U price next cycle, page-8

Thanks for writing this.  You just confirmed my thesis on the reason to own. Unfortunately you clearly need to learn to not buy high and sell low,  a problem many investors face.  You really do not understand capital cycles and how commodities work. 

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"Berkshire buys when the lemmings are heading the other way" Warren Buffett

"Amateurs buy high and sell low" Charlie Munger

"Ignoring cycles and extrapolating trends is one of the most dangerous things an investor can do"  Howard Marks

“When you buy a battered stock, you take some risk out of the purchase. Investors have low expectations” Chris Davis

“You must buy on the way down. There is far more volume on the way down than on the way up, and far less competition among buyers. It is almost always better to be too early than too late, but you must be prepared for price markdowns on what you buy” Seth Klarman

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Read my other PDN posts, to understand where we are no in the capital cycle and why Investment Banks are buying Paladin.  You also need to understand and read about what China are doing.