Nerding Out on Miners & Mentors with Rick Rule
Exploring the Legacy of Ned Goodman and the Titans of Resource Investment
TIMESTAMPS
Mining Giant, Ned Goodman 00:01:02
Cheap Paper in Franco Nevada 00:06:26
Ned Lessons 00:11:47
Hemlo Gold Saga 00:18:20
Mining’s Finance Crisis 00:22:25
ARIS Mining 00:29:5
LatAm Gold Consolidation 00:34:06
Rick’s 100X on Dundee Bancorp 00:41:24
Dundee Corp Stock Today 00:42:40
Meeting Stephen Roman Sr. 00:45:42
Pitching Rick Rule 00:52:16
Robert Friedland’s Evolution 00:54:45
Earthlabs (TSXV:SPOT) 00:58:06
Rick Rule’s Personal Consumption 01:02:12
Rick’s Philanthropy 01:05:06
Battlebank 01:08:02
I love Rick Rule.
Like Warren Buffett is to value investing, Rick is to mining speculation, a great teacher.
Rick generously agreed to help me with a story I’m working on about Ned Goodman (1937-2022).
Goodman co-founded Beutel Goodman, a $40B asset manager, Dynamic Funds, an $88.3B manager sold to Scotiabank in ’10, CMP Group, which raised $5 billion in flow through funds, Dundee Securities, Dundee Capital Markets and others.
In mining, Ned built gold producer Corona Gold (sold to Homestake in ’92 for $430M US), co-founded Kinross Gold ($10B market cap), was arguably a co-founder of Franco Nevada ($30B market cap), co-founded Repadre Capital ($470M exit to Iamgold in ’03), co-founded Dundee Precious Metals ($1.85B market cap) and countless others. I’ve never seen a career like his.
And Goodman’s dealings were complex. Cascading voting structures. Related companies invested in each other and vice versa. It’s a maze. So I needed someone like Rick, who was mentored by Ned, to help me.
“There was never a deal that Ned couldn’t make more complex,” Rick laughed.
In this Mar 26 conversation with Rick, we discussed lessons from Goodman and some of his dealings, like Hemlo. We also talked about mining stocks, potential consolidation in Latin America's gold developers, and good traits of promoters.
Given Rick’s generousness in sharing his wisdom, I’ve decided to publish the Zoom call we did yesterday.
It’s 75 minutes of nerding on out Canadian mining finance history.
Thanks, Rick!
Enjoy!
Rick not as enamored on ARIS as I am, but good to hear his take on them and he is a shareowner too.
Holding firm to my shares. :) great discussion.
Great work & interview Tommy !!! Fascinating 📝