Ben Wright

[Ben Wright @benwrightx]

@bkaellner Tough one hey. I purchased at $70 in 2021 and sold at $70 in 2024.

[Ben Wright @benwrightx]

@ManuInvests @TacticzH Purchased in 2021 at $70, sold in 2024 at $70. 2025 - now 🚀. Great miss.

[Ben Wright @benwrightx]

Thesis was right. Wrong read on the rest of the situation and I sold just before HBM made differentiation within the three undeniable.

[Ben Wright @benwrightx]

Bought $MU in 2021 at $70. Sold in 2024 at $70.

The thesis was the AI buildout would require massive memory demand. With only 3 players - what was a commodity, wouldn’t be anymore.

I sold because I saw micron and Samsung being reactive on pricing, rather than being rational.

[Ben Wright @benwrightx]

The direction of the thesis was right though. HBM for AI accelerators changed everything and it became mission-critical

$MU ran to $740 in the 2 years after selling.

Would have been a 10x or 58% annualised return over 5 years

[Ben Wright @benwrightx]

$CSU and $TOI buys.

My only new and meaningful buys since buying met coal $HCC and $AMR in April 2025 at $44 and $133, respectively.

When the market is fearful, that’s the time to buy.

Of course, you need to understand the risks and make your own assumptions of the future.

[Ben Wright @benwrightx]

@adrivalue FCFA2S was always going to drop. 153% anomoly growth last year due to;
- conversion of prefs, eliminating a large recurring deduction
- completion of WideOrbit's post-acquisition margin improvement
- lower interest from debt paydown.

Headline was always going to revert

[Ben Wright @benwrightx]

@Larryjamieson_ baxterr inn or the doss house. Both great whisky collections

[Ben Wright @benwrightx]

Hierarchy of happiness.
- health
- friends/family to have laughs/meals with
- Ability to say/do as I please
- Ability to engage in things that are intellectually stimulating
- Ability to go where I please

Time goes faster as you get older, anything can happen - enjoy life

[Ben Wright @benwrightx]

@HyperTechInvest $mrvl

[Ben Wright @benwrightx]

Exercise, whether it’s lifting weights or going for a run - always helps clear the mind and leaves you feeling better.

I didn’t feel like training today, but I knew if I just showed up I was doing myself a favour.

Instantly feeling more clarity and positivity after.

[Ben Wright @benwrightx]

@je41493029 With the lack of investment due to ESG, and lower prices sending smaller mines on the higher end of cost curve out of business, consolidation will happen and you get a supply crunch over the longer term that should support higher prices

[Ben Wright @benwrightx]

Buying $AMR here.

My simple summary is that currently, it’s a 1.7B market cap with $500m cash, no debt and its trading at book value.

The book value is made up of property, plant and equipment + the cash. Meaning very little downside risk given it has no debt.

[Ben Wright @benwrightx]

@je41493029 Maybe, and if prices stay lower for longer, they will make less money, but over the LT, they’ll still make money and I see it as a heads I win, tails I don’t lose too much.

[Ben Wright @benwrightx]

@GaylordCapital I get that this year looks grim. It definitely can go down further - i just think the BV made up of PPE and cash + 40 years of reserves, over the long term I find it hard to see a point where I lose money.

Not looking for a ST trade here and have more powder for lower prices

[Ben Wright @benwrightx]

If we average that, say $500m a year, with like 40 years of reserves, it’s trading at like 2 x earnings which is very cheap.

40 years of $500m for $1.2b exc the current cash sound pretty good.

[Ben Wright @benwrightx]

Met coal is also at lows in a current trough, and when met is high, AMR can make $1b + of cash flow annually.

It also has 40 years or so of reserves.

Some years, like this year it will make little cash, maybe even negative cash flows, but some years it will also make $1b +

[Ben Wright @benwrightx]

@KaranMGurnani 😂😂😂 wow!

[Ben Wright @benwrightx]

@TihoBrkan Not everything is a “buy” at the right price. If it’s on its way to bankruptcy, there is no right price

[Ben Wright @benwrightx]

@BellaInves73913 @patientinvestor If uber has a 3min wait time, and the pure AV player trying to replicate Ubers network has a 12min wait time. Who gets the booking?

[Ben Wright @benwrightx]

@BellaInves73913 @patientinvestor People book hotels direct, they also book on Expedia.

People buy from the $MCD app direct, they also order on uber.

People can get a Waymo direct, but also on uber.

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