young are their auditors which is a good thing.
--AWRCF is 75% owned by Pacific Electric Wire (PEWC) which was one of the oldest companies listed on the Taiwan Stock exchange and manufactures wire and cable in Taiwan. Essentially,about 10 years ago PEWC was over levered and looted by prior management. As a consequence, today PEWC is controlled by a group of Taiwanese banks who lent to it and got burned. It's also delisted and trades off market essentially as a penny stock. While its operations in Taiwan continue, its 75% interest in AWRCF is its "crown jewel" and source of future value growth. When AWRCF trades closer to its $10 book value, I think there is real potential for a reverse merger which refinances the bank debt, consolidates PEWC's operations into AWRCF and leaves AWRCF as the parent and public market face. If they could pull this off I think the stock could become worth $20+ per share.
AWRCF poised to run--I think AWRCF is a poised to appreciate at least 50% in the next 60 days for the following major reasons:
--It has earned .27 per share for each of the past two Qs or an annualized
$1.08 per share. This equates to a 5.4 PE at its current $5.80 share price.
--They will be announcing Q3 earnings on or about November 15th prior to presenting at the Breen Murray conference that week. I expect Q3 earnings to
rise to at least .30 per share because 1)the economies in China, Thailand, Singapore and Australia are all growing briskly 2)their currencies all appreciated against the US dollar in Q3 by as much as 10% 3)the spot copper price appreciated 25% during Q3 so their copper inventory will be marked up.
--AWRCF owns 51% of Charoong Thai which is publicly traded on the Thailand Stock Exchange (symbol CTW). CTW has been trading up on high volume recently in anticipation of strong Q3 earnings. At the current 8.65 baht share price, AWRCF's 51% position has a market cap of $59 million or $4.23 per AWRCF share. That is 73% of AWRCF's current $5.80 share price even though, for the first six months of 2010, Charoong only accounted for 38% of AWRCF's sales. At its current share price, Charoong trades slightly over a 7 PE based on first six months of 2010 annualized so its current share price isn't high especially if it reports rising Q3 earnings.
--AWRCF's consolidated book value per share at 6/30/10 was $9.62. If you add minority interests which can't be consolidated, the book value is $14.09. I don't know how much credit the market gives to the book value of minority interests that can't be consolidated, but it's real value and is worth something.
--AWRCF has disclosed in its filings its intention to uplist on a higher exchange (probably the AMEX). Michael Dell owns 10% of the shares subject to a SH's agreement which gives him the right to put his shares back if the uplisting isn't completed by February 2011. There is a real incentive to get this done soon and almost certainly by the end of December. I'm hoping and wondering whether they might announce it in mid November along with earnings leading into the Murray Breen conference and other roadshow meetings. That uplisting coupled with strong earnings should give the stock a powerful boost especially if the broader market environment continues to be conducive. Positive developments often fall on deaf ears in a crappy market.
-- As I have been a shareholder since 2003, I have known and met with the CEO over the last five years and more recently with the CFO who joined last year. I believe they are capable and honest are working effectively to boost operating performance and increase the share price. They have hired a PR firm, enhanced the frequency and quality of their SH communication and attended more conferences and roadshow meetings.Also, Ernst and Young are their auditors which is a good thing.
--AWRCF is 75% owned by Pacific Electric Wire (PEWC) which was one of the oldest companies listed on the Taiwan Stock exchange and manufactures wire and cable in Taiwan. Essentially,about 10 years ago PEWC was over levered and looted by prior management. As a consequence, today PEWC is controlled by a group of Taiwanese banks who lent to it and got burned. It's also delisted and trades off market essentially as a penny stock. While its operations in Taiwan continue, its 75% interest in AWRCF is its "crown jewel" and source of future value growth. When AWRCF trades closer to its $10 book value, I think there is real potential for a reverse merger which refinances the bank debt, consolidates PEWC's operations into AWRCF and leaves AWRCF as the parent and public market face. If they could pull this off I think the stock could become worth $20+ per share.
AWRCF poised to run I think AWRCF is a poised to appreciate at least 50% in the next 60 days for the following major reasons:
--It has earned .27 per share for each of the past two Qs or an annualized
$1.08 per share. This equates to a 5.4 PE at its current $5.80 share price.
--They will be announcing Q3 earnings on or about November 15th prior to presenting at the Breen Murray conference that week. I expect Q3 earnings to
rise to at least .30 per share because 1)the economies in China, Thailand, Singapore and Australia are all growing briskly 2)their currencies all appreciated against the US dollar in Q3 by as much as 10% 3)the spot copper price appreciated 25% during Q3 so their copper inventory will be marked up.
