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Orenthink

Eaten at Both Ends

Being a small cap investor in this market is hell and that’s because your portfolio is being eaten at both ends. 

At one end, your winners are being looked at like raw sushi by majors/mid-tier producers, who know a deal when they see it and know that if you buy in a down market you do not overpay. I think we are going to see lots of companies that could have been real winners go away for pennies on the dollar.  Imagine a whole fresh copper river salmon going for the price of six salmon rolls (and that’s at the cheap sushi place around the corner from Teck’s office on Bentel). 

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So You’re the Guys That Rank the Bankers

I was stuck on a long layover that turned into a longer layover in Houston, and I pitched Oreninc to the CEO of a mid-tier oil and gas company who was sitting a row ahead of me on the plane. 

After listening to me talk about Oreninc, he had four key points in response:
 
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Why the Consolidation of Media Is Bad for Junior Mining Stocks

Twenty years ago, regional papers were writing meaningful regional mining business stories. I could expect to see significantly different localized content in Calgary vs. Toronto.  Today, when you look at the top mining journalists, they are all chasing the same big cap stories.

 

 

There is lots of noise and other stuff in the blogosphere to make up for that, but none of that has the independence of traditional media. (There is no independent research either; unless a company wants the research published, there is nothing published.)

 

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Are We There Yet?

Are we there yet?

 

My kids ask this on every road trip. It starts when we get about 20 minutes from the house and about one hour before we get “there”.... The thing is, they don’t really know where we’re going and they don’t know what “there” looks like. They know where they started from, they know what they have to distract themselves over the trip, and they even know how many snacks there are to eat--they just don’t know the destination.

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NIMBY: Not In My Backyard

Lots of coal-based projects have been killed or delayed this week. I am not sure that coal is the solution to all problems, but I think we need to be rational about what we are doing around it.  We are killing coal mines in BC that are doing coking coal, and we are exporting petroleum coke vs. processing it into electricity in America or Canada where we will scrub it and clean it. 

You want your iPad, iPod, car, house, light bulb, TV.... You want your food to come in a box and be affordable, you want your meat to be clean and fairly cheap. You want electricity to come out of the wall without any fuss. The key is that you want EVERYTHING to happen somewhere else. 

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