big buyer this morning, page-17

My point re "high debt companies" is that the lesson of the GFC was high debt companies lose value like steam in adverse situations like a dramatic fall in gold price. The debt has to be paid still and little likehood of money advanced for development. This is the bind of BCD (Beaconfield). I look at debt very closely in relation to earnings. Avoca and Newcrest have huge debts and big earnings when gold up in price but vulnerable both copped a hammering during the GFC.