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To Achieve Financial Freedom, Should You Diversify or Concentrate?

“The really great fortunes were made by concentration, not diversification.” — Gerald Loeb, “The Battle for Investment Survival” “If you…

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“The really great fortunes were made by concentration, not diversification.” — Gerald Loeb, “The Battle for Investment Survival”

“If you have a little, use a rifle. If you have a lot, use a shotgun.” — Anon.

The above quote from Gerald Loeb, the legendary investor and founder of E. F. Hutton, is one of two pages of quotes (pp. 160-162) in my “Maxims of Wall Street” book on the issue on “Diversification vs. Concentration” (to order, go to www.skousenbooks.com).

The Tortoise vs. The Hare

There are two philosophies of investing: one is to diversify into a stock index fund like the S&P 500 Index, buy and hold, or dollar-cost average. It is not sexy or the subject of cocktail parties, but when you retire, you will be financially independent.

Besides, if you try to pick winners to beat the index, you will probably lose over the long run.

The other strategy is to concentrate on one business or sector in the stock market, become as knowledgeable as you about that business or sector and hope to turn $1,000 into $1,000,000. My view is that there is no one way to become financially successful. There are many ways to climb a mountain.

I personally do both — I sometimes concentrate on a small number of growth or penny stocks, and other times diversify into an index fund.

‘To make it, concentrate; to keep it, diversify’

Most entrepreneurs concentrate when they are young by investing in their own business or a few growth stocks.

But when you are older and sell your business, you may want to diversify as much as possible because you don’t want to come out of retirement and start running a full-time business again.

In other words, to make it, you concentrate; to keep it, you diversify. (See p. 162 of “Maxims of Wall Street”)

David Swenson and the Yale Model

When it comes to diversifying your portfolio, what is the best strategy? David Swenson is famous for managing the Yale University endowment fund. He was appointed chief investment officer at Yale in 1985 at the age of 31.

His “Yale Model” gained 21% a year from 1985 to 2007 and since then, it has risen by a more modest 10% a year. Now, the Yale endowment fund is valued at over $32 billion, making it the second-largest university endowment in the world (Harvard University is first.)

And he did it without ever investing in the FAANG stocks, featuring Facebook (NASDAQ:FB), Amazon.com (NASDAQ:AMZN), Apple Inc. (NASDAQ:AAPL), Netflix, Inc. (NASDAQ:NFLX) and Google’s parent Alphabet (NASDAQ:GOOGL)!

His Yale model is based on the idea that by diversifying into alternative sectors such as emerging markets, gold and commodities and real estate, you can increase returns and lower your risk.

He also invested in some well-managed hedge funds, which performed well for years.

Nicholas Vardy tells me Swensen was once described as the largest donor to Yale ever, as measured by the excess returns of the Yale endowment. He also has a new dorm named after him, as Yale recently expanded the size of its freshman class.

Sadly, David Swenson died of cancer last May at the age of 67. His successor is 36-year-old Matthew Mendelsohn. He has some big shoes to fill.

Ron Baron’s Concentration Approach

An alternative approach is more accessible to the public: Billionaire money manager Ron Baron manages several no-load mutual funds that I recommend in Forecasts & Strategies.

Meeting Ron Baron at the Baron Investment Conference in New York.

His motto is “I invest in people, not businesses” (Maxims, p. 157). His funds concentrate on individual companies with solid management skills. Recently, 45% of his Partners Fund was invested in Tesla. He has great faith in Elon Musk as the CEO.

Last year, his Partners Fund was ranked the #2 best-performing mutual fund over the past 20 years.

Diversify or concentrate? It all depends on you.

How to Order ‘Maxims of Wall Street’ at a Discount

I’ve quoted several times from my book, “The Maxims of Wall Street,” now in its 10th-anniversary edition. Dennis Gartman states, “It’s amazing the depth of wisdom one can find in just one or two lines from your book. I have it on my desk and refer to it daily.”

The book retails for $24.95, but you pay only $20 by ordering directly from www.skousenbooks.com. All additional copies are half off — only $10. They make an excellent gift to friends, relatives and clients. I autograph all copies.

Upcoming Appearances:

‘Are We Rome?’

This Saturday, Sept. 11, is the 20th anniversary of the 9/11 attacks. I’ll be in Vineyard, Utah, speaking on the topic, “Are We Rome?”

