Newmont Becoming AZY'S Largest Shareholder, page-14

Markets are funny things. They can be great at mis-pricing valuable assets for long periods of time. And therein lies the opportunity for the educated, intelligent and patient. But you need the financial wherewithal to be able to sit it out. Or a job. The old: 'The market can stay irrational for longer than you can stay solvent' is a great truism. As is: 'The best way to get rich quick, is to get rich slowly'.

I had dinner with some old farming friends of mine last night, over from Victoria. They sold at the top of a spike in rural land prices in New Zealand 25 years ago, took on some debt, and bought into two larger farms in much better dairy country in southern Victoria at what then looked like the 'bottom of the market'. They have now cleared their debt and are now sitting on an absolute fortune, with rocketing rural land prices in their area and rising profitability across the dairy industry. But it has taken 25 years. Most of which they have spent improving the properties, milking cows and trudging through muddy paddocks wondering how they could have got it so wrong.

And that will be how it goes with Antipa. The assets are fantastic, and they are growing and improving all the time. The management is fantastic. But the market that ultimately puts a value on the company right now is not interested. Not interested at all.

But when that changes, it will change! The market won't be able to get enough of this company. And that is when we will all be able to take our profit. If we are still here. Which I certainly will be.

But back to my day job..