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Re: market re-rated the stock .. but I bit...here's whyI bought more shares on the way down yesterday, from the cash I had as a result of selling PXLW shares a couple months ago. Net, it was an incrementally positive transaction, but clearly the repurchases were ill-timed. However, it's my view that we're dead money for the foreseeable future with nothing particular to look forward to, from the perspective of an investor. It's too hard to try to time whether I pay $3 or $2.6 or $3.15 or $3.3, etc. In retrospect, the high volume day trapped a lot of momentum runners pretty desperate to get out, and this may continue for a bit. I don't think we're going to lose cash in 2H and that stops further diluation. The company's customers are high-quality and the IP is high quality. I'm sure we'll see continued imaginative use of how the IP is integrated with phones. ----- From the view of the an investor, PXLW is rudderless. DeBonis is a strong COO, with good integration of knowledge of chips and working with customers. The close team DeBonis has brought in are all excellent in working together and advancing incrementally how the IP is used. However, short of a TrueCut miracle, it seems pretty clear that DeBonis has run out of a plan. ....and the market opportuniuty ofTrueCut has probably run, with the way it was executed not good enough to work. (Remember last year when we were just about to have some China-based TrueCut events?) ...and DeBonis' has convinced himself and, apparently the BOD, that we're better off making him and his managers incrementally bigger relative owners of the Company, and losing IP value gradually relative to the rest of the IP universe, than to give the Company a fighting chance in the sale to a big, global company that can do vastly more with the IP and business opportunities. As a COO, DeBonis is pretty good, I think. .....He's not good at finance or strategizing out of a narrow box -- and that's left us marooned as investors. Every day visionary leaders sell their companies and start or get hired into new ones, or take leadership positions. Every day, VCs, like Chmn Sanquini once was before he lost his game, do the same. It's all somewhat bleak, as an investor -- though inside PXLW I imagine it's pretty exciting with the continual strong IP development and deep rapport with its customers and QCOM. With no particular reason for conviction, I just don't want to believe that the BOD or Wall Street is going to let DeBonis slowly distintigate the Company with his lack of understanding that we need a big, global owner to unlock the opportunity. Maybe if he were ten years younger or ten years older DeBonis' career stall wouldn't be strangling us the way it is now. |
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