Come join me at the Liberty United Festival, Saturday, Sept. 11, Grove Park, Vineyard, Utah, 3-6 pm: This is a free event. There will be live music, food, games and spirited talks. Invite your friends and neighbors.

Las Vegas MoneyShow to Host FreedomFest and Anthem Film Sessions!

Las Vegas MoneyShow, Sept. 12-14, Bally’s: Jo Ann and I will be speakers, along with Steve Forbes, Steve Moore, Keith Fitz-Gerald, Jim Woods, Wayne Allyn Root and many others.

My sessions will cover the following: “Bears Make Headlines, Bulls Make Money: My Top Investment Recommendations from the Maxims of Wall Street” and “Puzzles and Paradoxes in Money & the Economy,” where I’ll be auctioning off a jar of pennies to demonstrate both the wisdom of crowds and the madness of crowds. If you haven’t seen this experiment, you’re in for a treat. I’ll also be moderating a debate on cryptocurrencies vs. gold.

Kim Githler, president of the MoneyShow, is a HUGE fan of FreedomFest, and she has asked me to put together several FreedomFest sessions at the Las Vegas MoneyShow to give investors an idea of what they missed in South Dakota last month.

She has arranged for us to have an exhibit booth at the Las Vegas MoneyShow, and we will offer several special sessions on Tuesday, Sept. 14, that were popular at this year’s FreedomFest.

Jo Ann will speak on “The Misguided Appeal of Socialism,” followed by my own presentation, “My Most Successful Technique to Change the Minds of Students about Socialism, Keynesianism and the $15 Minimum Wage.” There will also be a talk called “Geopolitical Hotspots in Asia and the Middle East: Will China Replace America as the World Superpower?”

Meanwhile, the Anthem Film Festival will present “Days Before the Dawn,” an award-winning short documentary about the student protests in Hong Kong, followed by panelists Simon Lee (of the Lion Rock Institute in Hong Kong), Keith Fitz-Gerald, and director Trevor Klein. The panel will be moderated by Jo Ann Skousen.

Following the panel, the film festival will screen the award-winning short documentary, “Saber Rock.” Afghan interpreter Saber Rock worked with American troops for several years and is currently working to rescue his family from Afghanistan. He will join the panel and answer questions about the documentary and current events.

If you didn’t get to FreedomFest in South Dakota, come to the Las Vegas Money Show and find out what you missed.

The current registration fee for the MoneyShow is $199. The fee includes all the general and breakout sessions (with a few exceptions), and it includes the special FreedomFest sessions on Sept. 14.

Click here to purchase tickets, or call the MoneyShow at 1-800-970-4355, and ask for Kathy. Use the code 054072. Also ask about the special hotel rates at Bally’s, including a reduced resort fee of only $20. Parking is free at the Bally’s Hotel.

Celebrate My Birthday in New Orleans!

New Orleans Investment Conference, Oct. 19-22, New Orleans Hilton HotelJoin me on my birthday (Oct. 19) as I discuss the significance of the October 19, 1987, crash… Other speakers include former congressman Ron Paul, Jim Grant, Rick Rule, James Rickards and Brien Lundin… To read more about the “granddaddy of investment conferences,” go to www.neworleansconference.com. To register, click here, and be sure to mention you are a subscriber to Investor Cafe!

Good investing, AEIOU,

Mark Skousen

You Nailed It!

An Unforgettable Character: Willard Scott, the Famous Weatherman on the Today Show

Willard Scott, the entertaining weatherman on the Today Show in the 1980s and 1990s, died on Sept. 4 at the age of 87.

He proved that a large and tall man could live a long and happy life. He was beloved for his upbeat, entertaining style.

I met him back in January 2000. The occasion was the 25th-anniversary celebration of Pete Dickinson’s Retirement Letter, which was the first newsletter published by Tom Phillips. Mine was the second and started in 1980.

Here I am poking fun at Willard Scott’s “propensity to consume” at the Retirement Letter anniversary dinner.

Scott appeared as the celebrity host and told jokes about his age and his financial escapades. I sat next to him at the dinner, and we reminisced about living in Washington in the 1970s and 1980s.

The funny weatherman had a voracious appetite. He was 6 feet 3 inches tall and weighed more than 300 pounds. But he was an eternal optimist and made Americans feel good about themselves.

