YouSaid · the spoken record

Rick Rule

lines on the record: 90
first: 2022-07-11
most recent: 2022-07-11
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“When I don't know. And to be honest with you, I don't care. I mean, I hope I actually never make money on my gold investments because the set of circumstance that makes gold do very well, that makes everything else do very poorly. And I'm very happy with my life. Thank you. Unfortunately, I think my gold investments are going to do extremely well because I think the world is increasingly politicized. I think that quantitative easing, if it were correctly described, would be called counterfeiting. And I think that negative real interest rates more than anything else in the world will cause investors to be concerned about the purchasing power of their savings and investments because it guarantees a loss.”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“God does well during periods of time when people are concerned about the maintenance of purchasing power in conventional assets. And anybody who isn't concerned about the purchasing power of their assets during a period of negative real interest rates needs their head examined. I mean, look at the arithmetic around the U.S. tenure treasury. They pay you 3.4 in a currency that they suggest is depreciating at 9% a year. In other words, they are guaranteeing you a 5.5% loss. They're going to follow through on it, believe me. Can gold compete with return free risk? Yes.”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“Deposits on Australia's Northwest Shelf and their ability to serve Asian markets, which will continue to be very good markets for LNG.”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“And in the last three years, has probably exhibited better returns than exon, although their development pipeline is probably not as good. They're refining in a marketing operations may be a bit better. I'm not finding value in the European supermajors. I'm not finding value in Shell. I'm not finding value in BP. I'm finding statistical value in total, and I like Totel's exploration track record, but I don't like Totel's return on capital employed. So I don't own them. I think the emerging mini-major in Australia, Woodside, when you merge the Woodside assets with the BHP Petroleum assets that were just merged into it, I think that has a lot of upside, a lot of upside. I'm very attracted to that. I'm very attracted to the long-term potential of the natural gas.”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“Well, in the oil and gas space, although It's beginning to begun to be recognized the best capital allocator in the oil space. And despite Mr. Biden's cynical comments to the contrary, they have continued to reinvest in every aspect of their business. And so the very high returns they're generating for investors don't capitalize the ability that they'll have to generate cash five years from now. That really attracts me. Among the majors, it seems to be to be head and shoulders above the competitors. But some of the competitors are pretty good too. I think the Chevron is a good company.”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“Penalties for failure if the commodity price goes down, need to hedge more. The Franco-Nevadas of the world, the wheat and precious of the world, even the barracks of the world, efficient producers, efficient low-cost producers with sound balance sheets have much less need of hedging”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“Companies over time that have been fairly good hedgers. But when you look at that, you need to determine whether or not the team that put those historic hedges in place is still themselves in place. In other words, if you had a team in the Treasury at Freeport Mac Moran that did a good job hedging oil and gas and hedging copper, are those people still there? In other words, are the decisions made by the same group of people who made them in the past? And I'm still not smart enough in many cases to know that. So while I think it's an interesting topic, I think the amount of hedging that as an investor you are willing to tolerate should vary an awful lot with the operating margins that the companies enjoy and the level of debt service that they're trying to protect through hedging. Companies with more debt service need to hedge more. Companies with higher production costs that will have higher”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“In an investment, I understand that, but as I get older, I opt for safety. The hidden part of hedging that people need to understand is that a lot of people aren't very good at it. In a lot of circumstances, the cost of the hedge overwhelms any expectation of net present value from benefit that you might get from it. As an example, I myself have tried to hedge my own equities portfolios by going short indexes and stuff like that. And I have to say, if I look back at my own hedging activities over 40 years, I probably would have been better off not conducting them, which is to say that I wasn't good enough at hedging my equity portfolio that it was worth the effort that I put into it. I would have been better off concentrating on buying better stocks and holding them for the long term. You find some...”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“I understand hedging, and I've used hedging myself. Where, as an example, in the oil and gas producing side of my own portfolio, particularly where I've had a production credit facility, which is to say some debt, I'll throw on a hedge to make sure that the cash flow that I enjoy from the asset services the debt and leaves me room left over for distributable capital. There's two schools of thought on hedging. One is that it reduces the optionality.”