In terms of disclosure i have been long this stock for many years. In fact,  i was invested when the stock reached all time highs and am still invested. Unfortunately, i have lost so much money that i am passed the pain threshold. Sadly, the situation is now bordering on the comical, the gross ineptitude and ignorance of a people/political party is  staggering. There is no understanding of the fundamentals of capitalism. I have no doubt that the Mongolian people have good intentions. Their history has many examples of a people capable of greatness  but also,sadly, of a people who have suffered their fair share of hardship. It therefore does not come as a complete surprise that distrust and scepticism are prominent and commonplace characteristics of Mongolian society, in turn making progress a slow and convoluted journey that is not guaranteed to be in a straight line.


However, history is littered with examples of socialism, expropriation of private assets, disregard for private property rights etc. In every case barring none, the outcome has always been misery and poverty. I am certain that the people of Mongolia want a better future for themselves as does every other society but in order to prosper  they must embrace the free market, honour past agreements and focus on creating an environment of financial stability. They still have a fantastic opportunity to transform their lives but the bond vigilantes have limited patience and private enterprises must ultimately answer to their shareholders. Furthermore, there must be a realisation that in order make endless promises to the Mongolian people the politicians are using leverage of past successes which will simply evaporate overnight if there is a rejection of free market principles. It should be obvious to all and sundry that the sudden and drastic transformation in the Mongolian economy was no accident or coincidence but  precisely because of the adoption of capitalism. It will be a real tragedy for all parties involved if the status quo continues for much longer.