Ann: Funds Under Management - October 2022, page-22

The Idea your conveying I absolutely agree with and I operate my own portfolio as such: governing position sizing according to conviction, milestones, management skin in game, shareholder friendly, future potential along the timeline together with does the thesis still hold up. So it doesn't mean I need to ride any one position to zero. If my thesis is busted, I sell. Ill add when I feel all the cogs are humming.

Bringing me to PTM specifically, Ive put it in the TOO HARD BASKET. I feel the long touted "short US" card has largely been played, and outflows haven't abated (thesis broken), together with the lack of innovation within the organisation to STEM these outflows (conviction/future potential broken), no interest in said organisation to support the share price (shareholder friendly broken), lack of substantial insider buying on market (management skin in game broken).

So I sell at a loss not equating to 100% of my portfolio holdings, neither selling said security at $0. For reference, this said security started at 5% and gradually reduced over time to a 2% size in my portfolio, so my loss is about 1%.

The only play here IMO is a takeover. Having said that it is not the type of stock to go to zero either IMO. Thanks for the chat.