I have absolutely no opinion on this stock. I’ve never heard of it. But 10 years of reading unhinged viewer mail at BNN has taught me this is the kind of Unabomber manifesto you see just before the bottom falls out on the way to zero.
$panr $pthrf
#panr
@Josh_Young_
Josh - please treat this email thread with the seriousness it demands. Bison Interests is a regulated entity. You have 12 hours from the time of this tweet to correct the record otherwise I will be filing a formal complaint with the SEC. 1/
If you don't invest in "AK-47 countries" and you buy anything connected to Amir Adnani, I would humbly suggest that you don't understand risk management as well as you think you do.
This was fun. Apologies for talking too fast … it’s been a while since I was on the radio.
Glad I got to talk about my process and be transparent on some of my screwups, like $SRL.V and $TVC.V
Also got to advocate for good management teams at $ELE.V, $VUL.V and $SAE.V
Listen to private resource investor
@SultanAmeerali
on:
➡️Life-changing 40-bagger from Antero Resources
➡️Thorough due diligence process explained
➡️Biggest winners & losers and lessons learned
➡️Stock picks
After seeing some of the Tweets and this chart, I was too curious not to check out that Altisource call.
That’s a hall of fame rug pull.
Gotta listen to the recording … the transcript doesn’t do it justice.
I threw in the towel on Metals X and whatever those guys are doing over there. I've joined the rest of you degenerates on Team Alphamin, where at least you get paid for the brain damage.
$MLX.AX $AFM.V
Silver is primarily an industrial metal.
The biggest suppliers (streamers) are forced sellers regardless of price.
It's a common byproduct. There's no shortage.
There's no reason to speculate in silver when one's inner degenerate can be satiated by gold, copper, tin, uranium.
Low grades and cartel violence? I touch the third rail and discuss Oroco. Congrats if you’ve made money thus far, but there are better buyout candidates for the majors than $OCO.V.
@TraderPamplona
Berkshire cares about cash flow. Barrick - and other producers- are great businesses with growing margins at $2000 gold.
If this brings generalists into the sector, mid tiers will be the biggest beneficiaries as multiples expand.
$ELD.TO $EQX.TO $DPM.TO
Stepped in and bought some Chilean copper this week from tax loss sellers. Treating them like a single asset:
$APN.V x 100K
$TVC.V x 100K
I’m a sucker for punishment on Three Valley, but couldn’t resist staking a claim at ~18 cents which is basically pricing it at cash value.
Incidentally: Never run into the Bloomberg paywall ever again. Just bookmark this link to get the raw BB news feed straight from the terminal. I check in during the day and find all kinds of interesting stuff.
I’ve been holding Teck since 2017 and have added on dips over the years. I don’t care who votes for what, I just want to skip to the ending where someone pays $75-$80 for $TECK.B and I go on a coke bender.
Preferably $80 because even coke benders aren’t immune to inflation.
@BassamMelh
I think you'll be disappointed. I talk about riskier/interesting/tiny stuff on Twitter, but my metals basket has lots of safe anchors and royalty plays. I use tiny caps to add leverage.
$ALS.TO
$APY.TO
$TECK
$ARG.TO
$APN.V
Probably add $FIL.TO with funds from a recent copper sale
Relieved to say that I passed the Level 1 exam. My appreciation and thanks to the Twitter degenerates who offered up practice exams and tips.
That said, this was a massive time suck. I would rather stick needles in my groin than study for levels 2 and 3.
Celebrate Your Success!
Congratulations to everyone who passed the CFA Program Level I exam. Your commitment and efforts have paid off! 🎉
Share your success and let us know how you’re feeling by using the hashtag
#CFAExamPassed
.
Check your results:
"The single asset company is extremely dangerous as the mantra "we have to make it work" will begin to form the raison d'etre for the company and it's backers."
Nuts to the capital gains tax increase.
Starting the week out of the following positions and sleeping better having locked in gains.
Sold
Filo $FIL.TO
Altius Minerals $ALS.TO
Alphamin $AFM.V
Elanco Calls $ELAN
I've also exited SolGold for the tax loss. My thesis of a CEO
@rajivkhaneja
As someone who’s done a material amount of valuation work on this name I don’t think I’ve missed anything. Shareholders have gotten absolutely destroyed. A lot of empty promises and fluff from mgmt though.
Given how bank compliance departments work, this will be more about process than stock picks. I'll be telling my story on May 2nd. Deep value and distressed assets rebuilt my finances after my divorce.