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“One thing I did, which for various reasons I regret, is when it looked like we were cascading to war, the cheapest resource stocks in the world were the Russian stocks. And I began a process of fairly aggressively buying the Russian stocks, two circumstances there. One is the moral circumstance. Do you want to be involved in an industry that's generating tax revenues for Mr. Putin? And so that is probably no. didn't understand that the world would be dumb enough to go to war. The different question, of course, is the political risk around sanctions. In other words, will my government continue for me to allow me to own those stocks? And will the Russians allow me to own those stocks? If I followed my own historical guidelines, I would open an account with Gazprom Bank in Moscow, and I'd buy a bunch of Russian stocks.”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“As I told you, I rung the bell myself in the uranium, the junior uranium sector, in a big way. Now, I must admit, I didn't exit uranium. I took the money from the uranium juniors and I bought our product that's brought physical uranium trust because I believe that the uranium price had to go up. And I didn't think the uranium was overvalued although I believe the juniors to be overvalued.”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“I've already rung the bell on iron. I'm gone. That's probably a mistake. It really probably is a mistake. But when I look at iron, I don't want to be involved in the wholly iron dependent names anymore. I think that I can get iron exposure reasonably enough by owning valet. Which I also own for nickel and platinum copper, cobalt, names like BHP, names like Rio. So I no longer own the Labrador irons, the Fortescu's. I no longer own the focused iron producers because I'd rather get my own personal iron exposure in multi-commodity companies that I think are misunderstood and cheap.”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“So, you know, I think it really depends on what kind of investor you are. If my basket of oil stocks in the near term from here fell by 50% I wouldn't be happy about it, but it certainly wouldn't be the first time in my career that a basket of stocks that I owned for the five-year term fell by 50% in the near term. Mercifully, I can tell you that after not having invested correctly in my 20s, ever since then, what I've had a conviction in a sector and I've been wrong in terms of time, I bought more and it's worked for me.”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“They are treating an unbelievably low multiples to cash flow. I mean, I do believe that markets work. I do believe that a business like the oil business that has 50% operating margins at the field level is ripe for a decline in price. But it isn't ripe for decline in price while the industry as a whole is still deferring a billion dollars a day in sustaining capital investments. If we solve the problem with Russia and the Ukraine in the near term and the threat of a cutoff of Russian oil and gas to Europe, Is solved, I think that you'll see the oil price go very quickly to $60. But I don't think it'll stay there.”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“But the price action in the oils in the last week is attractive. It might become a no-brainer again. And I would suggest to those of your listeners who don't have oil stocks in their portfolio. That even after the whole oil complex is repriced better than any other sector in the economy, that there's room left. The public opinion with regards to oil is so low.”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“You know, it doesn't matter that Mr. Biden, well, it does matter, but Mr. Biden is anti-Canadian oil, but Mr. Trudeau is also, and the consequence of that is that Canadian companies are irrationally cheap relative to their assets. I like higher quality but smaller names there. Names like freehold, names like ARC, which I think is the best run mid-cap oil and gas company in the world. Names like Tourmaline. I continue to like the gas-rich Canadian names tourmaline being one of them, but Peto and Birchcliffe probably being more important. I'm less attracted to them than I was a year and a half ago, where I just said, you know, this sort of six-stock portfolio is a no-brainer. A portfolio that's up 150% in a year and a half is no longer a no-brainer.”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“I continue to have a basket of Canadian names in my portfolio because the Canadian companies are less expensive by similar metrics than their American counterparts. They're more expensive because the political risk is even higher.”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“I believe that the winds are in gold sails. That would be another whole interview to tell you why. But I want to increase my position in gold. And one of the things that gold does in my portfolio is it performs, among other things, an insurance company, which means that unlike Africa oil, which is high risk, I want some low-risk gold. To me, the lowest risk gold is Franco, Nevada, the royalty company. Very high quality assets, very long reserve life, very low management expense. It's simply the highest quality gold company in the world. And I like the fact that it isn't cheap, but I think it's reasonably priced relative to their margins, relative to their producer production growth, relative to their assets. So that's appealing to me. You know, I could go on and on and on and talk my book, but it's all getting more attractive.”