Latest / Financial Survival Network / The Resource Sector and The upcoming Natural Resource Investment Symposium. Rick Rule 6-26-23

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The Resource Sector and The upcoming Natural Resource Investment Symposium. Rick Rule 6-26-23 · Financial Survival Network

0:00
I think abs into real recession that the conventional energy sector will do well.
0:05
The free cash flow these companies are enjoying are uniformly the best in history,
0:11
or at least since you know, since these statistics have been reported. There
0:15
are the coal companies, as an example, with thirty or thirty five years
0:20
reserves that are trading at two and a half times cash flow. You're listening
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welcome you are listening to watching the Financial Survival Network. I'm your host,
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Carrie lets. You know, when it comes to investing in the source sector,
1:00
there's a lot of noise out there, but there is one a standout.
1:04
He's been a standout for decades. I'm talking about Rick Rule. Honestly,
1:11
Rick, you have forgotten more than probably I will ever know. Hopefully
1:15
I haven't forgotten that much. And meeting our age difference isn't that far apart,
1:21
but hey find his work over at Rule Investment Media dot com. Rick,
1:27
you're having your conference in Boca, which is a thirty minute ride from
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my home, so I am really looking forward to being there. Probably have
1:37
a meetup if some of you guys send in emails that you're going to be
1:42
there. K l at Kerreletz dot com link to sign up for the conference.
1:48
And I haven't been there in a few years. Obviously pandemic last year.
1:52
I at other obligations. But what is the feedback you're getting from attendees
1:59
sentiment towards our sector that's become the maytag repairman of Wall Street. Well,
2:07
I suspect that the attendees at my conference we're probably are more resource centric and
2:16
probably have had better experiences with the resource market than the broader public. Understand
2:25
that these paid conferences generally tend to attract the investors whose time frames art measured
2:35
in weeks or hours. So I think that among my attendees, the sentiment
2:42
to continues to be pretty positive. You know, Carrie, we've taught for
2:46
four decades that a bear market is the financial equivalent of a sale, and
2:54
if you would like to buy assets, you're better served by buying them cheap.
3:00
There are a variety of participants in the natural resource business that are probably
3:05
better described as traders than investors, and for them, the fact that they
3:09
might have to wait over a long weekend to harvest their gains is of course
3:13
anathematic. But that's not the community that we attempt to serve in the natural
3:19
Resource Investment Symposium. I would point out, too, as we've talked about
3:23
in earlier shares earlier shows of years parton me, that the market is really
3:28
bifurcating. We have at least two junior markets. There is one market,
3:34
the junior junior market, that I would describe as populated mostly by the lame,
3:38
the halt, and the blind that deserves to go lower because they have
3:45
no feasible reason for existence. The market among the companies in the last year
3:52
that have been demonstrating good results, irrespective of whether their development stage or in
4:00
the exploration stage, has really been pretty good. The market has rewarded good
4:06
results, but good results have been scarce. As a consequence, the market
4:12
is soft. I guess I have one further comment, Kerry, which is
4:16
that in a broad sense, I think there are two sentiment factors that weigh
4:20
against the resource business. One has been the resilience of the economy in the
4:27
face of higher interest rates, which I think has made many investors less fearful,
4:35
and fear investors are often good good investors, good gold investors. The
4:41
second would be the fear of recession, and the fear of recession deters investors
4:47
around broader resource themes, themes like copper and themes like gold. So from
4:53
a narrative viewpoint, I would suggest, and at least in at least this
4:58
year, that the have been headwinds rather than tailwinds for the resource sector.
5:04
The consequence of that, though, is particularly an out of favor sectors,
5:10
sectors like coal and oil and gas. The market has been unbelievably cheap.
5:15
So looking ahead, gazing into your crystal ball, understanding of limits, you
5:23
know, as Yogi Barrow once said, prediction is very tough, especially when
5:29
it's about the future. Do we see a rebound in these sectors, the
5:33
coal, oil gas sectors. You know, there's not a bear market in
5:40
gas in Europe right now, and in Asia still trading many multiples over what
5:46
the US price is with all the global uncertainty, and of course who knows
5:54
what's going to happen with the weather. Do we see a reversal from last
5:59
year's decline in prices? There, I think abs into real recession that the
6:04
conventional energy sector will do well. The free cash flow that these companies are
6:09
enjoying are uniformly the best in history, or at least since these you know,
6:15
since these statistics have been reported. There are the coal companies, as
6:19
an example, with thirty or thirty five years reserves that are trading at two
6:24
and a half times cash flow. You know, the ineffect and excess of
6:28
a thirty percent earnings yield. That's cheap by any measure, and itself corrects.
