General Discussion

Took some profit on my trading parcel of Rio — trimmed at 172..For context, I originally entered around 119 and had already scaled some out earlier at 147, so this was just continuing the strategy of de-risking into strength. Main reasons for selling here:

• The rally has been extremely strong and feels a bit overextended short term

• Macro backdrop still looks shaky — China demand and global uncertainty haven’t exactly disappeared

• Iron ore holding up, but sentiment feels ahead of fundamentals right now

• Market overall feels a bit overexuberant given the risks still in play

Also worth noting we’ve started to see broker sentiment shift.A few firms have recently downgraded Rio Tinto to “Hold” after the run-up. That doesn’t mean the company is suddenly bad — it just means:

• Valuation has caught up to (or exceeded) near-term expectations

• Upside from here is seen as more limited

• Risk/reward is no longer as attractive at these levelsThis is pretty typical behaviour late in a cyclerice runs hard → analysts pull back → smart money starts rotating.Not calling the top, and I’m definitely not bearish long term — just managing risk and locking in gains while the market is offering them.Happy to re-enter if we see a decent pullback or if the macro picture improves. For now, staying patient.