Every investor, or dare I say the word 'speculator', has differing targets and funds at their disposal. Yes taking a flyer for major return does mean holding for long term waiting for a major player to take out the exploration company. This is indeed a rare occurance and if it happens can pay off heavy.

Personally I was playing with a lot of money and shares so when target was met or exceeded had to take money off the table. I'll keep a minor position and watch for opportunities. Certainly holding long is better than buying a lottery ticket (what we call a dumb tax around here).