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“Investing in places they can't spell. Nigeria has been a very, very, very difficult place to be a foreign investor. And the political reality in Kenya is such that politics has gotten in the way of opening up a billion barrel field. So yes, there are risks, but when I juxtapose the risks against the insane rewards That's pretty attractive. So, that would be one example of something that I find fairly attractive.”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“Billion barrels of oil and another offshore natural gas in South Africa. So I look at something like Africa oil. They're fantastic people, the Lendin family. The CEO there, Keith Hill, I've known for 30 years. He's a superior human being. I think at half the value of the Nigerian assets without any upside attributed to the Kenyan assets or the exploration upside in Nigeria. And I think it discounts completely the participation in successful exploration in two world-class deposits. Yes, there are risks. I mean, South Africa is a harsh place to exist, to invest. Namibia is a good place, but most people can't spell it, so they don't like investment.”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“They cruised on from that at the bottom of the oil market to buy the big Brazilian company Petrobras' Nigerian offshore assets. And to say that they bought it under States, if they stole it. And at the same time hedged out the production so that the COVID-related sell-off didn't impact them. I believe that based on the Nigerian producing assets alone, that the company is selling at half its net present value. But Nigeria has a whole bunch of exploration upside that wasn't exploited by Petrobras because they use the Nigerian assets as a piggy bank. They cash starve them. At the same time, in the last two years, Africa oil has participated in two major frontier discoveries, one offshore Namibia reputed to be”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“Well, it depends on what part of my portfolio I'm looking for. I'm of an age where I don't actually need to make a whole bunch more money, but I like making money. So in the speculative port of my portfolio, I look for tier one managements. Tier one deposits in a microcap wrapper. And I look for something where an existing discovery or discoveries takes care of the valuations three years from now and five years from now. So one example in terms of speculation would be Africa oil, one of the Londine Group companies. Operating in Africa, they made a discovery, God, almost 15 years ago now in Kenya, which remains undeveloped because of low energy prices during part of the time and because of the Byzantine nature of Kenyan politics.”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“To drill more of their own gas. You know, Germany has some spectacular sedimentary basins in northern Germany that are tight. Northern Germany would probably be a wonderful place to look for unconventional gas that you had to frack. It will be interesting to see if the fuel bills that you describe will be sufficient to cause the Germans to go after their own gas as opposed to importing ours.”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“The only percentage spread I've ever seen this high has been between US gas and Japanese gas when they shut down their nuclear fleet and they had to go from nuclear power generation to LNG. The spreads were that wide. Albeit from a lower U.S. base. But no, I've never seen spreads like this. It's important to note that a LNG receiving facility or an LNG shipment facility takes billions to build years to years to permit and build. So the longer this circumstance goes on, the more likely it is that the infrastructure will exist to participate in the arbitrage between European gas and American gas. It'll be interesting too to see if this prompts the Europeans”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“That they are able both to exercise what Mr. Kramer would call financial discipline. And in certain cases, certain cases, I would call cannibalism. They're doing that while simultaneously investing enough of their free cash flow to at least maintain and in some circumstances expand their current production and make no mistake. They have a wonderful, wonderful inventory of undrilled natural gas locations.”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“If you look back at Devon over the last three years, there wasn't sufficient incentive in the US natural gas markets for them to drill. But they built up a huge inventory of drilled uncompleted wells to save leases and proved development drilling locations. Now that there is increasing domestic demand for natural gas ironically now that there's increasing Mexican demand for US gas and increasing demand for LNG now that Devon sees the structure of the domestic natural gas market improving, they're going back in terms of aggressive sustaining and project capital investments. They didn't invest through the full cycle the way that Exxon did, or to a lesser degree than Occidental did. But now they are aggressively exploiting their inventory. They're making so much margin.”