Portfolio Update

The tungsten and EQR story is gaining traction, with the stock up a blistering +120% YTD, and tungsten prices stubbornly north of $1000 / mtu (APT). Based on the current industry outlook, it appears the tungsten market will remain tight as China limits exports, and suppliers struggle to source material. While the author has scaled down the investment, they continue to hold >50% of the original position.