Your math is unstable, and only holds true when nickel is 2X cobalt revenue, and basically meaningless, since todays nickel revenue would be 4X cobalt revenue. My math holds regardless of the changing prices of the commodities. If you look at it my way, it actually double powers the point you were trying to make, but like you say, to each his own.
Pertinent market/industry news/articles, page-1493
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