Ann: Santos rejects Harbour proposal and terminates discussions, page-126

That's a speculator dollar, the investor goes from $1 to $0.5.
Has a think, buys a great big hairy shitload more if certain. Trader/speculators tell him he's a fool and has "lost" a lot of money.
Investor takes it all in their stride, can afford to wait.
Everyone tells him about how terrible management is, he accepts their mistakes, as well as things done well - maintains a skeptical attitude but largely reserves judgement. How well can anyone know a management, even if you knew them personally and didn't just see them once a year at the AGM.

I bet I am the only one who goes to those things and pigeonholes the chairman after, while the retirees head for the cakes.

Everyone tells him the business model is dead yet he understands it enough to think it is fine through observation of easily understandable things.

Then the stock goes to $3 a few years later and the trader/speculators bust his balls about how it's just luck. When he rags on them for watching the ticker too much they get all defensive.

Then everyone says wow management are amazing & he thinks what has changed except the share price and the emotion of Mr Market.

You can carry on marking to market and I will be smashing through the volatility and profiting from your defective thinking. There's only one method of investing that works, a thousand ways to lose your shirt through speculation.

Even if they didn't get the best price, the long term shareholders are onto something. People who talk shot to them only because they lost some money are needlessly running salt into the wound.

GLTA