Midas Touch vs. Fiasco

Whatever doesn't kill you makes you stronger.

Commodities are the basic building blocks for human. We are one of the basic building blocks of modern society.

The best place to find a new mine is next door to an old mine. Tom Zoellner

A takeover bid is unlikely until the company has its permits in hand.

Large scale deposits often get acquired after permitting, feasibility.

Oil is a commodity. Gold is a currency. A key difference that is often forgotten is that gold ismore than a commodity; it is a currency.

Buffett has been famous for saying that he hates natural resource investments because they’re capital intensive and cyclical.

We sometimes forget they’re cyclical after an extended period of robust performance and then typically come back to understand that they’re cyclical again in a very painful way.

So, with Warren sometimes you got to watch what he does and not so much what he says.  He has this view that gold is something that you spend a lot of money to dig out of the ground and put back into the ground and it pays you no dividend.

Life will always remain a gamble, with prizes sometimes for the imprudent, and blanks so often to the wise.

There is nothing more imprudent than excessive prudence.

It would have been disingenuous of the candidate to appear ecstatic/euphoric when her opponent won the election, but she congratulated the victor nonetheless.

Fiasco

A couple of investors put their life savings into an industrial mineral site valued at $300 million, only to discover that the stockpile is so remote and difficult to process as to be worthless.

A junior exploration goes bankrupt after realizing that its $30-million precious metal property investment is worth about one-tenth that amount. 

An individual is out of luck after lending $200 million for the purchase of dormant gold claims in the western U.S. valued at an exorbitant $10 billion.

There are extreme examples of mineral property valuations gone wrong.

If the property is at the exploration stage with no history of cash flow, or has a significant resource component, the task enters a whole new realm of uncertainty.

Bet with money you can afford to lose.

Flaming enthusiasm, backed up by horse sense and persistence are the qualities that most frequently make for success.  (Dale Carnegie)

Success seems to be largely a matter of hanging on after others have let go. (William Feather)

Formal education will make you a living; Self-education will make you a fortune. (Dale Carnegie)

The toughest thing about success is that you've got to keep on being a success. (Irving Berlin)

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