The day after Joe had lunch with Mo, he bought 1500 shares of SPM at $4.75. The next morning, the price was $5.75 bid / $5.94 asked. A press release announced that an experimental extraction technique had yielded results that were higher than expected. Tests were continuing with larger samples. Joe jumped on the ask and bought 1500 more shares. "Damn it, Batman! We've got a live one." The price spiked to $6.75 before profit taking knocked it down. It closed at $6.25 after heavy trading. For several months the price continued to move up, as larger samples processed with the new technique yielded consistently higher results. He bought 1500 more shares at $10.50. When the price rose over $11, Claude shocked the online bulls by selling most of his shares. "But Claude," Joe wrote, "if the extraction method is as cheap as most people think it will be, shares will go to $100, easy." ($450,000 to him.) "Don't worry, mon ami," Claude answered. "I still have a position if that comes to be. I have my original investment returned with a profit. And my heart keeps the normal beat." Joe thought about buying more but held back. One detail bothered him. The CEO, a thirty year mining pro, claimed to have a degree from an obscure college in the Northwest. Several investors had tried unsuccessfully to verify this. Joe e-mailed the company to inquire but received no answer. Kate had an academic friend in Seattle who checked and was unable to find a record of graduation. The closest any one could come was to determine that he had gone to school there for at least three years. The college had gone through many changes over the years. Degree requirements were different. Records had been moved many times. They failed to pin it down. Joe didn't care whether or not someone had a degree. It is what one can do that matters. But he cared if someone lied about it; lying is a bad sign. SPM stock broke above $14 and began to correct. The short sellers piled on, selling borrowed stock, driving the price down in order to frighten investors into dumping their shares. The price held in the $10 range for a few weeks and then quickly fell to $8 and then $7. The short position grew larger by the day. The bulls argued that all those borrowed shares had to be bought back sooner or later and that the upcoming positive mining audit would trigger a massive short squeeze that would quickly put the price over $20. The company continued to release good news. When the audit report was finally released, it verified only the original assay results, a year old, and made no mention of the extraction yields. The company made bland assurances about ongoing efforts to improve the extraction technique, but there were no hard numbers and they were running out of development capital.