I came across a post byTom Winnifrith this morning that made me chuckle and pretty much mirrors our own sentiments on a lot of the pond life that (a) manages AIM companies (yes we are talking about you Mr Pummell, Mr Fox, Mr Theret, Mr Basing etc etc..!) and (b) the delusion of many retail investors who simply can’t accept when money has been lost… Case in point the JJB bulletin boards right at the end – even after the administrators had been appointed there were a few characters hoping to be made good on their losses!!!
“Some posters on Bulletin Boards are so thick they would make the contestants on I’m a celebrity seem like a bunch of Nobel Prize winning economists. A company is obviously bust yet some buffoon manages to find reasons why its shares are cheap. Conspiracy theories abound. Amid the mind numbing stupidity you find the odd gem. Trying to pick out the BB moron of the year is an almost impossible task but here is a contender.
As you probably know by now I have accused Jim Ellerton (JE) chairman of AIM listed Sefton Resources of all sorts of things. I have no position in the stock and never have. I know the shares are virtually worthless and enjoy pointing out discrepancies and why they are worthless and how Jim twists the truth/tells outright lies a) to be proved right and b) because I earn money writing articles about shares. That is the win win for me.
Jim wants the share price to go up so he can issue more shares to fund his worthless operations as they burn cash and to pay his obscene salary. Thus our interests are diametrically opposed. He wants the shares to soar and will always try to say they are cheap. I shall be delighted when the shares are 0.01p and Jim is out on his ear.
So far things are going my way. The shares are off again today at 1.275p and so the BB Morons need to explain this, to console themselves and to try to get folk even dimmer than existing shareholders to buy more shares so that they can get out. And so we come to a poster dbno who opines on ADVFN at 4.15 today:
Er… go figure. I really do wonder what asylums some folks post their comments from. dbno has got to be doing some really bad drugs.”