"It's been called a bottom draw stock for many years now, so those people have missed over 100% upside. I think thats how wealth is created."
Trouble is, it never traded at 70x in the past, so blinkered rear-view investing along the lines of "people missed 100% upside" isn't overly smart.
That's exactly the mistake the cheerleaders of CSL made in 2020; they referred to what the share price had done in the preceding 3 years, instead of having a regard for valuation; the result has been a massive opportunity cost for the following 5 years.
The circumstances for TNE today are eerily similar.
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TNE Price at posting:
$30.27 Sentiment: None Disclosure: Held
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