6:33
Many investors who haven't bothered to take a look at the numbers are concerned
6:39
because the big thinkers in the world are telling them that we won't be burning
6:44
anymore coal by twenty thirty. Sure. The problem with that is it isn't
6:47
true. The largest demand year on record for coal was twenty twenty two,
6:53
and it looks to be handily equipped eclipse pardon me in two thousand and twenty
6:57
three, and the same in the oil and gas side. In the oil
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and gas side, in the near term, of course, markets work natural
7:03
gas got priced too high around the Russian invasion of Ukraine, and the consequence
7:11
of that is that markets worked. The markets responded, particularly the United States,
7:15
by producing lots of gas and the price fell. But if you look
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at the price discrepancy a between natural gas and oil in the US market on
7:23
an energy equivalent basis, and then also the discrepancy in price between US natural
7:29
gas and Canadian natural gas for that matter, and seaborne liquefied natural gas in
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Asia and Europe, you will see that these discrepancies, these deltas are too
7:39
great to continue. Now. It could be if we have a synchronized global
7:43
recession that the deltas collapse in the downside. But that is what I think
7:47
is going to happen. Because of the incredible utility of fossil fuels. I
7:53
think what you're going to see is that the delta will be resolved to the
7:56
upside. I note too, that the big thinkers of the world, while
8:01
simultaneously encouraging the oil companies to invest more and drilling so that they can reduce
8:07
the price of gasoline, are telling them that they're going to put them out
8:09
of business by two thirty two or two thousand thirty three, hardly away to
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incentivize the billion dollars of investments which are required by the way Kerry one,
8:22
Foreign and Climate. The International Energy Agency has estimated that the global oil industry,
8:28
including the peristatals around the world and including prominently their Russian companies, have
8:33
been under investing in sustaining capital investments to the tune of a billion dollars a
8:39
day. In a capital intensive business like oil and gas, failing to invest
8:46
to maintain production is a recipe for declining production. Which means that those companies
8:50
which are a generating good cash flow today but also investing enough sustaining capital in
8:56
their business that they'll be able to continue to produce all most guarantees with the
9:03
sole exception of a synchronized global recession, outstanding financial results in the two year
9:09
time frame, the five year time frame, and the ten year time frame.
9:11
So I feel good about that. And by the way, I picked
9:13
those industries out simply to comment that there are some sectors of the market that,
9:22
rather than being cheap, are ridiculously cheap. This isn't meant to disparage
9:26
other resource industries. It's just to point out I guess the contradiction between the
9:30
narrative and the reality and the marketing. You know, when they talk about
9:35
sustainable energy, think about it. The oil has been sustaining, hydrocarbins have
9:43
been sustaining civilization and led to an expansion unparalleled for one hundred and fifty years.
9:50
Rick, So isn't that the definition of sustainable energy? And I love
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electric, I love solar, all of that, have no gripes with it.
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But is the alternative really the sustainable alternative or is it just linguistics that
10:09
they're playing with us to make it look like, oh, you know,
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it's it's geothermal, it's it's solar, it's wind, that's all sustainable.
10:20
But the fact is nothing has more been more sustainable than oil, natural gas,
10:28
petroleum, other than when we had we were burning fires and we had
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wood, right, we'd use wood. Well, certainly, carry one definition
10:39
of sustainable is economically sustainable. I know your sense of humor, and this
10:43
nic quote will make you chuckle. Comes from Goldman Sachs. By the way,
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it has been estimated, and by the way, I'm in favor of
10:50
all forms of alternative energy too. It has been estimated that we have now
10:56
spent over forty years, just under five trillion dollars trillion in alternative energies,
11:03
and that investment has reduced the market share of fossil fuels from a high of
11:09
eighty one percent all O part me eighty two, eighty two percent, all
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the way down to eighty one percent. It took five trillion dollars to reduce
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the market share of fossil fuels, admittedly in a growing market, by one
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percent. How much cash would it take to reduce the market share of fossil
11:30
fuels before fifty percent? And where might that cash come from? From?
