Loss after Loss – Origo -33%/-67%/ Polo / Tau

Things haven’t been going well for me of late.

Origo has proven to be a disasterous investment – mitigated a touch by me getting out relatively early but worsened by absoloutely no liquidity relative to my size.  My original investment thesis is here.  I thought that the prefs could be redeemed and that the NAV was possible / there was payout potential.  The evidence for this was a balance sheet in theory worth about $80m when I got in vs a capitalisation of 23m across the prefs and ordinaries – so potential for a decent return.

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