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“I just don't think that there's a probability that they will generate any economic utility. The share prices might go up. But that's different. The share price is a floating abstraction. There are 12 uranium juniors out there that I think at $70 uranium, which I now think is probable, that I think have reasonable possibilities and in some cases probabilities of delivering shareholder value. And so I have a list of 12 companies that in the right set of circumstances I'd like to buy. I monitor the company for any changes in their condition that might cause me to raise or lower my expectation of their value three years from now and five years from now. My shareholdings in the junior uranium sector, even while they're falling off fairly hard”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“I think there's 75 uranium juniors worldwide. I assume that there are only 12 of those which are viable. So I would say, first of all, that there are 60-something companies that I wouldn't buy at any price. I just wouldn't buy them. But in.”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“You need to sell some stock. I had the wonderful Circumstance of being able to sell a quarter of my portfolio and recoup the costs that I'd spent in purchasing the whole portfolio. And the share prices went up some more. So I said, well, I guess recouping my capital isn't sweet enough. I guess I need to take some money off the table, which I did. And then the prices went up some more now a person who doesn't have an opinion as to value that just looks at momentum would probably be a buyer in that circumstance. But if you're like me, if you're a credit analyst, if you're a contrarian-oriented investor, there are circumstances where the prices so far exceed the values that you have to be a seller, which I've done. Now, the price of the Iranian juniors on average has fallen by 50%.”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“One of the examples would be the junior uranium stocks. Three years ago, they were effectively free. And any public forum that would allow me, I'd pound the pulpit on them, possibly because I talk too much, but the uranium price helped too. These stocks went from being free to being stupidly expensive. And the consequence of that was that I sold at one point in time approximately 80% of my junior uranium portfolio. I thought the price of uranium had to go to 60, but the stocks were acting like the price had already gone to 70. And the consequence of that is you try in your own mind to construct an admittedly imperfect model of what a company might be worth in various pricing scenarios. And if the market capitalization of the company exceeds what you think it might be worth at a commodity price that they haven't achieved yet,”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“Market turns in your favor, and the world suddenly believes that you're smart rather than taking that to heart, you need to begin to sell off your portfolio.”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“Focusing on the firm has been much more important for me. Now, it's important for your listeners to note that a lot of my history was in exploration where finding something of value was more important than the price that it might obtain. I'm lucky enough to have been part of a couple of dozen tier one discoveries where the price of the commodity became much less important than the fact that a series of drill holes answered some unanswered questions. And the prize for getting a yes answer was a multi-billion dollar discovery. But I would suggest that you need to be able to do both. I would suggest that you need to be able to compile a shopping list utilizing your expertise and then you have the discipline to exercise your check rating skills when other investors are on strike. And you probably need a third discipline, which is to say when the”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“I mean, absent luck, I'd say they're nil. People misconstrue what stocks are They sort of act as though their ticks on a computer screen. They represent fractional ownership in businesses. And if you don't have enough expertise to understand at least something about what the business is worth and might come to be worth in certain circumstances of probable occurrences, you have no business owning the stock. That's precisely why, despite the fact that I have a lot of generalist experience in credit, in income statements, in balance sheets, in redundant asset analysis, all the stuff that generalist investors do, it's one of the reasons why I pretty much confine myself to the natural resource and conventional financial services ghettos. I've learned that despite the fact that I have good generalist education and instinct, I do better confining my”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“I cut my teeth and became well known in smaller microcap speculative stocks. And I've been priced out of that market for three and a half years. In other words, I've been priced out of the market that I do the best at. But now those stocks are collapsing in price. And so The specialty that I cut my teeth in, which is private placement transactions in debt and equity among junior resource stocks has suddenly lost its favor, which means to me it's suddenly become much more attractive. So I'm looking forward to a circumstance where the next 12 to 18 months is going to be very, very rewarding for me, rewarding psychologically because I do what I like to do. And rewarding financially too, because the price of admission to an increasingly attractive industry is going down.”