Wednesday, March 8, 2017

Morals Charges and Other Pitfalls at PDAC 2017

Due to an unfortunate mix-up, I spent a good 25 minutes yesterday morning walking up to very large men in the lobby of the Intercontinental Hotel and asking for "Peter."

The fellow I was looking for was described to me as a former football player. But that's the limit of the description, and there are a LOT of big guys in Canada. Luckily, I wasn't arrested on a morals charge.

At least his name wasn't Dick.

"Excuse me, Big Dick? I'm looking for Big Dick!" PUNCH!

Peter apologized by email and called last night to make lunch plans today. Then it accelerated to morning coffee, then "let's just hurry up and film the interview." 

On the last day of PDAC, everyone is in a rush.

At least he wanted to be filmed for my Youtube channel. I was told flat-out "no" by multiple people. On a Wednesday morning at PDAC, few feel camera ready. No, they are not ready for their close-ups.

Anyway, Peter turned out to be a former Goldman Sachs banker and a "distressed turnaround specialist." His company has what we in the business call "a wide moat." Peter tells me that a mutual friend of ours, very well known in the biz, likes it. And individual, well-known fund managers have put their own money in it.

Very interesting company. I'll do more research and write this up for subscribers at my new gig at the Weiss Research division, Uncommon Wisdom Daily.

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