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Gold/Mining/Energy : KOB.TO - East Lost Hills & GSJB joint venture -- Ignore unavailable to you. Want to Upgrade?

To: Steelguy who wrote (1609)	2/13/1999 3:16:00 PM
From: Check	Read Replies (1) \| Respond to of 15703

Hi Steelguy, Murray Pezim not only " acknowledged that you could lose money on a promotion....er...uh.....I mean an investment", he did both, regularly and on both species . Unlike many of today's promoters, he really believed in the stuff that he was hyping and this had cost him his shirt on several occasions. Sometimes the resulting depression got quite severe. When I was trying to cheer you up last night with: "Kind of reminds me of my other big winners. After the post mortum, you conclude there's really nothing fundamental you've done wrong. So you go back in to get your aloha kicked again. Then one day it clicks." .....I actually had one of Pezim's stocks in mind - Corona Resources. Initially I shorted the stock somewhere in the high 20's, on its way from $ .30 to $ 33.00 . This was in the middle of the '81-'82 bear market, a real dandy, everybody was losing his shirt and goldbugs especially, well, they were quashing and squashing themselves. And there was Murray, looking for gold under the Trans-Canada Highway. The gall of it. I was just trying to make a few bucks for myself and a couple of my promotion-averse clients. (Everybody was risk averse back then, so only heroes went long. And there weren't enough heroes to tide a broker over - good timing again, eh?) As Mark Twain said, a gold mine is a hole in the ground with a liar at the top. Murray had A hole, the whole thing was preposterous and we were going to have none of that! - Fortunately, we didn't do it in size. The horrid bear market finally ended in Aug.'82 but gold continued on its merry way down, from $ 800+ to its bear market (some say we're still in it)low of $285 in March 0f '83, and gold stocks went with it. Gravity eventually caught up even to the Pezim reality and Corona "corrected" down to $ 3. By this time Murray had a bunch of holes but precious little cash, had been subjected to mockery and skullduggery and heroes, well again, as is the case at every bottom, there just weren't enough of them around. Hey, Steelguy, I just realized this is a very long story, I am very slow and late, and besides, people may find its relevance to ELH tenuous at best. Actually guys, this is my last story here for quite a while, I have to find some cows and make some hay after last....anyway, if you want the rest of it, send me a PM and I'll tell it to you another day. CIO