Just over 2000 years ago Luke recorded the birth of Jesus Christ:
“In those days Caesar Augustus issued a decree that a census should be taken of the entire Roman world (this was the first census that took place while Quirinius was governor of Syria). And everyone went to their own town to register. So Joseph also went up from the town of Nazareth in Galilee to Judea, to Bethlehem the town of David, because he belonged to the house and line of David.
“He went there to register with Mary, who was pledged to be married to him and was expecting a child. While they were there, the time came for the baby to be born, and she gave birth to her firstborn, a son. She wrapped him in cloths and placed him in a manger, because there was no guest room available for them. And there were shepherds living out in the fields nearby, keeping watch over their flocks at night.
“An angel of the Lord appeared to them, and the glory of the Lord shone around them, and they were terrified. But the angel said to them, ‘Do not be afraid. I bring you good news that will cause great joy for all the people. Today in the town of David a Savior has been born to you; he is the Messiah, the Lord. This will be a sign to you: You will find a baby wrapped in cloths and lying in a manger.'” (Luke 2: 1-12, New International Version)
A Savior was born and He is Christ the Lord. He came for all of us.
Christmas is a time when we celebrate the birth of Jesus but it is also a day when we celebrate all that He accomplished by willingly going to the cross (for us) in His death. He came to save the world and He wants all of His children to be in relationship with Him.
During this Christmas season it is our hope and prayer at BMR that all of our subscribers and readers will have time to pause and reflect on the real reason for the season.
From our homes to your homes, the team at BMR wishes you a very Merry Christmas.
May the Christmas season give you rest, give you peace, give you joy, give you comfort, and give you precious time with family and friends. May the Lord bless you and may His face shine upon you this Christmas season.
Warmest regards,
Jon, John, and the team at BMR
John-Jon-and team-Merry Christmas to you also.
Comment by Greg J. — December 25, 2015 @ 8:02 am
Time was had… no rest or peace with kids:) and all enjoyed immensely … it that one time where family gets together simply just to share… hoping that all here experienced the same joy surrounding this birthday!!
Comment by Patricia — December 26, 2015 @ 1:12 pm
From 321gold – Bob M ….. Mr Hardy – hope u are listening!!!
In the past 15 years we have covered hundreds of companies. I’ve been lied to so many times that I now take the promises of mining executives with the same degree of credibility as I do tea leaves.
Comment by Patricia — December 26, 2015 @ 4:42 pm
There you go…..like I said I never speak to management and I consider them in the same category as a used car salesmans! Their goal is for you to buy their stock. EQT is a great example. The more promotion and the more hype the more likely there will be disappointment imo.
Comment by DDD4 — December 27, 2015 @ 6:31 am
From Garibaldi’s fact sheet dated Dec 10th
Garibaldi has intersected a robust and widespread
hydrothermal system at Grizzly Central based on
visual analysis of the first several holes of an
ongoing drill program
üGrizzly Central is 1 of 7 regional target areas at
GGI’s 100%-owned, nearly 300 sq. km Grizzly
Project
üSuccessful exploration methods developed by GGI
in Mexico have been adopted to rapidly and costeffectively
advance the Grizzly
Comment by Dan1 — December 27, 2015 @ 7:10 am
DDD4 – right on man… got involved in a company called Bee-Trade .. a B2B company.. year 2000.. they do a PP … release a NR before it closed saying they had a 6 BILLION $$ deal over 10 years with company ‘X’. but we wil still do the PP at the advertised $$ … shoulda known…
they recanted the NR after the PP closed to include the word potential … they got the dough, deal was never there, and we get screwed..
no repercussions as such but Nesbitt Burns got slapped for it as did the advisor David Doering for not doing any DD on the deal..
Rules have changed I’m sure… but when its too good to be true??? you know the answer…
Comment by Jeremy — December 27, 2015 @ 9:59 am
I guess we will soon know DDD4 if GGI will be in the same category as you stated in post # 4. Personally, I think GGI will buck the trend and come up with a very significant discovery based on the information to date. That’s my opinion of course and the truth will be in the assays. You say you never speak to management and their goal is for you to buy their stock. That is true for a lot of CEO’s but there are some out there who want you to buy their stock because they actually do have something that will create shareholder wealth. Guess we will know in very short order.
Comment by Dan1 — December 27, 2015 @ 11:25 am
Jeremy I recall Bee-trade all too well and still remember being on that conference call when the deal was announced and we were all stunned at the new valuation. Lesson learned!
Comment by Jamie — December 27, 2015 @ 11:39 am
Jamie – really??? did u invest????