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“I learned that I wasn't that smart. And so in retirement now in particular, I confine my investments to natural resources and conventional financial services, which I understand well. I'm not interested in... You know, media stocks. I'm not interested in retail. I'm not interested in crypto. I'm not interested in anything that I don't understand intimately and where I don't have a variety of contacts who can help me understand those things that I don't know. One of the things I see in the resource space now is a real true plethora of opportunity. I see impending supply shortages, albeit with that huge caveat about a recession. At the same time that I see declining share prices, which is to say the price of admission to an increasingly attractive opportunity is going lower And interestingly, it's going lower across the whole value chain”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“Your expectations are unrealistic. Well, many investors have trauma holding stock over a long weekend. I would say that my average successful holding period is between five and six years. And sometimes much longer, much, much longer. So I think I've done things right and I've done things wrong. Having been on Earth now 69 years and being involved as an active investor for 49 of those 69 years, I'm getting better at segregating what I do well with what I do poorly. And one consequence of that is that when I was younger, when I enjoyed success in my 20s, I came to believe wrongly that the success that I enjoyed in certain facets of investing translated over into other industries. In other words, I entered areas where I didn't have a durable competitive advantage.”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“I looked at one at a commodity where either the price had to go up or the lights had to go out. I didn't care about the narrative. I just knew that people wanted to stay warm and have the lights go on. So uranium was fairly obvious to me. Similarly, two years ago, when COVID took the oil price down to sub zero, or for months between twenty and thirty dollars a barrel, it was very clear to me that the oil price had to go to sixty Had to go to 60. Greta Thornberg, notwithstanding, it had to go to 60. So I've been pretty good about that, and I've been pretty good too at understanding that money is made by compounding. That isn't just one thing that has to go right. That one thing has to lead to another thing which has to lead to a third thing. And if you have a time frame expectation around your investments that's unrealistic.”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“I had already been successful with by the time I was age 35 and never investing with one more newcomer ever after that, I would have made twice as much money and I would have worked a quarter as hard. Which is interesting. It really truly is interesting. I've done a few things right too. One thing that I have done right is I've always been more of an arithmetically oriented than a narrative-oriented investor. So while most people were overcome with fears of uranium because it hadn't performed, I looked at a commodity that was necessary for the ascent of humankind. That cost $60 a pound fully loaded to produce, including cost of capital, and was selling for $20.”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“Particularly when times are good, the clients have asked me to find more and more opportunities for them. And there is a scarcity of good opportunities. There are times in the market when the right thing to do is nothing, absolutely nothing. And doing nothing is hard, particularly when thousands of people are relying on you for their retirements. But I, you know, I look particularly in the speculative parts of my portfolio, Jack, where people are more important than assets. I have been, I've had the good fortune to be very close to probably two dozen serially successful natural resource entrepreneurs. And what you learn is that a very few people generate most of the success in the investment business. And to be honest with you, had I confined myself to investing with people who”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“Think overstaying my welcome. Has been one mistake, which is to say it's a contrarian business. And I've been pretty good about buying what other people weren't buying. I haven't been as good at selling what other people began buying, which is to say that I have often Forgotten that markets And I would say that's been my most common mistake. My second most common mistake has been to do too much.”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“What that means is that while at most conferences, the qualification to be an exhibitor is merely a check that caches. At our conference, we have to own the exhibitor in accounts that we manage. It doesn't mean, sadly, that every stock I ever bought wet up. What it does mean is that every exhibitor there has been vetted. We understand them well enough that we've invested in them. The most salient point about all this is that like every other investment education product I've offered in the last 30 years, it comes with a 100% money back guarantee. If you come to the Natural Resources Investment Symposium either physically in Boca Raton or online, the virtual version, and you don't think that you got your money's worth, email me and I'll give you your money back. 100% ironclad. No reservation, money back guarantee.”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“Showing them how the lessons that they learned building these multi billion dollar companies made them better investors and discussing very openly the successes and failures that other investors have had in natural resource investing. I think that's probably the most single valuable feature of the conference, frankly. The fourth thing, Jack, is that in almost every investment conference I know, the exhibitors are treated as advertisers. Our attendees have told us that our exhibitors are content in other words, they look.”