--AWRCF owns 51% of Charoong Thai which is publicly traded on the Thailand Stock Exchange (symbol CTW). CTW has been trading up on high volume recently in anticipation of strong Q3 earnings. At the current 8.65 baht share price, AWRCF's 51% position has a market cap of $59 million or $4.23 per AWRCF share. That is 73% of AWRCF's current $5.80 share price even though, for the first six months of 2010, Charoong only accounted for 38% of AWRCF's sales. At its current share price, Charoong trades slightly over a 7 PE based on first six months of 2010 annualized so its current share price isn't high especially if it reports rising Q3 earnings.
--AWRCF's consolidated book value per share at 6/30/10 was $9.62. If you add minority interests which can't be consolidated, the book value is $14.09. I don't know how much credit the market gives to the book value of minority interests that can't be consolidated, but it's real value and is worth something.
--AWRCF has disclosed in its filings its intention to uplist on a higher exchange (probably the AMEX). Michael Dell owns 10% of the shares subject to a SH's agreement which gives him the right to put his shares back if the uplisting isn't completed by February 2011. There is a real incentive to get this done soon and almost certainly by the end of December. I'm hoping and wondering whether they might announce it in mid November along with earnings leading into the Murray Breen conference and other roadshow meetings. That uplisting coupled with strong earnings should give the stock a powerful boost especially if the broader market environment continues to be conducive. Positive developments often fall on deaf ears in a crappy market.
-- As I have been a shareholder since 2003, I have known and met with the CEO over the last five years and more recently with the CFO who joined last year. I believe they are capable and honest are working effectively to boost operating performance and increase the share price. They have hired a PR firm, enhanced the frequency and quality of their SH communication and attended more conferences and roadshow meetings.Also, Ernst and Young are their auditors which is a good thing.
--AWRCF is 75% owned by Pacific Electric Wire (PEWC) which was one of the oldest companies listed on the Taiwan Stock exchange and manufactures wire and cable in Taiwan. Essentially,about 10 years ago PEWC was over levered and looted by prior management. As a consequence, today PEWC is controlled by a group of Taiwanese banks who lent to it and got burned. It's also delisted and trades off market essentially as a penny stock. While its operations in Taiwan continue, its 75% interest in AWRCF is its "crown jewel" and source of future value growth. When AWRCF trades closer to its $10 book value, I think there is real potential for a reverse merger which refinances the bank debt, consolidates PEWC's operations into AWRCF and leaves AWRCF as the parent and public market face. If they could pull this off I think the stock could become worth $20+ per share.
Lentinman--
It feels good you noticed I was missing. I have been focused on a new job with a privately held copper and gold mining company in Tanzania. But for you guys and the "intro to mining" on these Boards, I never would have had the audacity to jump into this new adventure.
I made my picks for PSL 16 and renewed my premium membership to reply to your post and begin posting occasionally again. I still don't have much time to research stocks so probably won't contribute many new ideas in the near term.
My current portfolio consists largely of AWRCF (finally showing some promise),HRBN, ACTG and PNNT. AWRCF is my largest holding, and I initiated my position in 2003. I have been following it pretty closely including keeping in touch with management. I will provide my take in a separate post.
It's good to be back on the Board.
Bobwins--
I just joined the Board of Directors of a junior miner with gold and copper concessions in Africa. If you would PM me your email address I would like to share information about the company with you.
Promising update from BTO.TO:
http://finance.yahoo.com/news/B2Gold-Corp-Corporate-iw-3794489589.html?x=0&.v=1
I guess trading into a short position that tanked didn't really capitalize on recent market gains...
Please cancel my trade. Thanks.
Can the contest kings please confirm that PNNT qualifies? I believe so as its aggregate earnings over the last two Qs are positive. Thanks.
AGM--If I'm understanding their numbers correctly, if 1% of their core portfolio defaults it would produce a loss of $50 million which is almost twice their annual core earnings rate. They had a historically low delinquency rate of .23% last Q, but is that a bullish leading indicator or just a reflection that the recession/capital market breakdown has yet to creep into the ag sector. Although corn, soybean and wheat prices are firming now, they are down significantly from this summer. When you add to that the October and November market meltdown and the continuing decline in housing values, wouldn't you think that their core portfolio default rate would rise at least to 1%? Although the stock price is "cheap" given the last dividend and core earnings, I think core earnings are at significant risk of being decimated by even a modest increase to a more "normal" default rate in their core portfolio.
