I agree with you about management, if you read my thread where I did my analysis on the company, I was neutral about management because they were an unknown factor to me. However so many other factors were in their favour (in my opinion) that I made investments at a very low price.
My own investment style is very different from most I think, I look for companies that are experiencing short term difficulties and have been beaten down by the market and are therefore available to purchase very cheaply. Many people want to see a recovery first before buying, but to me that is too late. There is a great quote from GMO that essentially says (I am paraphrasing) you make more money when things go from absolutely horrible to merely ok, than you do from going to merely ok to good.
Now this means you are spending your hard earned on companies when things look the worst. Not a proposition many people are willing to wade into. That suits me fine, because I can buy into these companies very cheaply.
Am I pissed at management? Absolutely. Will that stop me from taking up my rights at 2.5 cents? Not a chance. My self imposed portfolio limits are being stretched, but the price is right.
If you wait to see evidence of an east coast expansion in the annual or quarterly reports, it is too late in my opinion. We have seen the recruitment happening via Seek, I have picked up the phone and called the salesmen, they exist and they are getting on with the business of selling more beer.
When the market "discovers" GRB and the price sky rockets, I will sell out for a tidy profit and move on to the next unloved company that I think can make a come back.
GRB Price at posting:
3.4¢ Sentiment: Buy Disclosure: Held
