Value Microcaps Motherboard

[cliffvb]

EZM...copper hedge


>>It makes the EZM management look like a fools to hedge copper at such a low price and even bought puts on copper. TGB management seems doing the right thing. The only other company I own that is not hedged is NTO.<<

It certainly does look foolish now but to be fair, I recall EZM managment saying in a cc that their lender required them to do the hedges in order to get the loans they needed for operations.

Reminds me of an old adage that my former banker would remind me of if I complained about terms of a loan:
"He who has the gold makes the rules".