Loved this write up. I have also been tempted fir about a year but reached the same conclusion that it has not heen/ is not the optimal time to invest. While they have returned cash via capital returns, my concern is that the optimal time to invest in a firm of this type is when the market has a major downturn as if zooming out it appears like a procyclical business- when liquidity and sentiment I'd abundant then lots of (mining) companies will be raising and people seeking advice for their money chasing higher returns, conversely when liquidity and sentiment are low then the reverse. Right now liquidity seems okay while sentiment for WA resources companies (bar a few) is weak, so for me not quite right time to invest.
Loved this write up. I have also been tempted fir about a year but reached the same conclusion that it has not heen/ is not the optimal time to invest. While they have returned cash via capital returns, my concern is that the optimal time to invest in a firm of this type is when the market has a major downturn as if zooming out it appears like a procyclical business- when liquidity and sentiment I'd abundant then lots of (mining) companies will be raising and people seeking advice for their money chasing higher returns, conversely when liquidity and sentiment are low then the reverse. Right now liquidity seems okay while sentiment for WA resources companies (bar a few) is weak, so for me not quite right time to invest.