"Not the right thread for this comment, but it’s brief … I don’t think FMG are exiting FFI business at all … imo it is more likely they are being conservatively preemptive ahead of the US election, with the tough decisions being made whilst Trump seemed in ascendency … now there is a contest and the Dems have a real chance, the all important (to FMG’s FFI businesses) Inflation Reduction Act may survive intact."
So what you are saying is that the capital allocation decision for those FFI projects is contingent on only a certain political landscape existing and not a different one.
Self-evidently, those kinds of projects don't sound like they are at all financially robust.
In fact, it merely confirms that they are dependent on taxpayer handouts to get them over the line.
Some might be forgiven for saying there's a word for that:
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