Ann: Lance Progressing Toward Production Restart in late Q4 2024, page-54

Its funny and depressing but also understandable. Most people, bless their hearts are not cut out to be speculators, in fact maybe speculators are not cut out for it and are just suffering from survivorship bias. I certainly feel equal parts proud and suspicious of the success I have had from not being a crowd follower. The argument that you should buy the assets that are performing poorly in the hopes of a turn around can be just as ridiculous as jumping on and off trends. I certainly made a lot of mistakes early on thinking I had ownership of an under appreciated asset that turn out to have a correct valuation of near zero. The worst example of that was a company I owned that gasified coal using O2 and steam. They had technology developed by the CSIRO, working test wells with a functional power plant supplying power to the grid and had passed environmental testing both with independent and government testers checking for any sort of gas movement beyond the coal seam. Australia could have had an ISR coal boom that meant leaving all the ash from coal underground which would have been great for the environment relative to how coal is used now (I live in Newcastle so know very well what coal dust does to poison the environment) but sadly all forms of coal gasification where banned in QLD along with fracking even though the tech did not use and was incompatible with fracking. Overnight 40% of my portfolio went to near zero and the technology was sold to a Chinese investor for just enough to make sure management did ok. Thats one of the reasons I dont own more than 5% in PEN, something completely unexpected can always happen. Maybe the united states bans ISR uranium mining, it would be no more crazy than banning coal gasification and continuing to allow the operation of open cut mines. Of maybe PEN is forced to domicile in the united states and be owned predominantly by US investors in order to benefit from US government support or just to operate there. Who knows what can happen. People seeing the price decline who worry that something unknown is terribly wrong can in fact be correct sometimes.