He was always doing charitable work, and actually created the first Ronald McDonald and performed as the original character. He would regale audiences with stories of earlier years when he portrayed Bozo the Clown. “Do you know how tough it is to be a clown in Washington, D.C.?” he asked.

At the end of his career, he announced the birthdays of Americans who turned 100. He would talk on the telephone to get some biographical information about them for use on the air.

One time, he was asked what political party he belonged to, and he immediately responded that he was a Republican. Scott then asked who his favorite presidents were, and he said John F. Kennedy and Franklin D. Roosevelt.

“I think they need more Republicans like that in the Democratic party,” Scott joked as the audience erupted with laughter.

The New York Times obituary tried to portray Scott as “the TV clown prince of showers and sunshine” who focused more on entertaining his TV audience rather than the science of meteorology. But all the comments from readers were positive about Scott’s performance. As one admirer said, “On how many dreary, rainy Monday mornings did Willard’s radiant and irrepressible spirit rally us to get up and go to work? ‘How sweet it is!’”

The post To Achieve Financial Freedom, Should You Diversify or Concentrate? appeared first on Stock Investor.

Precious Metals

Asante Gold Signs US$5 Million Investment Into West African-Focused Roscan Gold

Asante Gold Corporation (CSE: ASE) announced on Thursday that it has entered into a binding term sheet earmarking a US$5.0
The post Asante Gold Signs US$5…

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Asante Gold Corporation (CSE: ASE) announced on Thursday that it has entered into a binding term sheet earmarking a US$5.0 million “strategic investment” into West Africa-focused gold explorer, Roscan Gold Corporation. The move sets the stage for Asante Gold to grow its reach in the African gold exploration market.

Under the term sheet, the firm has agreed to purchase 22.1 million Roscan Gold common shares at $0.29 per share, a 14% premium to its share price on September 22, 2021. At the transaction’s close, Asante Gold is expected to own approximately 6.7% of the outstanding Roscan Gold common shares.

“Roscan’s 100% owned Kandiole Gold Project in West Mali is located in one of the most prolific and productive gold jurisdictions in Africa,” said Asante Gold CEO Douglas MacQuarrie. “With this investment, Asante’s shareholders gain exposure to Roscan’s large exploration upside, and at a very attractive entry point.”

Related to this planned investment, the two gold exploration firms also entered into an investors rights agreement which will give Asante Gold a possible right to appoint a member in Roscan Gold’s board, subject to time and ownership thresholds.

The investment transaction is expected to close on October 15, 2021, subject to customary closing conditions.

Asante Gold last traded at $1.13 on the CSE.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

The post Asante Gold Signs US$5 Million Investment Into West African-Focused Roscan Gold appeared first on the deep dive.

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Precious Metals

Is Silver a good buy in October 2021?

Silver extended its correction from the recent highs above $24, and we could see even lower prices in the weeks ahead if the U.S. dollar remains strong….

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Silver extended its correction from the recent highs above $24, and we could see even lower prices in the weeks ahead if the U.S. dollar remains strong. The demand for the dollar continues to grow, although it remained below its weekly high of 0.86 compared to the euro.

Fundamental analysis: Fed Chair Jerome Powell said that interest rates could rise quicker than expected

Since the beginning of September, the silver price has weakened more than 5% and reached the price levels that we had seen in November 2020. The U.S. central bank reported on Wednesday it could begin reducing its monthly bond purchases by as soon as November 2021, which positively influenced the U.S. dollar, and the most significant force behind the silver price slide is the appreciation of the U.S. dollar.

“The U.S. central bank is preparing the ground to possibly begin dialing back some of the extraordinary support it has given the economy during the pandemic. The timing and pace of the coming reduction in asset purchases will not be intended to carry a direct signal regarding the timing of interest rate liftoff,” Fed Chair Jerome Powell told reporters on Wednesday.

The U.S. Federal Reserve switched to a more hawkish tone, and Fed Chair Jerome Powell said that interest rates could rise quicker than expected by next year. Jerome Powell also said that Fed achieved its goal on inflation, while more than half of Fed members believe that the economy reached the employment goal.

The global business activity is recovering, the U.S. unemployment rate fell to 5.2% in August, and the rapid price increases are also a reason to begin raising rates. The prospect of interest rate hikes positively influences the U.S. dollar, and those whose interest is to invest in precious metals like Silver should have the U.S. dollar on their “watch list.”

