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Gold/Mining/Energy : International Precious Metals (IPMCF)
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To: kimberley who wrote (27927)11/21/1997 11:00:00 AM
From: Larry Brubaker  Read Replies (3) of 35569
 
"re due diligence, one thing I learned, and should be a valuable lesson for me, is that you can't believe anything. you have to check it out for yourself. the line between fact and fantasy is really blurred with regards to this stock. we hear something so often, we just take it to be true. my best advice here is to go straight to the source, if possible. never assume it's already been checked out and is o.k."

Kim: Marcos made a very good point yesterday asking "how do you do due dilligence on a black box process?" I agreed with that point wholeheartedly. The fact that some of the longs had "kicked the tires" more than me and were believers did not really influence me. Did they know that the company had an economic recovery process at high recovery rates? Obviously they did not. I was influenced by what the company said.

Going straight to the source in this case would have done no good, because the source was the source of the misinformation. I have had officers of small cap companies outright lie to me on the phone. Sometimes the last place you want to go to is the source. Unfortunately, I was relying on what the source was telling me in this case, and the message was untrue.
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