I could only generate the last 10 years of earnings, so couldn't...

I could only generate the last 10 years of earnings, so couldn't comment on pre 2013. So, for the last 10 years, the earnings have been "solid".

Whilst their earnings have been volume driven, that means management are on the right track with expansion. (Side note, how many times have WHC missed guidance in the last few years?). Becoming a low cost producer also has put them at the forefront with other operations.

I understand there are many metrics to evaluate a company, and debt is certainly one of them. FWIW, FMG reduced their debt substantially from 2014 through to present levels.

I would have to respectfully disagree with your comment regarding an investment in LTR is not speculating. It is exactly that. You might be able to evaluate cashflows based on commodity prices, but look at the wild swings of lithium. Tell any lithium bull back in 2022 that the lithium price would be 80% lower in 12 months and they would have laughed right in your face. Look at where we are now. Correct me if I am wrong, but LTR would be making no money at current lithium prices (making a loss?).

I am sure those that invested in CXO, SYA, AVZ had expectations of great returns, but those all proved otherwise. For every 1 "speccy" theres 10, or 20, or 100 that never make it.

Anyway, getting a bit off topic as this was initially calling out the high valuations on the banks whos earnings have gone nowhere in 10 years.

Congrats on getting on to WHC in the early days!