Marin Katusa, Chief Strategist for Casey Research says, “don’t underestimate Russia. The death of the dollar is upon us, the global power shift has already begun.” Marin and his partners, Doug Casey and Rick Rule, are going big in the resource sector. Investing more in the past 60 days, than in the last 2 years. At the top of their picks is Brazil Resources (TSXV: BRI), in which they are actively accumulating millions of shares.
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Marin Katusa: What happens if OPEC and Russia join forces? Nobody talks about that. That’s a game changer. Russia is a very rich land. I would not underestimate Russia.
FutureMoneyTrends: Greetings and thank you for joining us at FutureMoneyTrends.com I’m here with the legendary stock picker, who’s very young. But I say legendary because if you look at his track record, it is the best track record, even in the bear market. And I’m so happy to have him on the show today because he has made our subscribers a lot of money with some of the picks, and some of the trends he has steered us towards. Marin, thank you for joining us.
Marin Katusa: Thanks Dan, Thanks for the kind words. It’s good to hear.
FutureMoneyTrends: Let’s talk about the macro-picture, Marin. You’ve previously talked about Russia and China using their own currencies to do trade, but that was kind of, definitely, an attack or a hit to the U.S. dollar. And you’ve talked about the U.S. dollar even possibly experiencing hyper-inflation one day. What is the state of the U.S. dollar right now, globally? What are you hearing from major insiders, like government officials, when you visit all across the country looking at different mines and projects?
Marin Katusa: I call it the dirty secret of all of the governments. The U.S. dollar, relative to the Canadian dollar, has been doing well this year. The reality is, it’s been the Russians, the Chinese, the Indians, they’re trying to look at diversifying out of the dollar. If you look at what Saudi Arabia is doing, they’ve had long discussions with the Russians on major military contracts, is something where they’re true anchors to the petro-dollar of Saudi Arabia flips on America. And it will happen, it’s just a question of when. You’ll see the death of the petro-dollar. And I can’t emphasize just how serious of an issue that’s going to be. In my book, The Colder War, we really lay out all the scenarios of what I think is going to happen in the death of the Petro-Dollar. And that will truly determine, and mark my words I’m the first guy in the world talking about this, how the petro dollar goes. Determine who wins the colder war, and that’s the title of my book. And the reason is, if America’s able to hold on as the reserve currency of the world, they will be able to live to see another day. But if you really see what’s going on in Europe, in Asia, the dominance of America is being challenged, not just by Russia, but Asia. And the strength of NATO is not what it was thirty or forty years ago.
And if the petro-dollar does die, and the odds are right now that it will, Russia will win the colder war. And why will they win the colder war? Well let’s talk about this. Most of the oil that Europe provides comes from Russia, most of the natural gas comes from Russia, most of the uranium comes from Russia. If you look at a country like Germany, for example, they’re the strongest EU-28 country. They import more coal right now from Russia than they did 20 years ago. They import more natural gas from Russia today than they did three, four, five years ago, ten years ago, twenty years ago. Europe’s becoming more dependent on Russia, and right now Ukraine unfortunately, I feel bad for the Ukrainian people, I’ve been to Ukraine, it’s a beautiful country, people are great, the resources are great. But it’s just basically a pawn between the Western world: the UK, Germany, U.S., and the Eastern emerging markets: Russia, China, and right now who would you say is winning, Dan? Obama or Putin? Without a doubt it’s Putin, and no one can deny that. He got Crimea, he got back what Khrushchev gave to Ukraine in the late 50’s. Putin is a man to watch, and you can make a lot of money in these resources if you’re patient and you invest in the right management teams. Because during the last twenty years Russia’s doubled their oil production. They have almost half of the world’s upgrading processing facilities for Uranium. You look at Kazakhstan, they’ve essentially doubled their uranium production in the last ten years. This new alliance, the new Eurasian union, is a force to be reckoned with. And you have two choices – you can be aware of it and try to profit from it, or you can pretend that America is the sole leader in the world and you don’t have to worry about the petro-dollar. But I think that’s a very unwise choice.