11:37
The IRA Act? Of course, I mean weel that it's absurd. And
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you know when they talk about sustainable energy, they always lump in hydro.
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When you look every country sustainable energy, especially Canada, huge portion of hydro
12:00
dams, which they're totally opposed to because the environmental aspects all of that.
12:05
And honestly, there's there's a lot of issues with hydro when it's done like
12:13
the Three Gorges Dam. Admittedly, but still most of the renewable energy quote
12:20
unquote renewable comes from hydro electric. So you know, I don't want to
12:28
suggest that any form of extractive industry is harmless. I want to point this
12:37
out though, carry and this is important. Separate and apart from the fact
12:41
that I make my living in a nice living mercifully, there are a billion
12:46
people on Earth with no access to primary electricity. There are two billion people
12:50
on Earth with access to unaffordable or intermittent electricity. Those people want to live
12:56
like you and I live, and I don't understand how it is morally justifiable
13:03
for me to say to them no. When the debate goes to carbon,
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the big thinkers in the West, the WF and their ILK are suggesting that
13:13
responsibility for carbon irrespective of whether you agree or disagree with the global warming and
13:18
carbon debate, just if you take it as a given for fun. The
13:24
big thinkers in the world, the Bidens, the Trudeaus, the miracles,
13:26
believe the carbon generation should be measured on a per country basis. Those poor
13:33
countries with a lot of people believe that it should be measured on a per
13:35
capita basis, and the poor countries, I think correctly point out that over
13:43
ninety percent of the carbon inventory in the atmosphere that has been generated by human
13:48
activity has been put there for the by the developed West, and those poor
13:52
countries suggest that if we're going to reduce the carbon loadings that in the few
14:00
you have to pay back some of the damage that you did in the past,
14:03
which is to suggest that rate payers and voters have developed West are going
14:07
to have to pay the vast majority of the cost of reducing carbon loading in
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the future. And that ain't gonna happen. Whether you think it should or
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whether you think it shouldn't doesn't matter. It isn't and we need to prepare
14:24
as investors and taxpayers rate payers for the world. It is not the world
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that the WEF and their ILK suggests that you know, we should aspire to.
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I agreed, And just wait. These people are the ones that when
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they walk into a room they flipped that light switch. They know the lights
14:48
are going to go on. But if they follow their very own policies,
14:52
maybe they have generators and they can stay off grid forever. But you know,
14:58
the rest of us not so much. Hey, so talk about battery
15:03
medals lithium. Look, the government is like the Godfather, and they basically
15:11
made all of these nickel producers, you know, near term nickel producers,
15:18
lithium producers. They made them an offer through the IRA act that you can't
15:24
refuse, right, you would be you'd be insane to just turn away all
15:28
that free money. Now, you and I both know when the money comes
15:31
from the government, it's not free. But they're certainly the winners in this
15:37
argument, aren't they. Well, let's unpack some of the things you said.
15:39
It's odd, in my case, as an example, in the uranium
15:43
business, to go from an icon of evil to being a beneficiary of government
15:52
largesse. Frankly, I preferred my old relationship with them. I consider it
15:56
to be honest. That is to say that they profess their hate for me
16:00
in no uncertain terms, which I always felt to be glorious. I would
16:04
suggest to the industry too, that he who pays the piper calls the tune,
16:08
and the more government nexus that you accept by accepting their handouts, the
16:15
worst your future is likely to be. What it does evidence is a sea
16:19
change in voter perception, and I think it also goes to two underlying trends.
16:26
The first is that the world needs more electricity of all types, not
16:30
just for electric batteries, but also for providing power to those people who don't
16:33
have it, and increasingly some of that power or some of the capacity is
16:38
going to have to be a distributed storage, which is a fancy way of
16:41
saying batteries. So I believe that this electric transformation and battery transformation is real.
