Elephants and Rabbits

Most share punters chase rabbits and are rewarded as such. While the smart investor is chasing elephants which are few and far between, so patience is required.
Elephants normally require the following:
1. Excellent Tier 1 Exploration Prospects (Box ticked)
2. Highly talented management with a track record. Better to have a Michael Jordan type than a geologist hoping for his first discovery (Box Ticked)
3. A discovery hole that is significant (Box ticked)
Having these factors aligned in any one year is a rare event and there are probably less than 6 in Australia in anyone year and not all of them develop as per initial discovery hole. But as a smart investor you have to weight up the risk reward equation in terms of where the market cap could go with success or failure.. Obviously the cheaper entry point in price the better the risk reward.
Next you have to be comfortable placing a large wager on this company continuing with its potential success. You are looking for a gamechanger not only for the company but yourself
Lastly you need the patience to be be able to stand the price fluctuations that will occur.
Even with a strike rate below 50% over time you can become extremely successful because the multiples on the winners will far outweigh the failures or misses.
Whilst all this sounds pretty easy it is extremely difficult to execute because of lack of research, risk management, or most likely lack of patience.
I don't offer any advice on whether to buy or sell GAL but I am prepared to sit on my significant holding and show a little patience.
Regards
Buffett