I think most of the detailed risks can be found from threads...

I think most of the detailed risks can be found from threads from late last year by Marsc.

However, what about opportunity cost?

Having avidly followed your posts for several years, I struggle to work out how you allocate your positions and how you choose companies to invest in. You have a very deep analytical skill set yet have invested in companies like COF, BOL with fairly complex investment theses that don't always play out. Do you follow the Ben Graham school of thought- first don't lose your capital and then get an acceptable rate of return (a la Marsc) or do you primarily look for asymmetric risk/reward opportunities and what consideration do you factor in for time in playing out your investment thesis? In the case of the latter opportunity cost may be a factor.

MND was and probably still is a very straightforward value proposition.
In MNDs case, I bought when the price was much lower as I felt the risk/reward profile was compelling. I have held here as I agree that over the longer term horizon this is a compelling price for a superior business in a cyclical downturn. There is a chance that revenue drops further in the next year to 1-1.2B, with a corresponding drop in profit and dividend, before plateauing then rising (or maybe not!), in which case what is your expected return over X years and is your capital better served elsewhere? In this instance you still will almost certainly receive a 5%+ dividend yield whilst waiting for the market to pick up, and without a doubt you have bought the premier mining services company. I agree that the downside risk is not particularly high at these valuations but the upside may be some time away.

Note am just offering an alternative view-if I felt I didn't have enough MND already I would probably buy some at these prices too.