Goldsands Development Company (GSDC)

[HankVerde]

I have traded this stock periodically times over the last 4 years. Last year bought a ton of it at $0.14 and watched it quickly go to $0.44. My normal rule is to sell 1/3 of my position if I get a quick triple, thus ensuring at least break even no matter what. Instead, since it had always traded above $1.00 in every previous year it was on the market, greed overcame reason and I averaged on the way up and now am privileged to enjoy a substantial negative entry in my portfolio.

I have no idea why this stock has sunk to such a low price. I have to assume that folks smarter than me have fairly valued it. The only positive I can offer is that I know Pat Gorman, the chairman of the board, and I can say without hesitation that he is a man of great integrity. If GSDC ends up a total bust, I would be shocked if it was due to any shenanigans. It may be the result of management incompetence, but not management deceit.

Of course, a failed stock is a failed stock either way and honest management is a fool's compensation, but at least it's good to know that the effort is honest.