Dear Maybe111,

Regarding truth:

My experience has been that truth prevails.  Maintaining the course through thick and thin is, in my opinion, the only way to go.

I think Rudyard Kipling’s Poem “IF” speaks to this concept to some degree.

As an investor I am sure I don’t have to tell you that the gap between perception and truth is where opportunity often lies.

Regarding previous Drosrite comments:

Now…in your previous posts your comments (analysis?) about “dross disappearing” is not from our perspective the truth…not at all.  But, if we assume you are right, who really cares?  Lets say the total market for a product (that has clear advantages and is a game changer having been accepted by the best of the best in a very competitive environment) is say, 5,000X, and I have sold 10x and I plan to double every year…to 20X, then 40X, then 80X …do I care if the total market temporarily, or even permanently, collapses to 4,000X….or even 2,000X…or even 1,000X?

Regarding your “follow the money”/my news/Morningstar comments:

I must say you do have an interesting infatuation with Morningstar.  I dare say it sounds like you either work for them or want to.  I may be able to help you with the later…more on that later…

I find that, given Morningstar never contacted the company, they do not perform complete due diligence  of the type I would insist on before relying on it. As such, I do not bother even thinking about them. I guess Kipling’s fellow Brit, Winston Churchill, best sums up why in his quote “You will never reach your destination if you stop and throw stones at every dog that barks”.

You originally asked me why Morningstar would reduce their valuation of Pyro to which I responded that I had no idea because they never spoke to me.  You also proposed that the only legitimate reason (your words) for their downgrade was that my enthusiasm in Pyro’s previous press release might be seen as “overdone”.  In your current post you attribute that very same press release to what you now claim is fact: namely that buyers disappeared from the scene when Morningstar reduced their valuation…. based again, on my overdone enthusiasm. 

What buyer reduction?  Are you standing on your head? Does up seem down to you?  Like with Drosrite?  I don’t want to be rude and embarrass you but you claim this is the “analysis in you”?  Might I point out to that analyst in you that since the recent market crash where Pyro’s stock hit a low of 19 cents ( as did the Dow at 18,600/TSX1000 composite at 11,228/and TSV composite at 338) our stock has rebounded, on record and sustained volume, to post a close yesterday in excess of 250% of that low (Dow  27%/TSX: 29%/TSV 47%), and actually posted a market cap in excess of $100MM in the past week, a first in recent memory….with no serious pull back from the highs created by this stellar performance.   Are those the disappearing buyers that the analyst in you is talking to you about?  Seriously?

Might I also note that, given recent performance, Pyro’s stock performance has beaten that of the exchange in any time period you wish to use; 5-year, 3-year, 2-year, 1-year, 6-months, 3-months.

Does the analyst in you know that, since that press release, PyroGenesis has become one of the most viewed industrial stocks on Canada’s largest billboard? Having been in the top three spots over the past three weeks (#1 spot last week) with Air Canada and Bombardier sharing the other two spots?  Are those the buyers and attention your inner analyst is warning you about?  The very result of my overdone enthusiasm?

Please….

Now, it might surprise you but I do believe that this “analyst in you”, that you credit with your conclusions, and Morningstar, have something in common, and that is: incomplete due diligence.  As such, I think it would be a good fit. To demonstrate that I am true to my word, and given your performance in recent posts, I would be prepared to serve as a reference for you in any job application to Morningstar.

On a more serious note.  This will be the last time I respond to your posts as I find them to have a hidden agenda.  I have no issue with different opinions and open and frank discussion, but I have come to the conclusion that you are of a different cloth, and that you are in fact just one of the dogs Churchill has warned us about. This last post to you was more for the edification of other readers.

In closing, thank-you for wishing me fun in what I do. I also wish you fun in what you do.  Only now you will have to find a different place to do it in.

Hope that helps,

Peter