Banter and General Comments, page-12236

FMG was indeed a horrible investment in 2015.
A stupid investment with 50/50 chance of losing it all.
A company producing with negative margin and huge debt, like you said.

But couple of months later it was great investment.
Because management successfully implemented cost saving measures and cut production costs.
It wasn't producing on negative margin anymore but profitable and price of Iron started going up instead of down.

You could still pick it up for about the same price or less (depending on when bought in 2015) minus the gambling risk and catching the falling knife strategy.

And so will be the case with GXY and other lithium stocks.

You just got lucky with couple of stocks, getting bailed out by massive bull market of the last decade. So you think that's a smart strategy.

But there is a big difference between stock with growth potential and profitable business having a pullback.
And company at the mercy of deteriorating market conditions that threaten it's sustainability.

BHP was ok to try and catch the bottom.
FMG was not.