Technical analysis: $20 represents a strong support level

Those whose interest is to invest in commodities like Silver should consider that the risk of further decline is still not over.

Data source: tradingview.com

The important support level currently stands at $20, and if the price falls below this level, it would be a firm “sell” signal. The next price target could be around $18 or even below.

On the other side, if the price jumps above $25, it would be a signal to trade Silver, and we have the open way to $27.

Summary

Silver price remains under pressure after the U.S. central bank reported that it could begin reducing its monthly bond purchases by as soon as November. The most important driving force behind the price slide is the appreciation of the U.S. dollar, and investors will continue to pay attention to the U.S. Federal Reserve comments.

The post Is Silver a good buy in October 2021? appeared first on Invezz.

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Economics

Teck Resources’ Investor Day Shines Light on Long-Term Resilience of Steelmaking Coal

Source: Peter Epstein for Streetwise Reports   09/24/2021

Teck Resources, a CA$26 billion company, is the 2nd largest steelmaking coal producer…

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Source: Peter Epstein for Streetwise Reports   09/24/2021

Teck Resources, a CA$26 billion company, is the 2nd largest steelmaking coal producer in the world. In its Investor Day presentation earlier this week it reiterated the long-term strength of the seaborne coking coal market. Colonial Coal is also 100% coking coal, with two valuable projects for sale in B.C., Canada.

On September 21st copper, zinc & steelmaking coal producer Teck Resources Ltd. (TECK:TSX; TECK:NYSE) held its annual investor day, a three-hour webcast highlighting very robust global demand for steel and the small number of critical materials essential in making it.

"However, steel is absolutely essential in building the very renewable power plants & electrified transportation systems the world needs to decarbonize."

 

 

 

 

Teck is the 2nd largest coking (metallurgical / met) coal producer in the world behind BHP. Anglo American is #3.

 

Teck’s investor day had been anxiously anticipated. A week earlier there was a rumor that the Company wanted to divest its steelmaking coal business due in part to (as per the rumor) pressure from shareholders & prospective investors calling for companies to dump coal.

A key takeaway from the event was that seaborne met coal (Teck’s specialty) will remain in high demand as several Asian countries, especially India, are building a substantial number of blast furnaces that can only be supplied by exporters like BHP, Teck & Anglo.

There’s no doubt that burning coal, be it thermal (used to generate electricity) or met (to make steel) is bad for the environment, producing greenhouse gases that are warming the planet.

However, steel is absolutely essential in building the very renewable power plants & electrified transportation systems the world needs to decarbonize.

In assessing steelmaking coal’s role in global warming it’s imperative that we separate it from thermal coal. Thermal coal is already being fazed out — readily & cost-effectively — replaceable by nuclear, hydro, wind, solar, biomass, and geothermal sources.

Teck is a prime beneficiary of thermal coal’s demise. According to steelmaker ArcelorMittal’s website,

Each new MW of solar power requires 35 to 45 metric tonnes of steel. Each MW of wind power requires 120 to 180 tonnes. Utility-scale wind farms typically produce a 100 to 300 MW, and up to 1,000 MW. ” Annually, hundreds — eventually thousands — of giant wind farms will be installed.

Steelmakers have been trying to diminish the power that met coal, coke & iron ore producers hold by finding alternatives to blast furnace steel fabrication. That initiative has only grown with increased environmental concerns. Yet, 70% of steel still comes from 20th century blast furnaces.

New technologies are on drawing boards, but none are expected to make meaningful inroads anytime soon. New methods have their own carbon footprints to contend with. Instead, new technology is being deployed at the steel plant level.

 

teck

Carbon capture and other methods (such as the advent of Li-ion battery powered container ships) offer no silver bullets, but they’re reasonably affordable & fairly effective. Unsurprisingly, Teck is a big fan of carbon capture & fossil-free shipping!

Tens of trillions of dollars in debt-fueled economic stimulus packages in the 2020s alone will buy a staggering amount of steel, which will continue to consume vast amounts of met coal. There’s no practical, large-scale substitute.

"Teck is a big fan of carbon capture & fossil-free shipping."

Although I believe met coal should be given more slack, some good projects will, inevitably, fail to get funded or die on the permitting vine. This suggests that met coal prices are likely to remain stronger for longer. Teck forecasts the potential of a meaningful deficit in the seaborne market from 2025-2030.

