Your performance figures are wrong as you’re not using...

Your performance figures are wrong as you’re not using accumulation index and BHPs dividend yield is significantly higher than the all ordinary index during those time series. You’re also continently ignoring the special dividends, franking and demerger of Woodside which put BHP outperform except for the last 1 year. All other medium to long term it’s outperformed, just saying. Probably validates the assumption that it’s also a good time to buy it given below historical PE numbers.

The impairment whilst mathematically correct at circa 0.87cents would not have been returned to us today as its book value and non cash. If Nickel West were never to exist, yes, in theory, over the years that 0.87cents would have been returned or spent on other projects. It’s immaterial because of the length of time this is applied. Remembering only 2 years ago off the top of my head these assets made close to a billion in a year too. They stuffed up, yes, but it’s not material overall whereas most miners outside a few it would be the end of them.

To be frank, BHP could stop its expansion plans and merely run its iron ore mines for the next 100 years and be a dividend machine. Add in existing copper and met coal too. It would be a low risk option and likely vastly improve its share price and nearly double the dividend payment given its circa 50% payout ratio at present.

I bought loads of these in 2016 under $20 and more again low $20s in 2017. I’ve done very very well and significantly out performed the ASX accumulation index.