Couldn't agree more. I think I mentioned, I had to intentionally...

Couldn't agree more. I think I mentioned, I had to intentionally unlearn what I learnt in my CFA studies... financial theory states that markets are efficient and you can't consistently outperform the market. Monkeys throwing darts at a dart board outperform most investment managers etc etc. But it's simply not true for small, "niche" markets like ASX junior explorers. You need to know what you're doing and have conviction, be able to hold your position and go against the grain. Also, I trade very infrequently. Fund managers need to be invested most of if not all of the time because otherwise they can't charge 1% management fees for being in cash most of the time. I'm happy not making a trade for 2 years if nothing comes along that meets my criteria. As a small investor you have a lot more flexibility, easier to manage liquidity and get in and out of positions. I only buy when an opportunity so obvious comes along that it smacks you in the face. This was one of them. Also, if this story continues playing out in the direction it's going then it won't be a trade, it will become an investment. Major discoveries usually take 12-24 months to reach peak share price from the day of discovery announcement