With regards to the OS forays, once again in the spirit of providing some counter balance, we should keep in mind that the capital directed there has been quite modest. Though I don't doubt it has required a lot of management attention.
What I observe from these forays, regardless of their poor results to date, is that they have been measured and cautious (yes, I know that will be a controversial view). They also are reflective of the independent mindset at the company (for instance, they didn't do the lemming march into China).
If we compare the magnitude (capital) and thus consequence of the OS forays, and the character of the forays, they are in stark contrast to other lemming-led corporations. Look at WOW for instance. There you will see capital tied up in unprofitable ventured on a breath taking scale (and that's before even talking about Masters).
Why has HVN not gone down this path? I posit the following key points, which are mainly important because they occur simultaneously:
- Management has massive stake
- Management is frugal
- Management is independent
Failing all of that, I would not be on this bus.
HVN Price at posting:
$4.13 Sentiment: Buy Disclosure: Held
(20min delay)
