IREN | Management Betrayal | Thesis Still Stands...
oh shit, i thought it was monday today. but it's sunday...
You have maybe a hangover. 💯
This is the hard part with asset-heavy stories.
The assets can be real, scarce, and strategically valuable — and management can still become the largest risk in the thesis.
Power and land may create downside protection, but dilution changes who actually gets to own that protection.
Sometimes the business thesis survives while the shareholder thesis gets impaired.
IREN might deliver, but by the looks of it and what the management is doing… it’ll take years
Are you alive after your weekend?
st tropez won’t be the same
oh shit, i thought it was monday today. but it's sunday...
You have maybe a hangover. 💯
This is the hard part with asset-heavy stories.
The assets can be real, scarce, and strategically valuable — and management can still become the largest risk in the thesis.
Power and land may create downside protection, but dilution changes who actually gets to own that protection.
Sometimes the business thesis survives while the shareholder thesis gets impaired.
IREN might deliver, but by the looks of it and what the management is doing… it’ll take years
Are you alive after your weekend?
st tropez won’t be the same