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Gold/Mining/Energy : ECHARTERS -- Ignore unavailable to you. Want to Upgrade?

To: Texas77 who wrote (1804)	11/15/1997 12:22:00 AM
From: E. Charters	Respond to of 3744

Well when reality is less than expectations as it so often is in this topsy turvy world and we have seen it about 25 times from Cons Silver Tusk to Golden Rule to Cartaway we discover it is better to bet against the popular expectation than to bet for it. If all the expectations in stock were to come true then we would have about 20 American Barricks by now in this last little bull market. Exploration success for those with lots of money, energy and many resources is often less than great percentage wise. Barrick has 100 or more conventional projects worldwide. They would consider themselves ecstatic to come up with 3 mines out of that. I don't think they are hobbled by an oversupply of conventional thinking. (Some older companies get less vigorous and too committee oriented and have poorer success rate.) Even when you consider the normal things against a company and discount the charlatans that are out there, there is a formidable problem to proving, keeping and financing favourably a mine discovery. Let alone the difficulty finding something promotable. There are many hundreds of companies with fair resources; little of it has promotional value, leaving them with a less than good market. And they don't try that hard either to get the news out in many cases. This compounds the lack of money problem which makes manoeuvering to find the next situation that much harder and the shareholders situation that much more diluted. Nothing sure in this world.