Mid-Tier Mining House Mark II, page-77

After forming my own views about a business, it financial position and its management, I have rarely found it profitable buying speculative stocks where everyone is bullish about the foreseeable short term outlook. More often than not they fail to meet expectations, disappoint punters and drop in price.

On the other hand, I have done quite OK buying stock where I know a small cap business pretty well, that hits a hiccup or two and is hated by punters, is on the nose and has short term ramp up challenges that cannot easily be seen to be overcome. Being unloved, they tend to get quite over sold relative to their underlying income potential.

I am quite happy to take some heat from most of the negative posters on JRV whom I observe to have an extremely short term view on the commodity cycle and management ability. You'd almost think commodity prices that don't go up in the last 12 months can never go up.

As a contrarian, I am thankfully very far from that school of thought.

Have had my fill down to 24c today increasing volume at each downward pip. I am happy to wait until yesterday's "not news" quarterly is forgotten, and the business of long term mining operations of must have resources is valued again.

FWIW, I read the same HC views on LYC 8 or 10 years ago, and decided to do it my way, just as many other successful investors have done across various boards.

Each to his/her/their own.

GLTASH