Thanks for your reply,
@Michaelirish. There certainly is some truth in what you're saying.
The main problem I have with your reasoning, though, is that I personally cannot see how global interest rates can go meaningfully up without a commensurate increase in inflation; there simply is too much debt around, in order for the financial system to be able to absorb a sustained higher real cost of debt.
But, once it is accepted that nominal rates can only go up with inflation at this stage (or even lagging behind it, i.e. with real rates going lower), then you have that:
1) TCL's revenues will also increase with inflation, neutralising the impact of higher nominal rates, and
2) Being temporarily allocated in cash in an environment of accelerating inflation will be a risky strategy in itself.
So, I am not saying that the scenario you described (nominal rates shooting up and TCL SP going down) cannot happen; it definitely can but, given all the above, it would look to me like an eminent buying opportunity, as long as business execution remains spotless.
Admittedly, though, I would have very much liked to be in your shoes; That's to say, I wish I had found this company a lot earlier and had more of these "rich man's dilemmas" as of today.
Cheers and good luck.
(20min delay)