Feedback from a shareholder meeting part 2/2

Details, details, details!

What is fun with a shareholder meeting is that when take notes it is like taking the minutes of a meeting. As such, you end some small but useful details which help you understand the strategy of the company.

As time goes by and as you keep going to the same shareholder meetings, you know the points the follow and the questions you want to ask. In other words you get straight to the point. It is also a nice sign given to management that you know the company well and that you don’ want to waste their time but they should not also be wasting your time.

It does not mean that you will get the answer you were looking for but at least you know you are onto something when the company does not want to answer to your questions.

I am always surprised when management will not answer a basic question like what is your maintenance capex. What makes things worse is that management then answers by giving you all the growth capex projects… The worse answer is when they tell you, well you know it is difficult and it is not that easy. Clearly, we are onto something when I get that type of answer.