Ann: 2023 Half-Year Financial Results Analyst Presentation, page-51

I think all that needs to be said has been said. I continue to believe that PTM has a quality legacy and a quality team. I continue to believe that it has the foundations for a prosperous future (note I didn't say certainty of a quality future). I will let the chips fall where they may, knowing two more key things: (1) a number of smart & capable people are incentivized & have the stake to make good things happen, and (2) the business is on the nose. It isn't often I feel compelled to sell a business that is on the nose (quite the opposite), though prudent position sizing is paramount (imo). On position size, the best defense against falling victim to the dreaded "value trap" is to think of this on the basis of cost.