16:51
The second trend is, of course, economic nationalism, a wholly regrettable
16:56
trend in every regard, but the truth is around rare Earth is an example,
17:02
because the Chinese produced them so efficiently, nobody else bothered. Now there's
17:07
concern that we need access to supply and prices perhaps less important, and I
17:15
think those two things. The fact that the electorate is looking at the necessity
17:19
of or fun electrification at the same time that the big thinkers in the world
17:26
are looking at the strategic implications of an increasing balkanization of the world's supply chain
17:33
means that increasing acceptance of the components of this electrical revolution are becoming acceptable in
17:44
all sectors, including government, which is you know, this is maybe the
17:48
first time in my life, since I was a geothermal investor, that I
17:53
have actually existed in a sector that had official at least tolerance. I've never
18:02
experienced that before. Yeah, yeah, it's they've made it a no lose
18:07
proposition, at least in the short term. For the right. You think
18:11
we're going to wind up with a glood of lithium. And the other thing
18:15
is, batteries were a very moribund industry the last nation we hadn't you know.
18:22
Basically Edison invented or right around there he perfected the alkaline battery and that
18:30
was where he made most of his money in World War two, I guess
18:33
it was or World War One, I don't remember. But then we got
18:38
nickel metal hydride batteries, which I used for notebooks, and then it went
18:42
to lithium ion, which is twenty thirty years old. Nobody cared about batteries,
18:49
right, so like five years ago, now they're race is on.
18:53
You can only imagine what type of battery is going to come up, you
18:57
know, human engineers or investing in today's technology for a rapidly emerging sector that
19:07
probably isn't going to use lithium or that much of it, and maybe they'll
19:10
use nickel, but maybe not as much. You know, they're behind the
19:15
curve and it's going to be a disaster. But we are coming into a
19:19
real battery revolution. There is money being spent by smart people developing better,
19:26
better batteries, and the truth is that there's going to be no one technology
19:30
that takes all because the function of batteries will be as varied as a watch
19:37
and a grid. And so, you know, as an example, utility
19:42
scale molten sulfur, you know, vanadium, there's going to be probably twenty
19:53
dominant technologies or subsets of the distributed storage or battery markets. With specific regards
20:02
to lithium ry, if I've learned nothing in fifty years of resources is that
20:07
markets work. The lithium prices are now up about four The markets will work.
20:15
Lithium is not scarce. What scarce right now is processing capacity. Lithium
20:19
demand has out paste substantially the ability that we have to mind existing resources and
20:27
also to process that these very high prices will lead to manufacturing and processing efficiencies
20:37
at the same time that they increase supply. So don't look for the current
20:42
craze in raw you know, lithium resources to continue. Particularly you know,
20:51
when I grew up in both the geothermal and the oil and gas industry,
20:55
lithium was considered scale. It was waste and to the dent that we develop
21:00
technologies which we could do with these prices to extract lithium from either geothermal brines
21:07
or the saltwater brines associated with deep natural gas production. We're going to be
21:14
waiting in lithium. Now that won't happen there, won't happen for a couple
21:18
of years. But the lithium bulls need to understand that markets work. The
21:23
cure for high prices is everywhere and always high prices yep, yep, and
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you can see it here and just like that gas right, So you know,
21:37
we're not going to get away from this. We're not getting away from
21:41
petroleum. We're not getting away from battery metals. They're going to evolve obviously,
21:47
and supplies are going to go up because because it's attracting the capital right,
21:52
both private and public, and it's a feeding frenzy. You know,
21:56
basically that Ira act Rick Dave, battery metal producers, strategic minerals and metals
22:03
a blank check because there is no limit to the government gravy train. They
22:10
didn't say we're going to pay out X billion and then we're done. It's
22:14
like, hey, bring it on. So you know, there are going
22:17
to be government warehouses full of lithium just sitting there along with the Arc of
22:22
the Covenant and whatever else. They've got hidden away. Actually, suspect Herry
22:30
that I suspect that they'll walk it back. I suspect that they made this
22:33
promise because this promise suits some near term parochial interest. This wouldn't be the
22:41
first time in my career that the government has offered up something which they I
22:45
know this will come as a surprise to you. They didn't deliver, and
22:49
I wouldn't suspect that this ongoing gravy train will be one to the extent that
22:55
you suggest. I think that they'll have some act in the future, or
23:00
perhaps some non act, some torpor that will actually save the taxpayers from the
23:07
current folly. But I think that you will see a circumstance in the very
23:11
near term where high quality promoters or maybe how how can I put this,
23:21
high high efficiency promoters who are unable to attract capital in the market will be
23:27
able to attract capital from the voters. Yeah, yeah, Well, you
23:33
know there was a guy named Harry Brown, I'm sure you remember, economical
23:37
and he termed the government the accommodating loser, right right, because the government's
23:42
willing to lose money when no one else is willing to take the risk.
