Small Is Beautiful

You can either read something many times in order to be assured that you got it all, or else you can define your purpose and use techniques which will assure that you have met it and gotten what you need.

- E. F. Schumacher

It takes heart to be a guerrilla warrior because you’re on your own. In conventional warfare you have tanks and a whole lot of other people with you to back you up - planes over your head and all that kind of stuff. But a guerrilla is on his own. All you have is a rifle, some sneakers and a bowl of rice, and that’s all you need - and a lot of heart.

- Malcolm X

See for Yourself That the Earth Is Round > Leave a better world behind.

- Pierre Lassonde

U N D E R / / C O N S T R U C T I O N

Returning from the Southern Hemisphere to the sophisticated techno - securitized world in San Diego County emphasized the design intentions of the non-collateralized financial cabal:

“The few who understand the system, will either be so interested from its profits or so dependent on its favors, that there will be no opposition from that class.”

- Mayer Amschel Rothschild

The debt & consumption economy here remains seemingly creating more distortions eliminating much of the delta between real producers & screen watching consumers.

Lots of Chiefs > Very Few Indians.

Wealth Management Consultants are everywhere looking to manage AUM [Other Peoples Capital]. Most all these people have never been near a farm, factory much less the resource / extraction industry.

- Crude Oil is NOT from Fossils.

- CO2 is not a toxin and ESSENTIAL to Plant Life & our Ecosystem.

- Tavistock Institute Propaganda Viruses per Rockefeller / Carnegie Flexner Report are NOT a threat to healthy people.

Off to surf this morning. We follow Margin of Safety [Benjamin Graham]within sound solutions based businesses. Flow of Funds is reviewed daily as well as sentiment indicators / market psychology.

Lassonde started building his fortune in 1983, when he launched the Franco-Nevada Mining Corporation. He and partner Seymour Schulich started out by focusing on mine exploration, but they quickly got the idea to buy mine royalties, a practice that was popular for oil and gas but unheard of for mining. The idea paid off big.

In 1985, Lassonde found a small advertisement in the Reno Gazette newspaper for a mine royalty. He pounced on the opportunity, and it became the best investment he has ever made. The $2 million investment, which wiped out their bank account, has already produced $800 million in revenue and is expected to make $1.2 billion in total profits – “talk about luck,” Lassonde said.

Franco-Nevada continued the same level of success for the following decades. “We grew the company at 36 percent compounded for 19 years in a row,” Lassonde said. “Even Warren Buffet doesn’t have a record of 36 percent per year compounded. It’s an incredible record.” The company is now worth about $6 billion, after Lassonde sold it in 2001 and bought it back a few years later.

Royalty Finance is kind of like being a specialty bank. When someone like Franco Nevada gives royalty financing to a miner they also bring technical and other industry expertise that a normal bank can't match.

It might be said that it is the ideal of the employer to have production without employees and the ideal of the employee is to have income without work.

- E. F. Schumacher