* What more could be said ..., page-14

I was one of the U bull back from 2005, heavily invested in the Oz sector and rode it right through 2008 and recovery pre-Fukushima. Such a Black Swan has taught me important lesson never to be too cocky in my conviction! Overall I did pretty well in this sector but it was more luck than objective analysis that got me out.

Fundamentally I "see" EV/Li battery as the forefront of the renewable revolution with very little impact on the environment unlike a Fukushima meltdown. I am not saying it can repeat but given Japanese cover up, before, during and after the event and the ongoing denial of spillage into the surrounding sea, I prefer to sleep well at night.

Cobalt I always suspected was not sustainable as a pure play commodity but LiNi is where the future lies. Again like any expo rally, this is the result of the exuberance and like U or Gold, it will probably get a second rally. However Q1 2019 is where there are a lot of global macro headwinds and I am not prepared to get besides minimum exposure in anything and even less indulgence in prediction.

Good luck to your exposure but this is where we differ respectfully.

P/s I know a few specialist funds are bullish in U for a few years and a great gamble at rock bottom valuation, very much a coin flip wealth creation/destruction I am not prepared to take.