RE:RE:RE:RE:RE:RE:RE:RE:tail wagging the dog "there has to be some recognition of these balance sheets at some point."
Ah yes.... oh but to dream aha
If the market ever did, we would never have got the 2015/16 lows in base materials.. teck at $3 again, unit at $3.90, southern copper in the 9's 2009.
In my experience, the market always overdoes it, compresses valuations to opionality discounting prevailing depressed prices out too far. It's the analyst models in most cases - conservatism doesne't ever assume 1-3 month horizon for major price changes. But big moves happen in those time spans often. So you get a lag that overshoots on the way down, and vice versa at the top.
Sadly, i still am too early, even trying to account for this and like to keep re-learning that lesson myself haha I'm in from 12.60's 13's and a bit of averaging down in the 9's. But still well too early, with what insanity has transpired in this space. I always seem to be expecting too much of the rest of folks lol