I agree with what you say in level of returns investing in...

I agree with what you say in level of returns investing in start-ups. They can greatly outperform and drop equally fast too. That’s the risk in spec and mid-tier.

But remember every producer starts as a start-up and the gains in the growth cycle far outweigh those in a later production stage within the considerable majority.

Many investors you find following a yield model are often bottom pickers. They try time as equally as any. Then they start selling portions at highs. Fooling themselves that they aren’t trading as its “one they intend to hold”. Bottom picking is no different from boom picking regardless of cap size. I just prefer doing so on ones I know produce higher gains. Then I'll hold in yield driven, like yourself, if I find no better option in capital gains. Which for me is easiest via margin lending reduction as a base. Yes I leverage.

Yes that REE link is pretty dated. It’s also quite an ineffectual comparator and I think you know that.

Basket price is the main figure of influence there. But absent cost to work out IRR it still means little to me. Quality of source is only guidance to end returns. But there are many factors to consider that can tip that scale. So I won’t ever take it as absolute.

Then of course you have to look deeper beyond viability to likelihood. To find the greatest source of returns in sp. Therein you'll often lose many investors. As they prefer headline white wash or plod blindly behind ones they think know more. Rather than invest hard time developing their best investment, their knowledge, via pulling each option a part to understand more than, and get ahead of, the pack. I guess have time to do that as I do so for a living. Not being lazy can make any man rich as time holds more value than money.

Some of those companies offer far more than a glance upon that chart. But that's how I make money I guess. Finding out the facts behind what people often assume in a broad stroke of self comforting haste.

One of which looks ripe to one day contend with LYC absent it even needing a LAMP and certainly far more so in share gains during its growth cycle should things go well in the years ahead. But I won't go further. As I'm not here to cross promote my other options.