Ughhh! Why did I keep Teck and sell Warrior?
Live and learn … sold $TECK.B. A good run from $18 but it could have been so much more. If only someone in charge knew enough to take yes for an answer the first time.
I have absolutely no opinion on this stock. I’ve never heard of it. But 10 years of reading unhinged viewer mail at BNN has taught me this is the kind of Unabomber manifesto you see just before the bottom falls out on the way to zero.
As of December 31, Metals X had $143-million in cash.
Why not just buy the remaining Old Peak stake and cancel the shares? Everyone gets what they want and it costs $MLX.AX less than $20-million.
Divestor on Arch Coal:
“my question will be what sort of valuation the market will ascribe to the company when they generate around $15-20/share next year (current analyst estimates are $7.63).”
Been mostly off the bird app recently travelling + dealing with a suspected case of Covid.
Recap of recent buys/sells ...
Sold:
Kazatomprom $KAP.IL
Added:
Midwest Energy (avg up) $MEEC
Salazar Resources (avg down) $SRL.V
Vulcan Minerals (avg down) $VUL.V
Bought:
Kenorland
Hey friends,
My opinion on any stock is worth exactly what you paid for it, probably less. Just because I wouldn’t buy $OCO.V doesn’t mean you won’t make money on it. Differences of opinion are what makes a market.
Let’s keep things civil. It’s not like I fucked your wife. Yet.
My Mount Rushmore of distressed winners. Notice the recurring theme.
Patient Home Monitoring
From rollup darling to the most hated stock in the history of BNN's Market Call. Stock bought at 14 cents eventually spun out Viemed and some other company that's changed its name
@marketplunger1
I gotta stop being the guy who ignores bad management teams and buys
#2
in the sector because it's optically cheaper. This isn't Olympic diving and there are no extra points for difficulty.
$TVC.V postmortem: This is what bankruptcy looks like. No road forward other than lenders taking over the project and wiping out everyone else.
Lower cathode output + offtake agreement at $2.80/lb + crushing debt = negative cash flow &💀
When your bio needs to show mining sector expertise, but you don’t want new investors Googling your name and ‘Cobalt27’ … or even ‘Giga Metals’
The lesson here: it’s never going to not taste like piss when someone pisses in your mouth.
Nice to be able to write off a quick trip to 🇨🇭 … not a place I would go otherwise.
But my main takeaway is if you’re junior miner of choice needs to raise money, you should sell it.
Sooner the better.
Top 5 delusional statements on $VGCX.TO board over at CEO-dot-ca
5. Accidents happen
4. For every seller there is a buyer
3. Algos are trying to hold it down and trick retail into dumping early
2. Pays to be contrarian
1. Technicals showing signs of bottom
Seems one post got it
Ely Gold is a time bomb of cheap paper waiting to explode. The royalties may do well. Eric Sprott will do better:
- Provided a LOC to $ELY.V secured by the company’s assets
- 10% rate with 2.5% standby fee on unused amounts
- 16.2 million “bonus warrants” issued at $0.37
@GrantMBeasley
Summary:
- $ely.v royalties will go very well
- $fvl.to drilling ongoing and he expects 10M gold oz resources so he says it should be worth 500M-1B usd market cap, and now it’s just 300M CAD... huge potential!
- $tud.v tudor had great results. Good geologist and big deposit.
Big win for $MEEC.
With the verdict in, the stock is completely de-risked. Even after today's surge the market cap is only $120M (USD). There's a good chance damages come in above $50M after fees and lender payments. $MEEC will also exercise an option to buy back a large block
Here is the jury verdict for everyone following $MEEC. (1/3)
Now, to find out from the judge if treble damages apply! I think there is a decent chance they will.
Add this pile in with the settlements from $AJG and
@DTE
, as well as coming contracts and new water tech, and I
8K filed at the end of 2023 by $MEEC.
Settlement is in force and the company now has consistent cash flow for the next few years courtesy of their settlement with $AJG and friends to fund litigation.
The CERT defendants don't have a viable case, can't drag this out and have been
I’ve taking my lumps on Ecora* and moving on. Aside from the collapse in nickel prices and coming collapse in the share price when the dividend goes away, recent interactions have left me with a bad taste in my mouth.