Comment by Jeremy — December 27, 2015 @ 12:55 pm
Jamie – sorry I really meant donate:) ????
Comment by Jeremy — December 27, 2015 @ 12:56 pm
Dan1- whether they want you to buy their stock because they have something to create shareholder wealth or they just want to pump the price of their stock its the same thing…..they want to sell you their stock……..they’re all salesman in a way. Unfortunately when you buy into a story you won’t know which one it is until the truth machine does the talking (the drill- results). The CEO’s track record does help establish some credibility though. For GGI, the CEO did some talking about Mexican properties and did deliver even though the market ignored it due to the market conditions, location, etc. I remain skeptical of all CEOs/management at all times and criticize their actions…..some good trustworthy CEOs do change over time for the worse and some bad CEOs do learn their lesson and change for the better. Trust thorough DD and go with it without being influenced by the story being told.
Comment by DDD4 — December 27, 2015 @ 1:22 pm
Yes Jeremy I did make a donation which I had completely blocked out of my memory until I read your post. What a joke of a mistake I made with that one.At least I can laugh about it now..LOL
Comment by Jamie — December 27, 2015 @ 6:06 pm
DDD4, I agree with post # 11. You have to trust thorough DD, but even then nothing is guaranteed. In GGI’s case, the assays will tell the story and the first few holes will only be the beginning, but if spectacular will be a very very good start. Mexico could also provide more upside if they hit more great intercepts or even stumble onto a gold bearing system there as well. With tax loss selling behind us, a major discovery should provide good upside.
Comment by Dan1 — December 27, 2015 @ 6:12 pm
DDD4 – your continuing comments with respect to CEO’s, while also being contradictory with your actions, I’ll get into tomorrow. First, let me correct part of your statement concerning GGI’s Mexican properties because you wrote, “For GGI, the CEO did some talking about Mexican properties and did deliver even though the market ignored it due to the market conditions, location, etc.” The market certainly didn’t ignore the Rodadero discovery announced on May 14, 2014, because that’s when the stock began a 50% move to the upside (over the next 2 months), even more impressive considering that this was the exact same time DBV and the Sheslay district went into the deep freeze for a period after DBV’s news on the same date (May 14, 2014). The significance of the shallow high-grade discovery at Rodadero very much carried GGI for the rest of the year, and kept the stock in relatively healthy shape from September-December when the Index plunged nearly 40%. As far as “location” goes, not sure what you mean by that as central Sonora is well known among investors as one of the most mining-friendly, low-cost, and safest jurisdictions in the entire world.
Comment by Jon - BMR — December 27, 2015 @ 7:12 pm
Jon – post #12, great read. DDD4 – I am always skeptical of posters specifically posters like you that know everything but really know very little.
Comment by George — December 27, 2015 @ 9:08 pm
Jon- explain how my comments about CEOs and my actions are contradictory.
Comment by DDD4 — December 27, 2015 @ 9:39 pm
Jamie.. I feel your pain:) but I didnt stop there… I invested in 12 ‘stories’ that David Doering brought to me and none of them made it to the finish line.. similar lines and promises etc..
am not laughing like you are tho… the mistake(s) were significant!! sorry I brought the memory back for you:)
Comment by Jeremy — December 28, 2015 @ 7:21 am
Jon, you said it was not a mining major, but an individual that participated in the latest PP. If he is one of the biggest names in the mining industry, could it be Robert Friedland?
Comment by Dan1 — December 28, 2015 @ 10:21 am
DDD4, we’re certainly in agreement that one cannot take everything a CEO says verbatim – that almost goes without saying. And I, and others, appreciate you bringing this whole topic up, because it has generated some important discussions.
CEO’s are human beings, part of the imperfect human race. All CEO’s, like each of us, have flaws. Many have terrific traits, admirable qualities and impressive skill sets, while others are lacking in key areas. There are some excellent CEO’s and some poor ones, and a lot in between (just like with any profession). None is perfect. To lump all CEO’s into one category of “used car salesmen” is simply wrong and not factual. It would be like saying all Chicago police officers are trigger-happy racists. All the more reason why it’s critical to actually speak with these CEO’s, meet them when possible, and understand their strengths and weaknesses, so you can decide if they have what it takes to do something positive with the company and your investment. And it’s not just their spoken words that are important – it’s their written words as well. I’ll get more into that in a moment.
