BRE-X, Indonesia, Ashanti Goldfields, Strong Companies. Message Board

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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies.

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To: Aurum who wrote (25370)	6/8/1997 1:13:00 AM
From: sana	of 28369

Never posted on this thread never owned the stock but periodically drop in to read the ruminations. The reason I am posting is to quote from Herb Greenberg (business writer of the San Francisco Chronicle) concerning Bre-x. He tells the story of Robertson Stephens who runs the Contrarian Fund, Quoting Robertson Stephens, "I then called CEO David Walsh to come down to our offices to make a presentation." He says he also did a background check on the company's geologist, John Felderhof. "I used to be a venture capitalist, and you make lots of background checks because you don't want to get stuck. The backgrund checks showed (Felderhof) had low credibility. "Then Walsh showed up in our office. He had this massive potbelly, and he brought his girlfriend who was the secretary of the company. Bottom line is that all you had to do was meet him and you wouldn't have bought the stock. "I walked out of the room, and went straight to our trading desk. This was in February of 1994. By then, we had doubled our money: $200,000 became $400,000. After we sold, the stock went up by 300 times, so we left $100million on the table because we did due-diligence." Did he start having regrets that he sold too soon? "No, because you never deal with people who do not have high integrity or are questionable," Stephens says. "And they didn't own the assets." The article continues but you get the point. Yes hind sight is 20-20 but obviously there were people back in '94 who did their DD.

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