Thought of the day: When one is buying a #cyclical 20 bagger, generally the cashflow expansion over the holding period exceeds the purchase cap by multiple times. Hence its best to treat the exercise as a 5yr plus sitting period, as if it didn't trade for the interim period.
For $BTU the purchase cap was <$125m Vs peak operating cashflow > $1.5bn
For $IREN $70m Vs likely peak cashflow of > $250m
For $IREN $70m Vs likely peak cashflow of > $250m
For $RIG < $400m Vs peak cashflow > $2bn
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