Haha Brad I await the day we are finally on a second stock...

Haha Brad I await the day we are finally on a second stock together. I reckon plenty we agree on fundamentally, but our strategies/timeframes are different. I'm not smart all the time there's plenty I get wrong too and end up holding the bag.

The thing is the spec market is a zero sum game. So reality of it is someone will always end up getting "shafted". The only time this doesn't occur for shareholders is when profit is brought from external party so either profit generating operations, production of minerals, T/O bid for a chunk of the company (in this case sometimes the T/O bidder loses), mergers, flipping investments etc. Otherwise the spec end is one large game of pass the parcel. Even when we do look into producers where tangible value is brought for shareholders, an external third party will carry the loss somewhere in the chain, which is the nature of capitalism...either financially, socially/health or if neither then the environment pays for it. Follows the conservation of energy law. Pip trader or 2year holder, the wins are conglomerated into someone elses loss.

My default position is market owes me nothing, nobody owes me anything. Its upto me to capitalise on whatever opportunity. Anyone who gets burnt off social media HC or otherwise from someones posts is destined to carry losses. If they avoid one place they'll get burnt on the next. 99% of specs end up in the graveyard regardless so picking out losers is quite an easy job. What's hard is finding opportunity, so I'm grateful for any director that provides opportunity, many times I don't capitalize as I should but thats completely my issue and fault (regardless whoever pumped it like crazy). I've been burnt plenty off SM as many have, I still value everyones opinions on SM but I think I just began taking responsibility of my losses rather than blame SM.

One thing SM does is make for is an even playing field. Often in spec end only the friends of directors get to have a clue what's going on and are given confidence. SM has allowed me to see what sector a team likes, where they are looking, who they're contacting, timelines or if they're even looking or just burning funds for giggles. If there isn't SM from directors I try buy in companies when T20 has an aggressive director with his associates on the register (Like I have here).
I guess SM is becoming the norm regardless so best punters begin to appreciate and adapt, be it Tesla (Elon) I've even seen a Microsoft senior director promote Microsoft Stock lmao.

I agree Middlemas/Apollo I rate highly not only for their longer term value thinking but the fact they always try give those that back them a big opportunity. Look at PLL for example, they tried 2 pumps but drills didnt hit but they got Behets on board and finally hit big with their lithium acquisition.
No director has a clean record though, to me I simply look it as are they/have they brought deals on the table worth of shareholder money.
If we talk Apollo they've had their legal issues if one digs hard enough. CPL from memory went from $1.5B MC to being sold for $5M couple year on. These guys ride sentiment very well though, back when Sage was hot and did Cape Lambert and floated it for $200M+ with dividends, Sage then followed followed it by flipping a $2M Iron Asset for $270M in Congo the Apollo boys followed up with EQX by striking a deal with Sage to use his plant and getting neighbouring tenures to Cape Lambert. EQX got taken from $4M to $400M and all the way back down.
Or Andrew Forrest with Anaconda another example before he landed FMG. Very few Bill Beaments on the market probably can count with one hand.

I'd say about 50% of directors on the spec end don't do much other than burn salaries. 40% raise a bunch of cash from shareholders then gamble it on a very preliminary exploration asset so they can gamble some drills onto it. The remaining 10% bring advanced projects onto the table. Which is why only a handful of shell players I will back with my money. So I'm not too fussed about short term or longer term price appreciation I just want opportunity > opportunity cost/risk.

More ramblings to outdo your ramblings mate

Regardless goodluck to all of us here. Ill stop spamming threads. Price action looked good today.

Geez 60x thats bloody insane. Well done mate.

Thanks both of you anyways always appreciate a good conversation challenging my thoughts on market dynamics.