As always, thanks for your insights. My conclusion is that I’m...

As always, thanks for your insights. My conclusion is that I’m reducing my MLX position. I have been holding for a long time at good cost average. I was planning to keep holding on the premise that we’d see a decent combination of capital returns and future growth investment. It increasingly feels like it will only be the latter and there is no genuine intention to return capital to investors.

Don’t get me wrong, I do think that management is experienced, competent and is likely to make good future growth decisions. However it is disappointing that (imho) capital management is not as efficient as it can be. Hence the stock’s “alpha” is mostly driven purely by tin price beta. And given the volatility of tin that is not an exciting risk reward perspective. It effectively means volatile range trading. Not my thing.

Wishing all holders all the best. I do think in the long run MLX will do well. But barring a tin price explosion, the near term (next 12 months at least) will be a difficult and uncertain grind.