Time has value. An ounce in the ground is only valuable if it can be recovered economically. Thus, time to economic recovery is a big deal… What is the value of a project that is fully permitted, shovel ready and is worth $500 M on...
Continue reading » July 18, 2020 admin Gold & Silver Stocks, Investing Strategies 2 Comments The following lines from Sun Tzu has stuck with me when I think about investing: 13. “He wins his battles by making no mistakes. Making no mistakes is what establishes the certainty of victory, for it means conquering an enemy that is already defeated.” 14....
Continue reading » July 4, 2020 admin Gold & Silver Stocks, Horseman's Portfolio, Investing Strategies, Uncategorized No Comment From Tao of Charlie Munger: We are in a pure commodity business which means miner gets the same price, more or less, for their products. The average miner will do well in the good years, but terrible in the lean years. All else equal...
Continue reading » May 25, 2020 admin Gold & Silver Stocks, Investing Strategies 1 Comment Anyone ever seen someone in the mining space recommend a book on value investing or investing overall? Me neither. Personally I consider investing theory to be much more important than knowledge of geology or mining engineering. … Think about it. I would say that the...
Continue reading » May 7, 2020 admin Investing Strategies 2 Comments I seldom comment on stocks I don’t know much about. As anyone who has asked me for my opinion on stock X or Y, my most common response is: “Sorry but I don’t know enough about company X or Y to be able to give...
Continue reading » April 13, 2020 admin Investing Strategies, Novo Resources 2 Comments Setting the scene: Snippets: “The single most important thing to me in the stock market for anyone, is to know what you own. I’m amazed how many people own stocks they would not be able to tell you why they own it. They couldn’t...
Continue reading » April 1, 2020 admin Gold & Silver Stocks, Horseman's Portfolio, Investing Strategies 1 Comment We are seeing a mining sector with “artificial” pricing right now. Price is not reflecting value at all, across the board. It might even diverge further even though even the producers look cheaper than the 2015 bottom. Nothing makes sense right now. Theoretically this price...
Continue reading » March 14, 2020 admin Gold & Silver Stocks, Horseman's Portfolio, Investing Strategies 1 Comment Recommended Reading: “Gold Mine Gangs Tote AK-47s to Outgun South African Police” – Bloomberg.com Makes me wonder how hard it might be for miners when a global economic downturn hits. Physical gold/silver held in private is of course the “safest haven”. Question is how much...
Continue reading » February 2, 2020 admin Gold & Silver Stocks, Horseman's Portfolio, Investing Strategies, State of The World 2 Comments Risk VS Uncertainty… Not the same thing but often treated as such… Case in point when people consider Novo to be extremely risky/speculative because the targets are highly unconventional. Some even, for some reason, goes so far as to claim that “Novo has no gold”....
Continue reading » January 26, 2020 admin Investing Strategies, Novo Resources No Comment Probabilities, Bayesian Statistics And Margin of Safety In this article I will discuss some aspects/events of Novo Resources, Irving Resources and Kalamazoo Resources and reflect on what implied probabilities of success might be derived from said aspects/events (subjective of course)… What does a given snippet...
Continue reading » January 20, 2020 admin Gold & Silver Stocks, Horseman's Portfolio, Irving Resources, Kalamazoo Resources, Novo Resources No Comment 