23:47
Now, you could say, well, NASA computers and biotech and all these
23:52
things they invested in, And we could argue till the cows come home whether
23:57
they would have evolved anyway. But the fact is the government is there.
24:03
But there is a limit to how much loss they're going to take in whether
24:07
it's a guy at the Treasury Department that sounds the alarm or whether everybody kind
24:15
of wakes up to the reality. But right now, though it's a no
24:18
lose proposition, isn't it, Well, there's no lose to a point.
24:23
Remember this, you still need to permit these projects. So, as an
24:30
example, while we are busily encouraging all electrification medals in the United States,
24:36
we're also denying exploration and operating permits in the Duluth Complex. There's a wonderful
24:44
source of copper in the United States called Resolution. It's over a billion tons
24:48
of one and a half percent copper, three times the average mind grade worldwide
24:52
in the United States. Was discovered thirty years ago. It's been in the
24:55
permitting morass for twenty five years. The highest grade undeveloped copper camp in the
25:02
United States is in northern Alaska, controlled by Trilogy. I know Biden administration
25:07
over local opposition, including the local First Nations turned down the road. So
25:14
when we talk about wallowing up to the trough, my suspicion is that they
25:19
may give us some incentive money at the same time that their constituency denies us
25:26
the ability to operate. That is a conundrum, you know, an enigma
25:33
wrapped up in a conundrum for sure. And yeah, they make all these
25:37
statements, we got to produce more, but will they talking about permitting and
25:44
nobody ever talks about such arcane topics. Do you think that they're actually going
25:48
to put it in like for like the FDA kind of when there's a new
25:52
humane drug, they just grease the skids, push it through and it gets
25:57
approved, whereas every one else has to spend multi billions. Is that going
26:02
to happen in battery medals? I think if we had a crisis, the
26:06
answer to that is yes. They showed with COVID, rightly or wrongly,
26:11
that you can obviate the FDA if there's a political crisis, in other words,
26:18
if the voters and focused interest groups interest groups demand it. I suspect,
26:26
as an example, if we have blackouts in California, and I think
26:30
we might when we have that, you know, uh, permitting more access
26:37
to electricity, or heaven forbid, drilling some gaswells to obviate the crisis may
26:44
suddenly reintroduce itself. This is a time honored technique of everyone in politics.
26:51
I think it was Obama's chief of staff from Emmanuel Yes, same as le
26:55
quoted to saying, never let a good crisis go to waste. And certainly
26:57
to the extent that we experience in the United States, the effects of our
27:03
under investment in energy and critical materials over the last thirty years, to the
27:08
extent that our real crisis develops, I suspect that we may get it.
27:15
We may get the ability to develop projects. We'll see, I you know,
27:22
we'll see. I hope, given that a crisis is a necessary precondition
27:26
for that, I hope we don't experience it. Yeah. Well, some
27:32
things are inevitable though, and the folly of politicians, I mean, this
27:36
is nothing new. If we go back, although talking with you about economic
27:41
history too, go back to the railroads, right, and we wound up
27:45
with all this excess rail capacity in the late eighteen hundreds, and then guys
27:52
like JP Morgan made their money buying up the distressed assets, cutting off the
27:56
unnecessary operations, and you know, putting rationalizing the industry effectively. And so
28:04
there's nothing new about this. It's just a different form. And nobody was
28:10
happy with the railroad industry. They wanted it, but you know, like
28:14
the Transcontinental Railroad, they were like, you know, paying them like a
28:18
million dollars a mile or whatever the equivalent was back then, and they were
28:22
supposed to meet, but then they missed each other, and then you know,
28:26
the inspector said, wait a second, you guys, you know they
28:30
were going to build two transcontinental railroads if they were left to their own demise.
28:36
Of course, there's nothing new under the sun here. That's what I'm
28:38
saying. The government often pays for activity as opposed to accomplishment. I understand
28:44
completely. Yeah, so all right, so quickly, gold and silver under
28:48
investment, declining production numbers, all of this, you know, wrap it
28:53
up with that, TEUs, tell us your insights into the into these markets.