I very much believe in the 80/20 rule (the Pareto principle) which has applications in business as well as our personal lives (for many events, 80% of the effects – the “outputs” – come from 20% of the causes – the “inputs”). How this rule applies to the Venture, and it’s something we’ve often emphasized, is that only about 20% of the listed companies are worth seriously looking at. It goes right to the CEO level as well – in other words, leadership comes from 20% of the CEO’s who really know what they’re doing, can generally be trusted, and possess the skills necessary to build shareholder value and create a successful company. Within that 20%, you can whittle it down even more through further due diligence.
This is somewhat of an oversimplification, but I would generally categorize Venture CEO’s as follows:
1. The Business Builder/Communicator CEO (highly preferred, definitely in the minority)
2. The Promoter CEO (you take your chances)
3. The “Professional” CEO (geologists, engineers, lawyers, etc. – if egos are kept in check and this type of CEO builds a strong, well-rounded team around him, and understands the markets and importance of communication, an investor’s chances are greatly increased)
4. The “Lifestyle” CEO – avoid like the plague
Don’t take this personally, DDD4, but when you claim you never speak with management because they just want to “sell stock” and are no better than “used car salesmen”, how can you possibly make a decision to go “all-in” on a company (as you say you are with DBV)? What’s contradictory is that you don’t want to rely on management’s spoken words (directly to you, anyway – what about management’s spoken words to your “sources”?), while the written word is okay? You rip apart CEO’s, and then you turn around right away and endorse Farshad’s year-end message. By your own definition, coming from a CEO, was this not just another attempt to “sell stock”? Everything on DBV’s new web site was approved/put together by Farshad – do you trust that information or not? How is the written word, maps and interpretations, different than the spoken word? Are your “sources” also not speaking with Farshad? There’s a huge advantage when, as an investor, you’ve actually spoken directly with a CEO, and preferably even met a CEO, because then you can better assess the overall picture, understand the context of everything, the vision of that CEO and his strengths and weaknesses that will impact, in one way or the other, the company’s ability to succeed. Going “all-in” on a company, without meeting and speaking with that CEO, is not a strategy today that would be recommended by any wealth manager worth his salt, whether this practice has worked for you in the past or not. One of the many problems in this industry right now is the fact that so many investors are NOT communicating with CEO’s. Reaching out to them also helps keep their feet to the fire. With regard to Farshad, I’ve gotten to know him well and I’m very comfortable with the Hat Project and the potential of it, this CEO’s ability to make it succeed and the challenges he faces based on his personal strengths and weaknesses.
Also, a CEO who can “sell stock”, who can sell his company and its message, is a positive thing, not something to knock – as long as he’s doing it in the right way (not all do, granted). Do you want to invest in any company, on the Venture or anywhere for the matter, when the CEO can’t convince anyone to buy some stock?
Comment by Jon - BMR — December 28, 2015 @ 1:12 pm
Jon- my answer to you would be very long and I value my spare time so just a few words…verbal and written are two completely different things. My worst investments in this sector involved speaking to and getting to know the CEOs. My most profitable investments in this sector involved only extensive DD and not speaking to the CEO. CEOs are all extremely biased….have you ever met one that said not to invest in their company and that there wasn’t much potential in their property???? Many here have been burned by speaking to CEOs and putting too much faith in what they heard…..Moriarty is very active in this sector, does site visits on most of the companies he talks about and has spoken to many CEOs…….notice what he says about CEOs??? They aren’t all bad but by not talking to them and doing your own DD you avoid any possible issues…..one bitten twice shy. I have never spoken to Farshad…….I trust my unbiased DD instead…..
Comment by DDD4 — December 28, 2015 @ 1:58 pm
To further clarify…..I have never communicated with Farshad……extensive DD only….
Comment by DDD4 — December 28, 2015 @ 2:05 pm
Jon- post #17. What a well thought out and organized short summary
of the public co.CEO. Should be printed off and placed near the
computer monitor for future reference…..
Comment by Bob — December 28, 2015 @ 2:55 pm
Jon
Excellent post on CEO’s!
Comment by Greg — December 28, 2015 @ 6:26 pm
Jon,has GGI indicated they are going right back to drilling on the Grizzly,or will they concentrate on Mexico after the results come out?
I know they will still be doing some geo work,but will they drill this month or next?
Comment by jim niles — December 28, 2015 @ 6:59 pm
Jim, I believe the PP answered that question – both are going to be worked on concurrently. And if you report a discovery, you just keep drilling and keep the momentum going. That’s why GGI has a winterized camp at the Grizzly.
Comment by Jon - BMR — December 28, 2015 @ 7:58 pm
Thanks,Jon.
Comment by jim niles — December 28, 2015 @ 10:16 pm