Sizing for the exit instead of the entry is the right answer to that. Same rule I use for Polish small caps: the position is only as big as the day I'd want to sell it on.

Fair point, and it's the part people here forget too. KGHM is one of the world's biggest silver miners, almost as a side effect of its copper. In Warsaw it still gets talked about as a copper stock.

Nice series. The Polish angle here is KGHM, which runs Sierra Gorda in Chile. What surprises me is how little the market pays for it - very profitable, but growth has been flat, and that seems to be all anyone looks at.

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24 Eylül 2026 17:30

not sure the take on gold holds if the Fed keeps rates where they are.

Warsaw's silver leg is $KGH, and its income statement has not caught the move yet: revenue +3.0% y/y on our 21.09 scorecard, rank #52 of 94. By-product silver from copper shows up in the metal price long before it shows up in the filings.