You are not wrong, unfortunately.  None of us with GM contracts will make our investments back.  Any investor who buys a GM contract right now needs their head examining - you will lose money for sure.  If you invest now you are betting that difficulty will remain the same or increase slowly.  And pigs may fly.  The reality is that we have seen nothing yet.  Difficulty is about to REALLY explode.  Look what happened when ASICs hit SHA-256 mining.  The same is about to happen with scrypt.  We are right on the edge of the cliff.  I know I lost most of my investment in GM - my fault, I should have known better -  but if you have not yet taken the plunge STAY OUT for your own good!