29:00
Well, first of all, I need to say I'm delighted by that.
29:02
I'd like to own more gold in particular, and the fact that the
29:06
price stays lower for longer gives me the ability to average into gold for longer,
29:11
which is great. Remember that a bear market or a soft market is
29:15
the financial equivalent of a sale, and I like to buy goods on sale,
29:18
and I feel the same with the gold equity markets. If people ask
29:21
me why orse, there's a very different answer. We have rising nominal interest
29:26
rates, while some of the inflationary pressures probably is a consequence of rising nominal
29:34
interest rates of subsided and I think on top of that carry all of us
29:41
have been lulled by forty years of benign economic climate. I mean, the
29:45
period nineteen eighty two to two twenty two is probably the most benign economic climate
29:52
in the history of humankind. And the consequence of that is that people don't
29:56
scare as easily as they once did. I remember going back to my breaking
30:02
into financial markets in New Yarly nineteen seventies. You know, we'd come off
30:06
the boom years of the fifties and sixties. Most investors couldn't spell gold,
30:11
you know, a four letter word. The experience that they had in the
30:14
nineteen seventies caused all of that to change. And my suspicion is that the
30:19
next ten years are going to be substantially less benign than the forty years that
30:23
preceded it. I think too that when people express a declining concern into inflation,
30:37
that they're more narratively oriented than they are empirically arithmetically oriented. As an
30:44
example, And I don't need to tell you this, Carrie, but it's
30:47
important for your listeners. When people talk about the CPI stated rate of inflation,
30:52
If you have a headline number that says the goal for core inflation is
30:56
two percent, that core inflation ignores food and fuel, your listeners can tell
31:02
by looking that I like to eat. But much more tellingly, the CPI
31:07
stated rate of inflation, allegedly a cost of living index ignores tax. Tax
31:17
is the most important budget item of every working household in the United States.
31:23
Tax for the average person consumes more of their income than shelter, transportation,
31:30
energy, and food combined. And the idea that a cost of living index
31:34
doesn't include the increase in direct and indirect taxation is an absurdity. Now,
31:41
I assure you, Kerry, if I didn't have to pay the tax,
31:42
i'd bitch less about the index. But the truth is, when people talk
31:48
about the tepid nature of inflation, I think they're talking about two things.
31:53
I think they're talking about attitudes that were formed over forty nine years of declining
32:00
a nominal interest rates, and they are talking based on an understanding of inflation
32:07
that uses measurement matrix through fraud. M Yeah, plain and simple. It's
32:16
yeah. Well, you know, they want the government wants to make everybody
32:21
an accommodating loser, and inflation is the way they do it because it's so
32:24
hard. It's so hard to measure, it's so hard to detect. It's
32:29
only when you go and you have certain aha moments, like wait, I
32:32
was paying ten dollars a pound for that stake and now I'm paying twenty two
32:37
where the light comes on. Or I realized that I was paying in the
32:43
summer three hundred dollars a month or my electric bill and now it's three hundred
32:49
and thirty. And that's not even that bad because I'm in Florida. We
32:52
have the cheapest rates. But you know, then you get glimpses, but
32:55
it's you know, then it becomes an awareness, and then it becomes people
33:00
just getting out of cash. Remember that in the seventies where you didn't want
33:05
to keep the cash because it was deteriorating depreciating before your very eyes. So
33:10
the conference, upcoming conference, You've got a lot of companies, a lot
33:16
of speakers there. Obviously it's evolved over many, many years. What do
33:23
you feel is the biggest reason that somebody needs to attend, virtually or otherwise
33:30
the conference? Well, I guess, I guess this is an anti tax.
33:35
Imagine if your government said to you, if you don't feel that you've
33:37
got your money's worth, we'll give you a full refund of all the taxes
33:40
paid. If you don't believe that you got your money's worth out of our
33:45
symposium, whether you attend physically in Boca Raton, Florida, or in the
33:51
live streat virtually from the comfort of your own home. If you don't feel
33:53
like you've got your money's worth, email me and all refund one hundred percent
33:59
of your two no questions asked. I would appreciate it if you want a
34:05
refund, if you told me why and how we can make the service better.
