"The reporting person intends to review his investment in the company on a continual basis and engage in discussions with management and the Board of Directors concerning the business, operations, and future plans of the company. Depending on various factors, including, without limitation, the company's financial position and investment strategy, the price levels of the common stock, conditions in the securities markets, and general economic and industry conditions, the reporting person may, in the future, take such actions with respect to his investment in the company as he deems appropriate including, without limitation, communicating with other stockholders, seeking Board representation, making proposals to the company concerning the capitalization and operations of the issuer, purchasing additional shares of common stock or selling some or all of his shares, or changing his intention with respect to any and all matters referred to in Item 4."
That's right. The purpose of investing is buying low and selling high, first and foremost. And trying to time one's entry and exit points accordingly. Personally, that means, especially with a stock like COBR that is "thin" and therefore can be volatile, that "playing the short term swings" in the stock may be a valid strategy for me to employ...lightening up if it gets "overbought" (in my view), and buying if it gets "oversold." So I don't "handcuff" myself; I remain flexible. Meanwhile, while looking at my own view of fundamental value, and potential growth, and potential for the Street valuing COBR at more "normalized" levels (relative to other companies in the investment universe....which has been increasingly happening, I'm happy to say), in deciding how and when to reduce my "core" position. As it stands now, SEC reporting rules say that every 1% change in my ownership (of the outstanding shares) requires a new 13D filing. Since my last 13D filing reported 9.4% ownership, then, by law, the investment community knows that I still own at least 8.4% of COBR...and no more than 9.9%. (If I went over 10%, I'd become a reporting insider.)