Does anyone else build spreadsheets for their portfolio where they count their companies' output and future output, not the current market price of their portfolio?
It feels a lot more reassuring when you know you own XX barrels of oil a year or XX ounces of gold a year. Market price can move wherever it wants, but production and profits remain grounded. Factories and mines under construction at 30-45% IRR projected to produce future earnings of a magnitude equivalent to current market cap. Let the market pummel them; when they come online, the market will change its mind and revalue them. P/NPV of 0.2-0.5.