Hi tkc,
I guess there's a kind of psychology which absorbs both risk and opportunity, and another which chooses one or the other.
As a member of the former group, I find the latter group a bit weird. But this is an ongoing thing for me, which is why I created a board for people like me.
They believe in a kind of omerta and apparently blame shareholders for admitting Wave's deficiencies rather than the company for having them. They think the price is down due to dark forces rather than Wave's own performance or the CEO's misleading statements. Their voting preference demonstrates their wish actually to maintain the status quo. At best, they want to do something weak and symbollical rather than something with teeth which will actually force change.
So the way they respond to a problem is very different to the way I do. To them, loyalty is clearly the highest virtue. I think of loyalty as having a boomerang quality.
I suppose people express self-interest differently. If I see a problem, I want to see it fixed, like there's a problem with the plumbing I want the pipe replaced. These folks see the puddle they say, "what puddle?" or "the pipe will fix itself," or "I will fix the pipe with a band aid," or "anyone who wants to fix the pipe doesn't like the house," or "stop whining and sell the house."
It seems to those of us who want the pipe replaced that the other lot really are a bit different to us. The thing is, you could absolutely predict in advance who on the boards was going to want Wave's pipe replaced and who would want to do pretty much nothing using their proxy powers. But the share price tells you that a huge number of investors who are responsive to events have decided to sell and move on. You are not going to rope those folks back in by expressions of loyalty. Your best hope is to dial the number for the plumber.
Why replace the pipe? Because you like the house. Of course.
| 