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“Great macro thinkers, but of a type which you would never see on CNBC or even read in the Wall Street Journal. They come from a different point of view, one that's more resource-centric and less mainstream. But in addition, I think to framing the big picture better than other conferences have done, we've had world-class natural resource analysts who can tell you once you have your worldview shaped, how do you make money and how do you avoid risk. For 30 years, we've had a program called the Living Legends, where we've had natural resource entrepreneurs who have built multi-billion dollar companies, described the process to our attendees.”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“Because COVID is still a public health issue in two countries, we've moved the conference this year, from Vancouver to Boca Raton, Florida, but we're going back live. The conference, and I'm sure you'll have a link to it here in the video, the conference is between July 26th and July 29th in Boca Raton, Florida. I think there's a few things that people considering the conference need to know. The first is that the conference has succeeded for 30 years by having some of the best big picture thinkers in the world. The Bill Bonners, the Jim Rickarts, the David Stockmans, the Doug Casey's, the Daniella Di Martino Booths, the Nomi Prince, these are”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“Thank you for the opportunity to do that. The National Resources Investment Symposium is something that I and various partners have put on for 30 years now. It was known for many years as the Vancouver Natural Resources Investment Symposium. When I put it on in conjunction with Agora Publishing. And we did that for 27 years. COVID caused us to stop the live conference in Vancouver, and we put it on for two years virtually, which was a great experience. We were able to increase our audience to 34 countries around the world, which was wonderful. But our core audience told us they wanted us to go live again. And the customer's always right.”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“I don't know if they'll do it, but the truth is that the cure has already been found. It needs to be allowed. I also wonder to what degree both the Russians and the West will do more pretend economic war. Which is to say, despite the fact that lots of people are getting killed in the Ukraine, right now Russian gas is still flowing. And right now, the West, including, ironically, the Ukrainians, are still paying them for it. I'm shaking my head in wonder, not because it's funny particularly, but because it's hard to understand.”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“US market until the political signs suggest that the oil industry will be allowed to earn a reasonable return on capital employed, you're going to see a reticence to employ capital. But make no mistake, if you turn the industry loose, at least for the next decade, they can really, really, really impact supply. A bigger question is going to be the emerging the ability of emerging markets to develop and produce oil and gas. As an example, the South American nation Guiana, in the offshore Guiana field, has something like 8 billion barrels of recoverable reserves already discovered. Lots of exploration upside. Will the big thinkers in the world say to the shells and the totalities and We forgive you. Please, please bring that energy to market. I don't know if they'll do it”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“Months. Now, make no mistake, we need more Occidental. There are other good guys in the fight, by the way. Devin Energy is doing a good job in going back, taking the consumer at his or her word that they want more energy, finishing off the drilled uncompleted wells, drilling new wells, upgrading infrastructure. That work is being done. But it takes more than Exxon DevOn and Occidental. It takes a political willingness. It takes an administration that says to the insurance industry, you will again provide reasonable plugging and abandonment sureities. It takes the political willingness to do things like complete the Keystone gas oil pipeline from Canada, which could bring 600,000 marginal barrels a day into the”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“And how quickly can production be turned on? Let's take Occidental Petroleum owned and invested in by Warren Buffett. He bought a lot more recently, actually. I believe that Occidentally has vast, vast reserves in the Permian Basin that are undeveloped. So how long, if the Occidental Board wanted to create production and they were just, they had fervor, they needed to get it done, how soon before a brownfield just patch of dirt would become a producing well.”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT
“On Mozambique gas, Tanzanian gas, Mauritanian gas, it would make perfect sense to utilize existing transportation links between, as an example, Algeria and Libya and Italy to bring greater quantities of African gas through conventional means into Europe. It will be interesting too whether the Europeans will allow the Turks to complete a gas pipeline from Turkmenistan and Azerbaijan through Turkey into Europe that would bypass Russian production and distribution networks. As I say, it'll be really interesting to see to what extent the reality of energy shortages this winter The European voter to focus the European political establishment's mind on viable energy And I'm not smart enough to predict the outcome. I've sadly not understood the ethos of politicians for most of my life.”
2022-07-11 · Forward Guidance · Will A Recession End The Commodity Bull Market? | Rick Rule · IDENTIFIED FROM THE TRANSCRIPT