Geodynamics sold

We ought never get attached to a particular equity. Unfortunately, Geodynamics (ASX:GDY) was one such company. We had high hopes that geothermal power would be a game changer for energy production in Australia and Geodynamics seemed to have everything going for it – successful wells drilled and  money in the bank to expand.

But after proving that the technology worked, they effectively gave up in Australia and have started over again on culturally difficult pacific island sites. Management does not seem to have the ability to bring a project to commercial production. Many contradictory decisions have been made, cancelling out eachother.

We sold all our shares at a significant loss (though it was a relatively small holding).