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FreeSeas Inc. Message Board

  • skipjackmack skipjackmack Oct 22, 2010 12:26 PM Flag

    BHSI 950 is here!

    And the drift down in FREE's sp continues.

    So that's the first bit achieved of my BHSI prediction from Sep 17...second bit was the rally in the BHSI back up to 1100'ish by end of the year....driven mainly by the initial impacts of QE2 on global inventory re-stocking.

    One further prediction:

    The rally in the BHSI (if it does materialise) will have NO SIGNIFICANT IMPACT on FREE's shareprice from here. And that's for very obvious reasons that I have alluded to many times before...NO ONE CAN PREDICT WHERE SPOT PRICES WILL BE IN 2011; Q3 2010 will have proved that FREE's high exposure to the spot market leaves it DISPROPORTIONATELY VULNERABLE.

    So those of you out there looking at the P/BV and thinking that this stock is a bargain...ask yourself what circumstances it will take to get the stock moving up so you can EXIT AT A PROFIT. You need INSTITUTIONAL INVOLVEMENT, not a bunch of retail investors getting excited about a low P/BV.

    FREE's management have guided this stock down from $5+ to sub-$1 (based on the prices pre-reverse split). And it is now down almost 50% from Sep 2009, despite NAV increasing over that period. In other words, INSTITUTIONS HAVE LITTLE CONFIDENCE IN MANAGEMENT AND THERE IS INCREASING EVIDENCE THAT THIS IS THE RIGHT LINE TO TAKE....personally I can't believe the sheer arrogance of FREE's management.

    And all this from a disgruntled, long term long!!

    good luck all, dyor etc etc

    sjm

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