Ann: Change in substantial holding, page-19

Rick Rule said the best performing gold stocks in a gold bull market are the worse gold stocks. SBM owns two gold mines, one they paid $700M for. Market gives no valuation to them, market values the company $50M-$100M under the cash they have on the books. Hopefully the market will re value the assets, gold is around $2000. SBM is good even thou their gold mines are not running profitability, you can buy the shares knowing they have more money per share than you are paying, I think it adds to the safety and very low risk of dilution too which has been terrible for many gold stocks this year.