I look at valuation on three levels, * Macro level - fear of...

I look at valuation on three levels,

* Macro level - fear of recession etc punish stocks not making profits right now
* Sector level - lithium price decline (supply/demand) has a huge effect on overall sentiment
* Company level - production, permitting, offtake, funding issues/uncertainty is also big negative

Right now, pretty much all three categories above are negative for AGY, hence the share price.

The question to ask is if there is a reasonable chance for these to be overcome (or at least some of them) and if it is worth the risk. Company level stuff is the only thing AGY has influence over and I think has a good chance to being resolved. I also believe that the sector demand situation will prevail over supply, and thus see that improving in the future. Macro wise who knows but that's often cyclic anyhow. So based on that, I accumulate now as I think the risk to reward is attractive. End of the day, you don't really get anywhere without some level of calculated risk.