"at the moment I think this is an undervalued rig hire company with a management that enjoys running an investment fund and I have no idea on whether the investment fund is over or under valued.
As such my initial feeling that the results were excellent and I should have bought more is now tempered by how much am I losing from the profit we could be making because management prefer running an investment company to running a hire company.
There is still I think, value here, but I have moved from yesterday’s thinking that I need to be buying to much more of a wait and see approach. If the shares fall enough I may buy. But at the moment given my reluctance to add if the shares rise enough I may sell."
Management demonstrated rather well today that sometimes I know nothing. They have this morning put out an RNS saying that they have made over $23m in the last quarter on the investment portfolio. I recognise that this is a one off. The portfolio is not worth even now much more than $50m, but it does suggest that they are not dilettantes at this and that the fund is more than just being a way to create business (pay us partly with shares for our work), this is a genuine additional source of income where they have some competitive advantage (and as importantly some luck). So I have reversed my position and added.