This turn of events in PS, although NOT unexpected, is indeed sad, for the the gullible investors. This is the reason we give more weightage to the quality of Management.
Although it is understandable, that it is a little tricky(definitely not an undoable one) task to go through all the financials with a fine tooth comb. PS was anything but a clean BS. Like back to back Negative cashflows from Operations, exploding debt and ever increasing Number of shares Outstanding over the recent past years. But, it was a known fact that management is unclean. Any prospective investor could have googled that, even “after” it was mentioned here in Valuepickr forum.
I bet PS doesn’t even pass 2 out 10 ," The 10-Minute Test", that Pat Dorsey writes about in his book.
The disturbing thing, over and above all this, for me, was to see that previous posts here at Valuepickr, that displayed an almost “impressive” investment case in Pincon spirit, which I can say with confidence must have been prepared by someone with a CA/CFA background, just vanished in thin air.
This is not MMB, where sane views are very rare. If I write something at valuepickr, I should be writing it responsibly. And yes, its true that we might have liked a company but found during the ongoing research that things are wrong and I should call it quits, as rightly said by Mr. Keynes," When facts change, I change my mind". But have the courage to write that too, for the good of others who read.