Sure people who have made a lot of money decide to retire. And they usually don't wake up one morning and do it without warning. And when they do retire, the company states as such in the announcement. In this case, nothing. Not even a lame "wants to spend more time with his family" or "wants to pursue new opportunities." The total lack of explanation raises questions. If it's all innocent, then the company is doing a poor job of conveying that.
Anyway, I sold my SLW last week and have no position, but I will watch to see what else comes out about this before I consider re-entering.
Agree with all points except if he left for these personal reasons, he at least owed the company he worked for, the employees who worked for him, and the stockholders who gave him those riches, a nice CONVINCING speech that was why he was leaving. No rumor. No possibility. Just a Monday he's here. Tuesday's he's not.
Even when it happened with Steve Jobs, you knew the guy had cancer. With Hurd at HP he was embroiled in scandal. If I were a multi multi millionaire, and wanted go enjoy my life, I would have said so in a statement, a video conference, and a billboard on I-87.
You don't think people who have earned many millions of dollars don't reach a point where they wish to retire? People retire every day on far less!
Nothing out of the ordinary - the fact is the market has finally rewarded Barnes for his vision, drive and hard work. In any case, the business model has not changed, nor has the profitability. I just hope they announce a hike in the dividend in May.
Smallwood called me yesterday and asked that I watch the interview and critique it. Although there is a driven sell off here a turnaround is sure to take place on a dime. I found no weakness in the company or his presentation. No time to be fully out or short.
...in the slightest that the CEO resigned unexpectedly, effective immediately? That is not an everyday occurrence. Either I'm missing something obvious or everyone here seems remarkably complacent.
I like his "bear market in paper" rather than "bull market in silver" response. He mentioned something about hedging but I could not tell whether it was "hedging IS in our future" or "hedging isn't in our future". My hearing is not what it used to be, I guess.....