Why I bought PTM, page-6

You seem to comment as if you have never invested in a deep value stock.

Like many here, the experience is both humbling and rewarding.

ln case you arenot very old, or even if you are old, l will recount a very simple investment made less than 2 yearsago in a recognised Australian icon.

I tradedVRL along with a few other HC posters for over a decade. In and out many times buying at lows (not bottoms) and selling at highs(not tops). The calls were close enough to correct to make some seriouscoin, as we knew the nature of the Kirby's to get over excited before making a blunder.

There was a $4offer on the table just before covid hit. After covid, the price sank tobelow $1 and stayed there for a long time. It made no sense, but there youhave it. Needless to say many saw the stock as very cheap, whilst others, alittle like yourself, thought it was a dog.

PE naturallycame back with a lowball offer but ended up paying $3 per share. It was one ofthe easiest cyclical industrial mid cap multi bag plays in a decade, butit did take 18 months to play out.

Mypreference has been more in deep value resources and commodity stocks thatpay no dividends and hence attract no interest from mums and dads until afterthey make the news. Though that id another story, the same strategy is required. Find value, accumulate,see your capital halve, check the thesis, and if unchanged, double down, tripledown, then wait.....for as long as it takes.

Multi baggersmost commonly look like this, unless one is so lucky to capture a bottomat first bite.

l am notexpecting PTM to be a multi. It is way too expensive for that. But l expect areasonable return before a MBO or buy back led recovery.

I may notbe as bullish or as generous in the calcs as @Libertarian, but l share hisgeneral sentiment.

ln amasochistic way, l want the price to go down a lot more, as l suspect l willtriple down. Those sort if opportunities are not common. If it doesn't, likeLibertarian says, it will be a passive hold waiting for markets to recoverand collecting dividends while we wait. God knows, l have done that many timesin my life as well, and been none the poorer.

Am loving IrisEnergy Ltd (IREN) closing in on all time lows and suspect PTM may do likewise.Investment patience is not a thing in the 21st century, making life so mucheasier for old buggers like me. Curiously, l have become more patient as l haveless time left on this earth. It's a lesson in life taught by the heavy stickof experience.

GLTASH