According to Teck’s presentation, the 10-year avg. inflation-adj. met coal price is ~$180/Metric tonne (“Mt”). Fastmarkets lists four hard (and premium hard) met coals ranging in price from ~$336 to $601/Mt (Sept. 22nd), and averaging $475/Mt. That average price has quadrupled from its 2020 low!

teck

Will prices in the next 10 years average $180/Mt? No, my guess is prices might return to $225-$275/Mt.However, can steelmakers take the chance of multi-yr. stretches of $300-$400/Mt pricing? Vertical integration into met coal is a move that all steelmakers should seriously be considering.

Teck’s trailing 12-yr. normalized (adjusted) annual EBITDA {from presentation slides} is $2.2 billion. At a “new normal” avg. long-term met coal price of say $240/Mt, EBITDA would be closer to $2.95 billion = CA$3.75 billion.

In my view, the valuation of Teck’s steelmaking coal biz. in today’s bull market is > CA$12 billion. If a robust bidding war were to break out, with prices at, or near, all-time highs, I believe the transaction value could surpass CA$16 billion

Which other steelmaking material companies might be poised to benefit from Teck’s bullish vision of the future? One seemingly undervalued company is Colonial Coal International Corp. (CAD:TSX.V).

Colonial has two 100%-owned, PEA-stage met coal projects in B.C. Canada. One borders Teck’s Quintette project, the other is sandwiched between two of Anglo American’s projects. While Teck has met coal reserves of ~800M Mt, all in B.C., Colonial has resources (not reserves) of 695M Mt.

The Huguenot project is ~620 km north-northeast of Vancouver, close to the boundary with Alberta. Huguenot’s PEA contemplates an open-pit only scenario; 27-yr. mine life @ 2.7M Mt/yr., at a cost of ~US$110.4/Mt & upfront cap-ex of US$303M. At current met coal prices, I estimate 2.7M Mt/yr. could generate ~CA$775M/yr. in EBITDA.

Colonial’s other project, Gordon Creek, is planned as an underground mine; 30-yr. life @ 1.9M Mt/yr., at a cost of ~US$81/Mt & upfront capital of US$300M. At current met & PCI coal prices, I estimate 1.9M Mt/yr. could generate ~CA$504M/yr. in EBITDA.

teck

Therefore, combined EBITDA could be ~CA$1.3 billion/yr. (at currently sky-high pricing). Having said that, it would likely take a buyer at least five years to approach full-scale production.

Assuming a 40% retreat in pricing, annual EBITDA would still be ~CA$774M. If one applies a 4x EBITDA multiple on that CA$774M, the indicative future value of Colonial could be ~CA$3.1 billion, (less CA$766m in initial cap-ex), equals $2.33 billion.

Discounting that figure back five years at 8%/yr., nets ~CA$1.6 billion.

I believe a well-funded steelmaker, miner, commodity trader or OEM could afford CA$1.5-$2.0 billion for Colonial’s 695M resource tonnes.

Colonial is run by experts in met coal & in mining, and by people with meaningful work experience in western Canada. For the past two years, the Company has been engaged in a process to divest one or both of Huguenot / Gordon Creek. They’ve retained a number of investment bankers to assist.

Soon after the sales process began, COVID-19 struck. India had a particularly difficult time, and Indian groups are thought to be among the most interested in Colonial’s assets. Indians, along with Chinese, Japanese, Australian, Korean, Russian, Canadian & American groups!

 

"[The] first bid will refocus everyone’s eyes on the size of the prize."

Understandably, COVID-19 has slowed the sales process considerably. In my opinion, it might still take months before one or both projects are sold. However, an opening indication of interest, a bid, even a “stink bid,” could come at any time. That first bid will refocus everyone’s eyes on the size of the prize.

 

teck

It seems odd that with Colonial trading at CA$1.05/shr., a suitor’s bid of say US$0.75 per resource tonne — considered by most to be too low — could vault the share price above CA$3/shr.

Colonial has 183.4M fully-diluted shares, no debt & ~CA$6M of fully-diluted cash. The Company is valued in the market @ US$0.21 per resource tonne.

