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There is a general principle in investing that you will never make abnormal profits if you only buy when things are safe and comfortable.

If you take a look at my posts on the Valley Gas board as we lived through the run-up to the take-over, you will see the same skepticism about buying thinly traded illiquid stocks. It is this skepticism that creates the market inefficiency and mispricing. Another contributor is the fact that institutions do not want to bother with these stocks in most cases. They do not want to slowly accumulate positions by buying a few hundred shares many times. But look at how Mr. Nerges is accumulating shares in IKNX, that is the way to do it.

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