I thought I was taking low risk topping up around $9 during dips in 2019 and 2020 (and was happy for my CZI to roll into OZL) but I find the current sp entirely shocking. Apart from Brazil (which I had expressed strong reservations about valuation here much to the annoyance of the AVB “mob”) performance has been excellent and the copper price strength an unexpected tail wind but I can’t help thinking we’ve now joined most other equities in the stratospheric froth where some sort of fall is inevitable. Will continue holding though as I will expect a recovery and I am not a dive in and out type. My largest holding be quite a margin now.
Just so long as AC doesn’t do a share buyback at this level.
Yes I believe in strong copper demand and difficulty of supply response, but there are always white swans out there, or the unknowable unknowables in someone elses lingo. Time to be optimistic, but perhaps for anyone leveraged or unable to afford losses to be very aware of downside sp risk.
EL
OZL Price at posting:
$25.70 Sentiment: Hold Disclosure: Held