I picked ADY, the best performing long pick so far in the contest by more than 20%. Please don't think the fact that the melomine scandal broke after my pick and boosted the stock price was at all lucky. I like to think of it as intuitive. How can I have that pick and only be 26th in the contest? Another of my intuitive picks was Lehman which went BK the Monday the contest started.
I was in Vietnam this week and spent the day with one of the largest asset management groups there. They publish research on Vietnamese stocks and invest in dozens of the ones they like best. I was having lunch with senior management and asked: "Are you familiar with Cavico?" They all began to chuckle and nodded that they were. "What do you think about the company?", I asked. To which I was told: "It's a well known scam here. None of the reputable investment managers take it seriously or would consider including it in our portfolios."
yielddude: re LEH pick. It had this compulsive urge to actually buy it which I repressed by picking it in PSL 10. It was pretty comical in that it became obvious over the weekend they were going BK, so I blew myself up in this contest even before the Monday open!
See my post 3559 below. I'm still off by a few cents.
CVCP--The last PR reported .03 (unaudited) for 9 months. No guidance for profitability going forward. Not clear what their margins are given their fast growth and heavy equipment needs. Especially given the heavy dilution to date and the less than professional public trading debut, don't see how this should trade at a high PE. When it starts trading again, don't see why it should be valued at more than .50 per share until they can demonstrate higher EPS.
AWRCF--Knowledge. Sorry for the late reply. I haven't been reading posts lately. I did know about Dell. He bought out the 2nd largest SH which was in litigation with the corporate parent (the largest SH), and all claims were settled. This allowed management to hire an auditor to reaudit 2004,2005 and 2006 which have been released. EPS were .94 in 2006. Because they are a foreign issuer, I believe their annual 2007 numbers aren't due until 6/30/08, so they caught up on their filings and were allowed to trade on the BB again.
It will be interesting to see the 2007 numbers which are hard to predict given little/no guidance and a volatile copper price which can really impact sales and earnings. However, their Thai operations are held in a public company which trades on the Bangkok exchange. It has drifted lower recently but held up much better than most Asian stocks.
This is still trading very cheap based on PE, multiple of sales or in comparison to comps (like FSIN). I will probably take time, more good numbers and better PR to get it trading closer to its peers.
DFR-For the record, my top holding reported wretched results after hours yesterday and plunged in after hours trading. I have lost significant $$ and will lose many more on Monday. In hindsight, I now see I violated the Buffett rule about investing only in what I understand. I now see all too clearly in hindsight that it had too many moving parts that professional traders and credit market specialists were much better positioned to understand and track than I was. The growing short position was a huge clue that I chose to ignore even though I kept wondering nervously: "What do they think they know?" Yesterday's PR described exactly what they knew--and I didn't. I have had great success with a more concentrated strategy historically, but have never had my largest position blow up as badly. Maybe Lentinman actually has a point about diversification...
I write this post both to reinforce the learning experience for me as well as to help get past the mistake and not be too hard on myself about it. Now, on to the next great pick!!
I am the crafty contrarian today. The market is up and all my stocks are down...
MSGI-I hit an all time high in December and have gotten decimated in January. Intra day on my birthday, 1/17, I was down 30% in 3 weeks from my high in late December. I was uncharacteristically worried which freaked my wife out. Since DFR has bounced back along with, to a lesser extent, HRBN, I am now "relieved" to be down "only" 10% from my high.
I didn't sell anything on the way down except the rest of my CML.V which I had been dribbling out for weeks. However, as DFR has recovered in the past few days I have liquidated my "trading" position which had me extremely overweighted (still own plenty). Normally, I have reinvested cash immediately, but my wife has been begging me to "take some off the table" so I decided to pay off the mortgage on our vacation house instead. Probably not a great tax move, but does diversify out of stocks which represent a huge percentage of our net worth. It also lowers our fixed overhead which sets us up better for retirement.
I had strong results in 2007 only to be humbled so far this year. I try to think long term and not get affected by short term swings. However, despite the recent bounce, that 30% drop made me remember my telecom and tech holdings in 2000-2002. I watched all the money I had made slowly vanish with each new low. So I'm feeling more conservative and taking some off the table--although I haven't planned to bury any gold in my backyard yet!
ADY--Up 29% today because they were able to hire a respected auditor to "reaudit" prior years. I think it's now approaching breakeven from where I picked it for PSL8. I have never owned it but it looks tempting now.
What stood out in the filing to me is that the company made very little money in the first nine months of '07 and its liabilities exceed its assets given the large amount of debt outstanding. I don't see on what basis it could be valued at more than .50 per share when it starts retrading. I'm a little surprised that those of you who have followed/invested in this company don't appear to focus on or care much about earnings and book value which are the primary drivers of the share price. It would be great to elevate the discussion on this board with more specific analysis.
