all of that is correctas i said last week (?) - underperformance...

all of that is correct

as i said last week (?) - underperformance is simply an opportunity cost that accumulates over time in relative shareholder returns

but that cost is now baked in for this current cycle for l/t holds .

though it has a second derivative effect - stocks that dont address this can become last to go first to sell propositions the longer the behaviour gets ingrained

it can ultimately kill projects and listeds if the underlying metal cycles then give way - but I dont see that risk here

i also know that companies can refresh and renew their market brand and attaching associations

so one should never see it as a necessarily permanent thing


i am sharing this with all of you because an educated investor base is a more constructive investor base - as well as hopefully a more pleasant discussion forum