The idea of LT investing is to find the next NCK ALU FID HUB etc while it's still a relative minnow and let it play out over time, provided (and crucially) the story doesn't change, detrimentally. CSL probably the greatest Aussie example.
I don't know any successful investor that invests LT in the sorts of crap we talk about on HC most of the time. That's purely trade the trade, assume going to zero, or consolidation and rebirth.
It's horses for courses and you can do both, as many of us would.
(20min delay)