Claude - Sincere thanks from an LONGGG time lurker :)
OK Claude, after admiring your sharp analysis and value orientation in the PM market for over 10 years, it's high time I stepped up to the plate and expressed my appreciation for the quality and integrity of your posts.
I first came across your name and manner on the CompuServe Investors Forum - this before the days of the Internet, where you had do dial up to a BB to access investment forum threads. I believe the likes of (if I remember the names correctly) Roy Fellars, Keith Trauner, Chris Carolin (sp? - the Spiral Calender guy) and others whose names I no longer recall posted to this board at the time. In fact, I even recall brief appearances by legendary Soros partner Jimmy Rogers for a brief period. I believe Chris was trying to convince him that the secular bust we are now experiencing was absolutely going to begin during a certain time period in 1993 or 1994. Oh well, so he was a few years (like 6 or 7!) early. (smile)
The first PM stock pick of yours I recall from the Compuserve board was actually a company that no one had heard of at the time - a tiny gold exploration company out of Calgary called BRE-X Minerals. They were reporting assay results out of Indonesia that I recall you saying you had looked at and - if true - represented perhaps the world's most significant gold find in decades (don't know if these were your exact words, but it was something to this effect). I recall you first speaking of BRE-X when it was trading I think around $1 per share. You were speaking of BRE-X a good 4 to 5 months before I next heard John Embry (who managed Royal Trust's, now Royal Bank's, Precious Metals Fund) tout the stock highly.
Of course, BRE-X soared to god-knows-what price, and alas the assay results turned out to be a hoax. By the time things blew up I was no longer following the CompuServe forum, so I have no idea at what price you exited BRE-X, or when it began to occur to you that all was not as it appeared at BRE-X. I'm sure you did well enough on the company.
Unlike yourself and many of the investors on the BAY, FGX, and other PM forums, my core investment focus is not on PM or mining stocks. I actually focus on capitalizing small-cap technology companies - particularly those that own platform technology with significant capacity to scale and dominate an emerging value chain. I have been strongly influenced by Value Investing sentiments - of the Ben Graham variety - but have found it most interesting to apply value investing principles to technology and small-cap investing. I'm sure you've struggled in the early years of your PM investing career with similar issues of how to integrate a value investing approach to the metals and minerals markets.
Though my investing portfolio is built around well-valued emerging technology companies - as an investment class I am generally a bear on North American equity markets - particularly technology, industrial and financial companies - for pretty much the remainder of this decade. I am bullish on money - either companies who actually are able to MAKE any, or monetary assets such as cash and precious metals.
It is in diversifying my portfolio into Precious Metals that I have always so appreciated your analysis and insight Claude. I wonder how many other unknown lurkers, as well as subscribers to your Ormetal Newsletter have similar sentiments that are not expressed perhaps as often as they could be.
Presently, 20% of my investment portfolio is in Precious Metals juniors. Thanks to you and others on these SI PM forums, I acquired FGX.TO around $5.50 and BAY.TO around $1.50. My other PM holding is FSR.TO, which I've held for years. The economics of FSR do not appear to be nearly as good as BAY's or FGX's, however, as a hedge against potential monetary difficulties in the global financial system over the next decade, I hope it will server its purpose.
Anyway, finally thought I should emerge out of Lurkerland and acknowledge my appreciation for your many, many excellent contributions over the years to various PM forums, and also acknowledge the many other excellent contributors to the SI PM forums.
Best regards,
Glenn
(from somewhere in Central Canada ... where ... ummm .. a lot of Buffalo used to roam ;) ) |
