Saturday, January 31, 2015 9:29:53 PM
I know of no other company where resources in the ground are valued so cheaply. Let me paraphrase legendary investor Seth Klarman.
When everybody is waiting to find out how low the values will go to rather than using pencil and paper to figure out the values that you may be getting the best bargains of your life. I will admit he has tied up a lot of capital too early in nova gold.
I want to ask a question related to some other board posts you have made.
Let's say you had just 5 investment choices hl, fcx , rvm or the new smnpf or cash. Could you not achieve a better risk -reward by investing only 20% of your total in rvm or smnpf and keeping 80% in cash than by investing 100% in fcx and hl. Valuations are so cheap on the risky "call options" that it negates the advantages of the lower cost producers. Remember you are keeping 80% in cash. Hecla produces 11 million ounces silver and some gold but it is valued at over a billion still so that limits the upside.
One could ask the same question about nem vs anv , although here I think you put 90% in cash as anv is very risky. Thanks for your reply!
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