Transense: Automotive Sensor IPR for Honeywell, Michelin & The World.

Teachers know that each class term brings an influx of new pupils asking the same questions as the previous group as part of the education process and it's similar with new shareholders to all IPR companies with the questions asked. What is the royalty rate? When will products be released? Why is information restricted? Why can't the company promote itself? The lack of clear answers creates a vacuum of frustration & concern for many punters, but this is the nature of companies involved with intellectual property, especially TRT who are unique I believe in their sector of the auto industry as the only non-manufacturer. Feeding only off patented technology is a secretive business model that's difficult for all investors but the most methodical to value, but the major perks are that such shares usually are relatively low in price during the development stage and quickly escalate in value once in production (or assurance of) with most of the revenue falling straight to the bottom line, helped immensely by the fact in TRT's case where a permanent payroll of only around 20 employees is required.

I've given a condensed impression of TRT's situation in post 2923 that should satisfy most people not hellbent on finding fault, but if yours is a nervous disposition that worships absolute assurances in investment, I'd suggest you put your money on bank deposit and sleep peacefully. The market may be efficient with many blue chip stocks, but in the land of illiquid small cap it is a fickle, emotional beast that resists all attempts at being tamed and its character needs to be understood and treated accordingly, otherwise you risk leaving the cage missing an appendage! People who are easily spooked by SP volatility and lack confidence in their judgement and who are quick to perceive themselves as being in a corner will generally lose sight of the big picture and see only that which is the closest in focus. Instead of using rational thinking for a solution or realisation that a situation is not the problem it appears, they act first and think afterwards.

Lack of research & impatience are the biggest faults of the average investor, along with emotions. With proper research comes knowledge & confidence, but judging by BB comment and my own past experience with clients, too many people seek short-cut's to wealth, preferring the fair-weather sailing principle that inevitably leaves them vulnerable in a storm. If you tell a small child that they'll get their special present next year, they think you're asking them to wait for an eternity. We all carry some of this impatience of a toddler into adulthood, but wiser folk recognise it's a behaviour flaw with repercussions if not controlled. I'm probably the oldest regular poster here and as such my future is statistically more limited, so it's ironic that I'm in the forefront of showing patience and having to encourage others to show more of the same! TRT closed the 1st day of trading in 2005 at a mid-price of 87p, which is effectively unchanged today - what a crisis! It is very disappointing I'm sure that permanent reservations for the poolside space have had to be postponed longer than some have envisaged, but let's keep some perspective. The SP has nearly doubled since the beginning of 2004 and that price was triple that of its record low in 2003. For those who argue that they've only got on board this year and that the past is irrelevant to them, my response is that we were here first, so get behind us in the queue of impatient greed!

It's interesting how the same words can vary in meaning according to individual perception, being positive to one person and negative for another. An example of this are the two expressions 'step change' and 'paradigm shift', used by TRT to describe some developments, which one poster here interpreted as negative because several months have elapsed without some dramatic announcement made. I view the expressions in the same positive context used by TRT, who know exactly what milestones they seek and are making judgement of this, even if it may be some while before the details appear in an RNS. A stage can be reached in technical development or between parties that is essential if future events are to occur, which don't fit the timescale or understanding of individual investors. This again I'd suggest is a subject of individual perception and patience level.

I note that the majority of shares selected in Assagai's 5-picks competition are under water, which at the start of 2005 were thought would be the top nags running, but many appear to have gone lame or have been running a reverse course! One of my gee gees picked (PRO) is on the verge of being put down, but fortunately in the real world I sold out during the year at its peak price spike for the reasons explained at the time on that board and I'm now waiting for evidence of reincarnation before trying on the saddle again. TRT looks respectable in this field as despite its impatient jockey, it's at least standing on the same start line waiting for the race to commence!