A hold period of more than four years and I am flat *after*
Work to failure. Get it done in 7 minutes or less. Build just as much muscle and torch fat in the process by optimizing your protein intake. Reading PE diet by
@tednaiman
taught me how to eat for the first time in my life and saved me from wasting a lot of time during lockdown.
Once you reach failure, you have created the stimulus for adaptation.
Adding more work does not create a bigger stimulus, it's just adding muscle damage that needs to be recovered from.
Resources for producing an adaptation now must go towards just recovering back to baseline.
Anthony Milewski is on the board. If you're going to buy this turd, do some basic due diligence and ask Cobalt 27 investors what it's like to have Anthony Milewski piss in your mouth.
I suspect it tastes like piss.
Must be an oversight his bio doesn't mention Cobalt 27.
Ian Vandaelle (
@IanVandaelle
) passed away Tuesday at age 33. He was the best kept secret in business journalism and a pillar of the BNN newsroom.
Anyone who worked with Ian could see his passion for the work and encyclopedic knowledge. The man could riff with a fund manager about
@IanVandaelle
@BNNBloomberg
@financialpost
Never let go of Centerra Gold or speculation about Crescent Point’s dividend.
Congratulations. Looking forward to the best kept secret in business journalism finally having his own platform.
Disciplined player folds his hand on a bad flop. This is particularly true with mining stonks where, by definition, you place your bets with incomplete information.
My stink bid just filled on $PBT.
If I am going to own stocks in this environment I want a fire sale price and/or I want to get paid. I get both here.
if you like $FRU.TO look into $PBT
$MEEC is a classic Pabrai stock. There's high uncertainty of the outcome because of the number of variables in play. However, there's low risk of any of those outcomes, or combination of outcomes, leading to a permanent impairment of value.
The legal outcome isn't binary so this
You'd think that with so many impending catalysts (settlement $, new sales/revenues, and new technology announcements), that people would be excited about a stock.
The share price suggests otherwise. Folks are selling out ahead of the biggest announcements yet from MEEC.
For those not as well versed in technical analysis, here are some signs of uranium euphoria to be be aware - and beware - of:
Alkin starts wearing an earring
You see Quakes doing a line of blow in the bathroom at PDAC
More Fission iterations than Fast and Furious movies
We took full profits in our Uranium long $U.UN yesterday.
We're still bullish on the long-term fundamentals and will eventually buy back.
But we couldn't ignore the euphoria and victory-lapping we saw.
We wrote about this in January.
Hope you enjoy 👇
@TraderPamplona
Anglo Pacific is so underrated. Sometimes the simple answer is the correct answer.
If the bond deal ends up blowing up $JRV.V like I think it will, I would love to step in after a recapitalization. Best risk-reward in mining is infrastructure that previous shareholders paid for.
They don’t usually make it this easy. Added this month:
$MAI.V ahead of production at Santana
$NSR.TO ahead of NYSE listing
$EQX.TO resumes production at Los Filos
Has anyone done the math on what this is costing NexGen in interest per pound, per year?
The straight arithmetic says $8, but I feel like that's understating management's ability to waste money.
@LeveragedLayman
@TraderPamplona
Too many value investors think they get points for difficulty. If you're one-stop shopping for gold exposure, step over the 1-foot bar and buy $OR.TO
- Production growth
- Cheap valuation
- Clean financials
- CEO looking to close the valuation gap
I think $OR blows past the ATH
CBRE calculates office vacancy rates by including available sublease space:
Calgary 32.6%
Dallas Fort Worth 32%
San Francisco 27.6%
Denver 27.2%
Houston 26.7%
Atlanta 25.6%
Montreal 16%
Toronto 13.2%
Vancouver 9.8%
The CFA exam is a month from today. Been wasting less time on Twitter while getting ready, but I've repositioned the portfolio over the last month. Now is the time to push in and be long the periodic table, or at least certain parts of it.
Sold
$ARTL.TO calls (9x return)
$EWJ
I'm taking yes for an answer on Global Atomic. I was never a $GLO.TO bull, this was a trade based on misunderstood political risk.
I've locked in my 25% profit. I am using the money to add to $MEEC on today's pullback.
Sold: $GLO.TO
Bought: $MEEC (avg. up)
At $2500/ounce, Sailfish Royalty represents the best risk/reward in the gold sector. Nicaragua assets cover $FISH.V G&A and allow for shareholder returns.
Meanwhile the Spring Valley royalty is mis-priced, even at a 10% discount rate, because info is hard to come by ...
