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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: Cascade Berry who wrote (8414)	1/22/1998 12:38:00 PM
From: Henry Volquardsen	Read Replies (2) of 20681

CB, A report like that will certainly be very intersting both from an investor's perspective and pure intellectual interest. At some stage such a report will very likely be produced but only after a lot more testing. I think the scientific analysis and comprehension of this formation is just beginning. I respect your opinion regarding what information is needed to make an investment. To be it is all a matter of personal preference. Each person has to determine their risk tolerance and then decide at what point in an unfolding story is the right time to jump on board. I have heard the allegations regarding Jimmy John that you have made. I have no way to prove or disprove them but yes they are a cause for some concern. Because of this concern I did even more due diligence than normal. I have spoken to the company numerous times and asked many questions. I have taken the information I gathered and found third party experts and checked with them for plausibility. So far it checks out as possible. The involvment of BD and Ledoux also give me greater comfort. This is by no means a slam dunk and as I have often said there remain many risks with Naxos. But with proper diversification I have decided that at least for me Naxos fits into the speculative component of my portfolio. I strongly agree with your point that 'the road to hell is paved with good intentions'. I use that phrase frequently myself. The single worst investing decision I have ever made and which taught me a lot about diversification and other proper risk management was an investment in a film studio. I saw a preview for two movies by the same studio in the late 80s. The movies were tremendous and certain to be blockbusters. I put every penny I had in the stock. The first movie came out and within a week the stock was up 25%. I then went out and margained myself to increase my holding. I had more than my total net worth in this stock. Within a couple of months the stock had fallen 90% and eventually went bankrupt. I got wiped out and was in debt. I never decalred bankruptcy but could have. BTW I was right about the movies, they were blockbusters. The studio was Orion Pictures and the movies were "Dances With Wolves" and "The Silence of the Lambs". Henry

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