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 Good news. A bit over a year ago my boss told me that he was going to send me to Brisbane to attend a vendor conference. It's called Networkers and is held by a company called Cisco. They sell most of the bits that make the Internet work as well as the networks of many businesses and stuff. The network that I look after is almost all Cisco kit.
Why is that good news now over a year later? Because this time last year I was told at the last minute that they had to cut costs and my trip was canceled. It was meant to be reward and recognition for something cool that I can't remember. Having that trip canceled didn't make me feel particularly recognised or rewarded. The good bit is that I've just been told that it's on again this year and this time I really am going.
I've booked my flights, accommodation and the conference so I'm as good as locked in this time. It's a four day event so I'm going to stay up there for a week to have a look around Brisbane. Mel and I have started to spend a bit more time together again, so she is going to fly up and spend a few days with me as well.
Now, Iron Mountain (IRM). It probably is a place, but it's also the name of an iron ore mining company that I'm holding shares in. If you click here and it's still somewhere close to August 2008 you can see that this company has dropped heaps in the past three months. This is the perfect example of how stupid the Australian stock market is at the moment. This company has over one billion tonnes of iron ore in the ground and are about to commence digging it up, and yet according to the current stock price the entire company is only valued at nine million dollars.
That's crazy in itself, but get this - they also have a heap of magnetite in Tasmania that's just pending the proper assaying results to confirm it. Is that not enough for you? Well they also have another two iron ore tenements that they don't have the resources to mine themselves, so they are selling them to another company. Guess how much they are selling them for? Ten million dollars. Yup, a company with over a billion tons of their own iron ore, an unconfirmed amount of magnetite, and a resource sale that's about to be closed for ten million dollars is only worth nine million dollars according to the stock market.
This is why I'm hanging onto the poorly performing shares that I'm currently holding and just waiting for the stupidity to end. Expect the little share graph to continue to fall before some sanity finally returns.
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