“There is yet another steep cost for brown folks in the white man’s game.
When we look down upon dark skin, view it as inferior, we implicitly accept our inferiority to whiteness.
That’s the most cruel cut we could inflict on ourselves.”
After years of keeping this convo in-group, I wrote about the unbearable anti-Blackness among brown folks, here and globally. That we’d rather kiss the ring of whiteness than be associated with Blackness has turned us into white supremacists in brown skin.
Too cute. If I'd just bought $FNV common, I'd be in the green by $15.
Instead, I closed this out for a 80% loss before expiry.
Time decay is like drugs - just say no!
This is why we marry the royalty companies, particularly the smaller ones with at least one cornerstone asset. Eventually you either get bought out at a nice premium. Or you back into shares of one of the majors at a nice discount. $NSR.TO
Laurentian is by far the worst bank I've ever worked with on a deal. And that's saying something because CIBC is still pretending to be a real bank that does more than fraudulent mortgages and credit cards.
@TraderPamplona
I don’t think you even have to go that far down the food chain. Eldorado and Equinox have big board listings and need to move substantially to get to a proper mid tier valuation. $EQX $EGO
2023 portfolio review:
- Post Mortem on closed trades.
- Open positions going into this year.
Now available on the newsletter app that cannot be named.
This should be fun to watch play out. Management team with a history of overpaying for assets goes into business with sophisticated investors that’ll eventually need exit liquidity.
I just got the master class in mineral royalties. Understand what's being deducted when calculating the 'N' in NSR. Also want to make sure your royalty company of choice can protect their interests in court if it comes to that.
If you needed an indicator the uranium price is running hot and due for a pullback, this is it.
The bought deal comes on top of $UROY renewing a $40-million ass-to-mouth (aka ATM) equity program in August.
@TraderPamplona
This chart is a thing of fucking beauty. And you get paid more than 4% on today’s price while it keeps climbing.
Hookers and blow are on $PBT
dentalcorp is the latest example of rollups that blow up, but I think the bottom may finally be in. FCF held up well in Q3, leverage isn't crushing them and they're even buying back shares.
@GreenbergEnt
@me2cenvironment
@ASPIsotopes
@BIGtoken_App
Chris is the chairman of $MEEC. Would he be willing to do a Twitter spaces with myself and
@ragnarisapirate
?
After the damages are determined, I'd love to hear his views on the road forward and how the company moves past recent communications and executional missteps.
The online cheering section seems to have disappeared for $MEEC, but this is still a high-conviction position even if it's taking a little longer than I expected.
Just posted a very solid quarter and the free call option on treble damages is still in play.
I still value the
I sent my first newsletter in four years today. Expect a more robust version of my Twitter feed: a little bit of boxing and a lot of stocks.
Subscribe below ⬇️
Accountability and mea culpa time. I threw in the towel this week on a few names.
$MKO.V
$FISH.V
$WE.V
Sucks, but no reason not to rip the band aid off at this point. I was wrong and there are better places to put the money. Opportunity cost is real. Post mortems below.
Every person I interact with who's bullish Toronto office buildings seems to not work in a Toronto office building. There are huge differences between King West, the financial district and North York.
Maybe walk the city first before you dump your life savings into a random REIT?
@TraderPamplona
I've placed my faith in the Lassonde curve and purchased $MAI.V ... $30 oil has to be good for a company building a mine using diesel generators and large trucks.
If not, I'll be the hobo with the sign in front of your Starbucks.
@Mark_IKN
Love this sentiment. Real contrarians know what they want to own and why.
Nobody picks the absolute bottom, and I’ve made way more money taking advantage of other people’s boredom than I have waiting for blood in the streets.
The result sucked but my process was correct. The thesis broke, so I folded my hand, took the smaller loss and lived to fight another day.
The lesson: Never be the guy on the bullboard complaining about bankstaz because he got blindsided by a cash-strapped junior.
This is a good price. $ER.CN gets more than half the current market cap in cash and notes for 12 uranium royalties that probably never pay out.
I own a few nano cap companies like this.
I’m so sure this didn’t actually happen that I will stick my wang in a Vitamix if it did.
If the CEO said it once publicly as a selling feature of the company, he/she should have no problem repeating it.
Mining companies are wild.
This is a direct quote from a CEO during their investor presentation:
“We have good relations with the Mexican cartels. In fact, two cartels run our mines today.”
That’s fine.
But are they good capital allocators?