Azs is a pre-rev, penny-dreadful exploration play. It’s a...

Azs is a pre-rev, penny-dreadful exploration play. It’s a trading thing. It’s not investment-grade and never has been. Those holding patiently over many years in expectation of riches have, without exception, lost much of their money.

I imagine many of the remaining ‘conviction bulls’ purchased shares a decade or so ago. Since then they’ve squatted on their little nest-egg like an old brooding mother hen, clucking and waiting for their reward to hatch.

But in reality these brooding old hens provide no ongoing benefit to the stock. They are just rent seekers, waiting for a pay out. Not buying. Not selling. Just squatting on their egg. Squatting and clucking.

No. It is the ‘traders’ that keep the wheels turning. They create demand and supply. They crank the levers that generate volume and price fluctuation. They are the well-spring from which all wealth and value flows.

But over the past 18 months (and this year on particular) the traders have left Azure. And now the river runs dry. Volumes have slowed to a weak trickle and the share price erodes away.