Skillz and Lentinman--Re your PM about the AWRCF volume requirement, I specifically ran this by Lentinman who approved it for Hank's contest which has a higher $$ volume requirement than PSL. Can you please reconfirm so I can change for both if necessary.
OT-tmcal6--I resent email. Not sure why you didn't receive first one. Let me know by PM if you still don't get it.
DFR--Roguedolphin. Thanks for pointing out the high short position which I had completely missed and explains a lot of the volatile trading. Honestly, makes me nervous to think so many shorts (probably hedge funds) have analyzed and made negative bets. Causes me to wonder what I'm missing. However, I would be terrified to be in their position. Keep in mind they have to pay the 20+% dividend so they are making a very expensive bet. They must be betting either that the currently declared dividend will be retracted before it's paid later this month (very unlikely IMJ) or at least that cash flow and dividends will get interrupted in Q1 by the carnage in the RMBS markets.
Although they have already declared the dividend for Q4, they have yet to report earnings. When they do, I expect them to be along the same pattern as Q3. As the value of their mortgage portfolio is under pressure, there could well be some "mark to market" write downs which would negatively impact their GAAP earnings. However, I would expect their REIT taxible income, a cash flow measure much more indicative of their ability to pay dividends, to hold up very well. In Q3, their REIT taxible income was .50 per share compared to their .42 dividend. For Q4, they have already declared another .42 dividend, and I would expect their REIT taxable income in Q4 to at least cover it. If so, I would hope a short would lose conviction about a negative outcome and cover.
The outlook for '08 is both improved and complicated my their acquisition and consolidation of DCM, the money management affiliate. Although the shares issued could be dilute EPS in the near term, the debt on the notes issued is subordinated to their repo debt obligations, and they are consolidating approximately an additional 100% in pretax revenue. From a repo lender's standpoint, the loan is much safer because DFR has much higher cash flow in exchange for equity and subordinated debt, so their group of 15-20 repo financing lenders should continue to roll over their short term loans. The share dilution could lower the per share dividend somewhat in 08, but a more diversified revenue base should also be more valuable and help the stock price. In any case, don't see a scenario playing out that would justify the high short position.
Sorry for the long post, but I am very fully invested including more today, so have become a little obsessed .
FSIN--Down below $21 now. Sold half in the $25-26 range. Should have sold it all!! If it keeps tanking may have to pick for PSL.
DFR-I may have had a good 2007, but 2008 is starting off badly because DFR, my largest holding, is selling off. I have never owned a stock which is so volatile and where the cause of the volatility is so hard to pinpoint. I thought when year end tax loss selling was over, the share price would pick up, but I guess it is getting beaten down with the other financials. The fundamental factors driving their business seem to be stable or improving including a declining LIBOR rate and improving spreads in their credit arbritage business as well as their recent acquisition/consolidation of their recurring revenue, debt focused money management business. That should allow them to continue to support a very high dividend--over 21% annually at the current share price. Either something I'm missing will blow up their current model and cash flow or the stock will have to move up significantly from here. A stock can't trade at a 20% dividend for long.
OT-tmcal6. If you PM me your email I will respond to your PM.
MDF--I transferred 15,000 appreciated shares yesterday for charitable contributions. I expect they will dump them quickly which could create a good buying opportunity for those of you who have an interest.
2007 Performance-- I have two etrade accounts in which I do all my stock investing , an IRA and a brokerage. I have money coming out of the brokerage account constantly paying taxes and other bills, and I also make charitable contributions of appreciated stock. Since that account isn't a closed system I can't easily calculate a return by looking at account statements although I think the stocks in it have performed about the same as those in my IRA account. My IRA account, which is much larger, was up 136% this year with no contributions or withdrawals. My entire portfolio (except DFR) were recommendations received on this (or related) boards, so I am very appreciative to all of you for your brilliance. It is hard to overstate how profoundly this board has impacted my financial fortunes. Since August 2003 when I stumbled across the predecessor Raging Bull VM board, my IRA account is 42 times higher!!! Virtually all of that increase is based on your good ideas, and I am very grateful.
FSIN--Sold half my position this am in the 25s and 26s because they are guiding for $1.60 in 08 which is a 15 PE at $24. Built my position in my IRA in April/May this year at an average cost of 10.08 so it has been a great performer. Will sell the rest if/when it hits $32, a 20 PE.
KCL--Kipp, Bobwins, C1001, anybody--Any thoughts on the permitting process for their mine. Likely to be difficult, easy, cause delays etc. Any thoughts most appreciated.