Bre-x was initially a penny but reached over $200. Was the last pre-internet stock fraud, collapsing in '97. So the web played a minor role in pumping it.
Mining and energy are perfect businesses for scams since investors can't look at the operation and determine if it's
for real. Plus operations are often overseas and in other legal jurisdictions. Bre-x was located in the jungles of Borneo.
I've never owned a mining or oil exploration stock. But for some nutty reason "players" adore the idea of buying an oil/mining company on the ground floor. i.e. IHUB's own CMKM, Canadian diamond scam. Investors should strictly avoid that sector, IMO. Buffett would agree, I think.
OTOH, how many retail store scams can you think of? You can always look at a Duluth store and see it's for real, and even get some idea of the traffic. (too bad most retail is history now).
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