I have checked and looks like I did hold SWM back in 2015 but it...

I have checked and looks like I did hold SWM back in 2015 but it was so long ago I didn’t remember. I sold out before the value destruction. I’ve just checked and I first re-entered in Feb 2023 and have averaged down since then. Again not that it is any of your business, but to set the record straight.

I agree anyone would have been far better off investing elsewhere the last 10 years, but what matters now is the earnings multiple compared to the current price and the future returns, not the past.

any investor will lose some of the time, but I win far more often than I lose. With this stock it is one of many where I think the expected return is better than the share price, but i hold enough stocks with this type of risk reward equation that I achieve on average a superior return to the market, even if one or two of my positions go to zero. I have never had a holding go to zero but I’m more than happy to admit I’ve lost as much as 90% before, but it’s outweighed by my winners which means on average the portfolio provides an excellent outcome. For me it’s about probabilities and the maths as well as understanding the different types of risks within each share which vary at both a company and industry level. If you aren’t willing to take educated risks you shouldn’t be investing in the share market. On a further interesting note you may be interested to note that Berkshire Hathaway recently doubled down on a similar media investment in SiriusX despite the stock and their existing v holding being down around 50% over the last 12 months. No one likes media companies and there are many pessimists in this industry globally, hence the opportunity for contrarian investors. You don’t become rich buying what is popular, I’m happy to make my own decisions and back myself, that works for me 80-90% of the time I get it right (but again I’m happy to acknowledge that sometimes I get it wrong and sometimes I lose, all the best investors acknowledge they can’t forecast the future and get it wrong some of the time)