Musings on Investing

A Rational Speculator’s Portfolio

Renaissance Gold (REN)

Last month I gave a speech at the Vancouver Resource Investment Conference, in which I talked about why most of the questions asked and discussed at mining conferences are erroneous and have nothing to do with making money from investing in mining.

My interest is not in speculating in commodities or to look for leverage, both of which are utterly disastrous to my capital, but to invest in mining for the upside that I see in terms of the value in the ground that has escaped the attention of the market. Also, I want to ensure that I provide downside support to my portfolio. When one focuses on protecting one’s capital, the upside takes care of itself:

The companies I mentioned in the speech are also linked here.

On investments…

Renaissance Gold (REN; C$0.175) is a company I have written about in the past. Last month, REN entered into an agreement with OceanaGold, and another with Hochschild. In my view, just these two agreements more than justify the enterprise value of REN. REN has option agreements on ten other projects with companies like Kinross, Anglo Gold, Ramelius, Coeur, etc. Moreover, REN is well cashed up.

Finally, if you have not already registered, tickets for the next Capitalism & Morality are going away fast. Of course, this is a philosophy seminar, but in my view, philosophy underpins everything in life.

Warm regards,

Jayant Bhandari

Associate: Rajni Bala

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