Some shareholders are quick to point to comparable transactions and record high met coal prices to suggest > US$2-$4/Mt in the ground is called for. That’s certainly possible, but to be prudent, readers should not base investment decisions on best case scenarios. US$1.50/Mt equates to CA$7.25/shr. (NOT a price target)

Some of the same buyers from 2011-12, but significantly more steelmakers, coal / copper / iron ore miners, commodity trading firms (like Mitsui, Mitsubishi & Glencore), and perhaps even large automakers — are watching Colonial. Perhaps it’s time for giant Indian & Chinese thermal coal-heavy players to diversify into met?

There are only a handful of high-quality met coal resources of this size (695M Mt in total) anywhere in the world, no less in a great mining / met coal jurisdiction like B.C. Canada, and actively for sale.

It might be unwise for a Major steel company to allow Colonial’s projects to be sold too cheaply to a competitor, possibly giving that competitor a meaningful, long-term cost advantage.

"Retail investors have a rare opportunity."

teck

Retail investors have a rare opportunity. Trading volume is not consistently large enough to allow institutions to build multi-million share positions. But, investors looking for thousands of shares can get it done.

Make no mistake, an investment in Colonial’s stock offers a high-risk, high-reward, high share price volatility proposition. Readers are reminded not to invest more than they can afford to lose.

If one agrees that poor trading liquidity, the drawn out sales process (largely due to COVID-19), and the word COAL in the Company’s name might be driving significant undervaluation, then it’s time to take a closer look at Colonial Coal.

teck

 

Peter Epstein is the founder of Epstein Research. His background is in company and financial analysis. He holds an MBA degree in financial analysis from New York University's Stern School of Business.

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Disclosures: The content of this article is for information only. Readers fully understand and agree that nothing contained herein, written by Peter Epstein of Epstein Research [ER], (together, [ER]) about Teck Resources and Colonial Coal International Corp., including but not limited to, commentary, opinions, views, assumptions, reported facts, calculations, etc. is not to be considered implicit or explicit investment advice. Nothing contained herein is a recommendation or solicitation to buy or sell any security. [ER] is not responsible under any circumstances for investment actions taken by the reader. [ER] has never been, and is not currently, a registered or licensed financial advisor or broker/dealer, investment advisor, stockbroker, trader, money manager, compliance or legal officer, and does not perform market making activities. [ER] is not directly employed by any company, group, organization, party or person. Readers understand and agree that investments in small cap stocks can result in a 100% loss of invested funds. It is assumed and agreed upon by readers that they will consult with their own licensed or registered financial advisors before making any investment decisions.

The author, Peter Epstein of Epstein Research [ER] has no current or prior business or personal connection with any mgmt. or board member of Colonial Coal, nor does he or [ER] have any prior or current business relationship with the Company. Mr. Epstein owns shares of Colonial Coal, obtained in the U.S. market, via open market purchases. Mr. Epstein may buy or sell shares in the Company at any time.

Mr. Epstein is not currently, and never was, an investment advisor, stock broker, agent, legal advisor or investment professional of any kind. Nothing contained in the above article should be taken as advice or as an offer to buy or sell any security. All facts & figures, incl. commentary on indicative company valuations are believed to be somewhat accurate & reasonable, but might not be — therefore they are for illustrative purposes only. Facts & figures / calculations / valuations, etc. should not be relied upon without further investigation by investment professionals. Mr. Epstein is not providing any share price guidance or buy/sell recommendation. Mr. Epstein may or may not write about Colonial Coal in the future. He & [ER] are under no obligation to update readers going forward. The shares of Colonial Coal represent a high-risk investment opportunity that may, or may not, be suitable for readers. As such, readers are urged to consult with their own investment advisors before making investment decisions.

Readers understand and agree that they must conduct their own due diligence above and beyond reading this article. While the author believes he's diligent in screening out companies that, for any reasons whatsoever, are unattractive investment opportunities, he cannot guarantee that his efforts will (or have been) successful. [ER] is not responsible for any perceived, or actual, errors including, but not limited to, commentary, opinions, views, assumptions, reported facts & financial calculations, or for the completeness of this article or future content. [ER] is not expected or required to subsequently follow or cover events & news, or write about any particular company or topic. [ER] is not an expert in any company, industry sector or investment topic.

Streetwise Reports Disclosure:
1) Peter Epstein's disclosures are listed above.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. 
3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
4) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.  

 

( Companies Mentioned: CAD:TSX.V, TECK:TSX; TECK:NYSE, )

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