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« Gold Stocks: This Bear sleeps at least for now | Main | There Is No Currency War - Marc Faber »

Adrian Day: Buying Size Doesn’t Always Mean You’re Buying Quality

As cyclicality in natural resource markets expresses itself in earnest, Adrian Day, of Adrian Day Asset Management, was kind enough to share a few comments on symptoms of resource market tops and bottoms.


Reflecting on nearly 35 years of experience in the resource business (starting as an editor-turned-money manager), Adrian noted that one must realize, “Mining is a very cyclical business for lots of reasons.” One of those reasons he stated, is the likelihood of, “Over-enthusiastic management teams…buying projects & investments at the top just like investors [buy shares most aggressively at market tops].”


As in buying investments of any kind during markets of exuberance, many projects and investments made during resource market tops guarantee “sub-economic” performance, Adrian explained.


On the other hand, investors and management team embracing the volatility and cyclicality of resource markets are better positioned to capture “Very attractive deals… [as bear markets offer] the right time[s] to be buying,” Adrian added.



To read or listen to this interview please click here.


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