RE: The boring middle that leads to wealth10 Mar 2026 11:59
@mf2017
"for long-term holders this is probably the hardest phase of the investment cycle: the waiting phase. once financing is largely in place and a project moves toward construction, there isn’t actually much for shareholders to do other than wait.
in mining you often see what people refer to as the lassonde curve — early discovery excitement, followed by a quieter period during development when the market loses interest before production approaches. that “boredom zone” is where some investors sell simply because nothing dramatic is happening.
personally, i’m comfortable sitting through that phase. i’d obviously welcome higher prices now, but i’m equally happy to see the share price build steadily over the next couple of years as the project progresses and the shareholder base gradually shifts toward longer-term holders."
i would disagree with your understanding of the lassonde curve, and in particular you 'x-axis' time-scale.
firstly it doesn't really apply to tulu kapi, because this was a discovery we purchased rather that 'striking gold', but if anything the first peak would have been circa 2020 when there was the initial excitement about tulu kapi. the intervening years fron 2021 to 2025 were the 'boredom zone', as it takes time to accumulate the necessary finance, etc and profit-making is still years away.
we are now right at the bottom of the second, much larger, lassonde curve peak. the profit-making era is now down to less than a couple of years away, but this is not the 'boredom zone', this is the zone when the sp goes bat-**** crazy!!
risk is falling away every time kefi make another announcement, and the business plan profits are closer and closer to becoming a share thing. production will be in less than two years, and the sp has to get from 1.5p to circa 20p in this period. looking at kefi day-by-day, or hour-by-hour, it might feel like boredom, or that no much is happening...... but zoom out!
in the last 6 months we're up 200%, and this is only the start!! i would suggest going back and looking at ggps chart during 2020. it looks like a straight line up when you're zoomed out, but if you zoom in you will find 10+ periods (within a year) just like the last week with kefi. when shareholders were distraught, panic selling, accusing shorters of fraud, querying if directors or institutions were bailing, etc, etc. the reality is that this is just the eb and flow up and upwards trajectory.
we are not in the 'boredom zone', but there will be some days that are champagne-popping ones, and others where we start questioning our calculations, and many many more that will feel like boredom. my advice on those days is to zoom out and look back at the big picture.
.....and remember that the alternative is to invest in a 6% pa etf - you wouldn't be logging in daily to check up on how that is performing lol
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