I am the one who got them to do that. I got Barrick to stop hedging gold. I did it one day by taking the bull by the horns.
I went straight up to Peter Munk on the street, and said, "Pete", (I call him Pete, it's his name), "Pete, you have to stop this hedging thing, It's no good." He pulled the cigar from his lips, spat on the sidewalk, and said, "You know I have been wanting to say it for some time. It just did not sit right with me, but until now, I have never met anyone with the gumption to come right out and say it. Thanks a million. And say, what did you say your name was"? I laughed. Imagine that, asking my name. Pete's a funny guy. Of course we are old friends. But the proof of the pudding is in the eating, and Barrick has stopped hedging dead. Co-incidence? I don't believe in them. It's all part of shareholder activism. And of course it helps to have old friends on the board.
EC<:-}
