Ann: Strategy refresh and capital raising presentation, page-94

Investing outside of Bluechip space is very difficult and even harder to trade as trends prolong with enormous moves. The only way to play this space imo is to have a thesis and stick with it - key metric here is potential deep value. May take 2-3-5 years to come good but need to stick to your guns. If one has lost total faith in the company and or industry then there is always a tax write off. Playing out of cycle stocks such as
Lynas - political cycle and almost went bust
Galaxy - enormous supply/demand cycle that had to sell off assets or go bust.
XRO - back in 2014-2016 cash burn was uncontrollable and almost went bust a few times.

But all had customers and in demand products and cashflow albeit slightly negative when out of cycle.

Not saying Appen is such a play but its the type of play I play and can take years and fits my thesis. May continue to go lower yet. May bottom now; my guess it's in 3-6 months when there is visibility in the interest rate environment.

I expected it to fall but geez what a move! But meh......