34:07
But that's not a commission a condition. So the financial risk is all
34:10
mine. How can I do this? Thirty years of offering financial education products,
34:16
I've always had a money back guarantee and I've refunded about one tenth of
34:20
one percent of the tuitions I've charged. I do that because we have a
34:25
very attendee focused conference. In the first instance, we have a wonderful range
34:32
of paradigm originators, big picture thinkers. Daniella Prince, you know, I'm
34:40
a part of you, Daniella, Martina boothe Me Prince, Jim Rick Cards,
34:45
you know, Bill Bonner. All these kind of guys, wonderful big
34:50
picture thinkers, but not the kind you see on CBC. If you agree
34:55
with that worldview, and you have to agree with that worldview, if you
35:00
are accommodative of natural resource and precious metals investments, then we have a range
35:05
of analysts and portfolio managers who have stood the test of time. Not people
35:08
who came into the markets three years ago, but rather people who came into
35:13
the markets thirty years ago. Much more importantly, they'll carried We have the
35:16
living legends. We have a group of entrepreneurs who have built multi billion dollars
35:22
companies from scratch bowl markets and bearer markets, and they can tell you how
35:28
their experience building billions of dollars of wealth has made them better investors, and
35:31
how you can become a better investor too, not out of a textbook,
35:36
but rather as a consequence of building a multibillion dollar company. Finally, attendees
35:43
have told us for thirty years, and exhibitors at our conference or content,
35:45
not just advertisers. The consequence of that is that no one can exhibit in
35:51
the conference if their stock isn't owned in my personal account in accountside manager,
35:57
in accounts managed by my former employer sprought Ink now sadly carry. It is
36:02
not true that every stock I buy goes up, but it is true that
36:07
every exhibitor at the conference is one that we have vetted well enough that we
36:12
have invested our own time and treasure in, which is very different from any
36:15
other conference. I know. The normal qualification to be a conference exhibitor is
36:22
a pulse and a check that cashes in reverse order of importance. So I
36:27
think for those reasons, and by the way, you don't have to come
36:30
to Boca Raton, although I would encourage it. We will live stream this.
36:35
You can watch in the comfort of your own home, and whether you
36:37
attend in person or virtually, you will have access to the conference recordings for
36:43
six months. It's impossible in the forty eight hours of the conference, so
36:46
learn every lesson that we propose to teach. And having the ability to review
36:52
the conference material over time, I think is really critically important. Couldn't agree
37:04
more and I'm really looking forward to being there. Hey, if any of
37:07
you out there are going to be in Boker thinking about it, reach out
37:10
to me. Send me an email kl at Kerry Lutz dot com. We'd
37:15
like to have a little meet up there since it's basically my neck of the
37:19
woods. And if you've got a question for Rick, same thing, K
37:22
at Kerry Lutz dot com. We've got a link so you can sign up
37:27
and attend the Rule Symposium, either virtually or in person. Love to hear
37:35
from you, Rick. It's always a pleasure. Thanks so much for stopping
37:38
by, and we'll see you in Boca. Harry, the pleasure is mine.
37:42
I look forward to seeing you in Boca. Two. You, of
37:44
course, will be able to stay in the comfort of your own home,
37:46
but your listeners should understand that the Boka Resort is truly one of a kind.
37:52
Michael Dalla has spent a billion four on it. Rooms in the tower
37:57
which you're normally thirteen hundred dollars a night week turn to attendees for three hundred
38:01
dollars a night, so we attempt to give people a good deal in every
38:06
aspect of the conference. I look forward to seeing you there, Garry.
38:09
I look forward to to your attending the speaker and exhibitor boat cruise and also
38:15
the attendee boat cruise, which have been prominent entertainment events at my conferences for
38:20
many years. There's there's a lot to be said after we've worked your behind
38:23
off all day to going out on a nice boat the inter Coastal Canal enjoying
38:30
the beverage of your choice. We look forward to delivering value in every aspect
38:35
of the conference and the cruise up the Intercoastal by book, it's really kind
38:39
of breathtaking the homes that you see there and just the natural beauty of the
38:45
area, so it will definitely be there. We'll see you soon, Rick,
38:49
and be well. Thank you, sir, thanks for listening to Carrie
38:52
Lenz's Financial Survival Network, your solution to today's trying times. For the latest,
38:59
go to Financial Survival Network dot com. Financial Survival Network now more than ever