In this discussion with Maurice Jackson of Proven and Probable, I discuss Africa, the Third World, political dysfunction, mining investment, and why investors must be brutally realistic when assessing emerging-market jurisdictions.

The discussion examines why romantic narratives about Africa collapse when confronted with institutional weakness, corruption, tribalism, poor rule of law, and political instability. Investors can find opportunities in the resource sector, but only if they understand the true risk of operating in societies where property rights, contracts, and capital are often treated with contempt.

Watch the full discussion below:

Key Takeaways:

• Why investors should reject romantic narratives about Africa
• How weak institutions and poor rule of law affect mining investment
• Why political instability and tribalism must be priced into resource projects
• How emerging-market risk can destroy capital despite attractive geology
• Why rational speculation requires honesty about culture, incentives, and jurisdiction