ProverB, what those people are doing is certainly not smart investing. I believe that smart investing is actually seeing opportunities WAY BEFORE others see it. e.g let me use your Mumias example. Buying after the 1st half results was not "smart investing". Those who bought at below 7 bob were indeed the smart investors. They did not wait for the results. They knew that Mumias had value and that new revenue which was not there before was being added into its income stream (i.e the Co-generation plant)
Another example I can use is PETROCHINA which Buffett bought and sold for a profit of 3.5 billion dollars. You have to love this dude. Buffett said:
“In 2002 and 2003 Berkshire bought 1.3% of PetroChina for $488 million, a price that valued the entire business at about $37 billion. Charlie [Munger] and I then felt that the company was worth about $100 billion. By 2007, two factors had materially increased its value: the price of oil had climbed significantly, and PetroChina’s management had done a great job in building oil and gas reserves. In the second half of last year, the market value of the company rose to $275 billion, about what we thought it was worth compared to other giant oil companies. So we sold our holdings for $4 billion"
GOD BLESS YOUR LIFE