saucy doubts and fears

First Majestic Silver (FR.to) (AG): Style > Substance

A picture of a person named Keith who does not use botox on a 
regular basis. Totally unrelated to the contents of this post.

Substance: First Majestic Silver (FR.to) (AG) current has a negative working capital. For those of you just joining us, that means it owes more in the next 12 months (current liabilities) than it has on hand in the next 12 months (current assets). In realworld terms, money’s a bit tight.

Style: today announced its decision to run a share buyback program. For those of you just joining us, that means it will spend money in a discretionary manner on something it doesn’t need to buy, because it looks good in a news release or something.
Result:CEO Neumeyer’s obvious financial ignorance is getting pretty freakin’ boring. If you’re not a CEO you’re allowed to be dumb about such things, if you are a CEO you need to be laughed at in your face, up close, through gritted teeth for being the type of fool who says this about $102m impairments: “It’s not a true loss, it’s a paper loss”. That’s an exact quote, people. And now a pure BS hit air share buyback announcement. You need to learn about numbers, Keith. Quicktime. We recommend a visit to the Amazon website where you can buy yourself ‘The Big Book of Number Learnin’, 2015′. Buy the book, Keith. Get learnin’ them numbers, Keith.

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