An Indian friend recently brought to my attention a philosophy channel of Michael Sugrue, which I have come to love. There is a vast collection of speeches, but I will start by linking my favorite one:
While I prefer to write only about what I am buying, I have lessons from two companies (Maritime Resources, MAE, C$0.05; and Salazar Resources, SRL, C$0.11) that I have written about quite a few times. Both have completed feasibility reports and are close to production. After years of owning them and with most development risks now gone, I hoped to see the fruit of profit. Alas, they are trading for their all-time lows. I would have probably not bothered. But then they proceeded with raising money, significantly diluting the shares outstanding, mostly from insiders and at a discount to the market price. I couldn’t but feel heads I lose, tails you win.
Linked is a discussion with Cory Fleck, Shad Marquitz, and I had.
I recently visited the sites of Altiplano Metals (APN; C$0.18) in Chile. I await the commissioning of their process plant before thinking about investing in them. I will visit Irving Resources (IRV; C$0.78) in Japan early next month.
Finally, mark your calendar. The next Capitalism & Morality seminar will be held on 9th September 2023.
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