Colossal Resources - CLPZF - Colbalt in Zambia Message Board

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Gold/Mining/Energy : Colossal Resources - CLPZF - Colbalt in Zambia

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To: Thomas J. Benthall who wrote (360)	9/12/1997 10:31:00 PM
From: Dick Roy	of 501

You have a point there. I do much of my trading in tax-deferred accts so no write-off presumably. In any event other than a few Canadian cos my overall portfolio is fine: went heavy into semiconductor equip last year, rotated out into energy this yr and my biotechs are now rallying as well as my energies. Taking mainly a more focused "value" approach: buying cos such as OREM (in titanium) in case of recent purchases (beaten up but solid earnings growth). I had a somewhat similar case as CLPZF with another Canadian co called Forzani Group (T.FGL). They were a large and very fast growing sports retailer that got into trouble. I had bought in at C$ 3.40 last year. It kept going down to $1.25-1.50 and I bought an equivalent no. of shares at 1.50. (so blended price is 2.40). With restructuring FGL is now at 3.40 again. (it hit 3.80 over the last week). If I sell now it represents a 36 pct plus net gain overall. I suppose one could say, well, with a bail out and reinvestment, say last Fall in semi equipments one could have done better. But I am holding. I still think my original idea was correct, that this co would turn around (or get acquired). They have largest market share in Canada. My target is 45-50 pct return, like overall portfolio, before I sell. There is some utility in continuing to follow troubled cos because simply the time one takes provides some insight and then turnaround opportunities. Problem with CLPZF is lack of hard info so far and distracting noise because of the unnecessary big talk and misadventures. The cobalt is a great mirage! But I think management has no choice but to be informative and forthright. At least they have a product which you don't need to be a star salesman to sell. Or do they? Let's see. These aspects make it different from Forzani. I took a chance buying additional CLPZF but money involved is small, and perhaps dynamic in terms of return, should be like Forzani case. Let's see! All the best Dick

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