The Sounds of Accumulation, page-71

I think a lot of people are looking at current valuations based on sky high coal prices and getting greedy. I think everyone here is aware that prices are they way they are due to the unique political landscape, coal bans and general China shenanigans. These are expected to be transitory in nature so coming up with $1.5 Bn valuations and the sort is unrealistic for life of mine as is. I would absolutely love Cokal price to hit $1.90 but the chances of this are asymmetrically unlikely over the long term.

if you’re here for the long run, you’re buying a long run business. Value it as such. And whilst we all have valuations higher than current market cap and thus, we’re all in good stead with our parcels of shares, setting such lofty expectations is a recipe for disappointment.

Price action looks fantastic. A good time to be a holder