I just reduced Ensign Energy $esi.to at what I estimate to be a 15% FCFY to add to Howard Hughes $HHH which I think could do 2-3x in 5 years and compound from there.

There’s still optionality in Ensign but the the clear value that was there in the low $2 range has gone, and it is cyclical and levered.

Meanwhile, HHH might be on the way to becoming a real compounder, and that is not priced in. My review below.