FutureMoneyTrends: Do you think the dramatic increase in U.S. oil production could be something that could help the U.S. government kick the can down, maybe two or three decades, or even save the U.S. dollar itself?
Marin Katusa: The shale revolution has been an unbelievable lifeline to America. And ironically Obama is now trying to talk about all about the green gas. If you really go back to his 2009 mandate, it was all about green energy: windmills, solar energy, geothermal, all of these green energies, bio-fuels. Without government subsidies they don’t work, and we all know what a disaster that has become. The shale revolution was the industry solving it’s own problems. And yes, if America, and we get in to this in our book, if America does this properly, but there’s more problems. Look how California’s trying to ban fracking, New York’s trying to ban fracking. Avoid the NGO’s non-science fears, the fear-mongering. I debated the founder of Greenpeace, and I came with facts. Rex (Rex Weyler), rest his soul, he came with emotion. And if we’re going to talk about a scientific debate, you can’t have some guy talking about the science and another guy talking about the emotion, because it’s like talking about religion. How are you supposed to debate that? So my point here is that if America moves forward, they can become a net exporter of premium products. And look at Mexico.
Mexico now is a net importer of natural gas from the U.S. Historically Mexico was a major producer of oil that would send it to the U.S. The Maya oil, that’s the Mexican oil, it’s a very waxy, heavy oil. But the Mexican government gets about a third of it’s revenues from their oil development, and that’s been decreasing. So what do they do? They opened up the oil patch in Mexico. There’s a major opportunity. So the Mexican government recognizes that we can’t survive by importing from the U.S. They have the same type of potential as America, the same geology, if not better. You look at something like the Cantarell field in Mexico, it’s a world class field. So you’ll see other worlds eventually catch up to the Americans, whether it’s Europe, South America and Argentina, the (Vaca Muerta?) shale. You look at what Mexico is going to do. And if America right now has about a decade and a half head start. So I agree with you, if they play this right, build the infrastructure, build the LNG liquefaction plants, and start doing long-term contracts, they can get a strong head start. But the Russians are doing the same thing, and the Russians are building it faster, and cheaper, and produce more.
People forget that the Russians are either number one or two oil producers in the world, and number one or two natural gas producers in the world, number one uranium. In every commodity, they’re there. Russia’s also the largest country in the planet, people forget that. So there’s a real colder war building here, and America’s strength is their technology, the American innovation. If they lose that, they lose their leadership and their head start. What do I think is going to happen? I think that America will not optimize their head start. I think that you’ll see countries like Russia really push forward the biggest natural gas deal ever. The biggest deal, $400 billion dollar contract, that’s just phase one. Phase two will over double that. We’re talking about trillion dollar, 30 year deal, to sell gas to China. What’s going to happen in Iraq? I see Iraq becoming at least two countries. What’s going to happen to Syria? And Obama’s got a lot of eggs on his face. He was funding what was eventually ISIS today a year ago to fight Assad in Syria, and now he’s trying to fight them in Iraq. So it tells you right now that America does not… they’re chasing their tail. Obama is chasing his tail. He’s going to go down in history as the wizard of Oz, just a voice. And Putin has opened that curtain to expose the wizard as nothing but a confused man. That’s what Obama is.
FutureMoneyTrends: Let’s flip the conversation and just go over maybe some of the things that you’re hearing, that people are saying, on why not to buy in to the resource sector. Because I know that is actually the common argument right now from investors. I mean, we’re seeing mining shows close down. The other ones that are still around have low attendance. What are people saying that is driving them nuts, and so fearful, and maybe some people who are listening to this can connect with that. And then we can talk about why you’re investing anyway. What are some of the big fears out there?
Marin Katusa: Sure. That’s exactly what… it’s funny that you bring this up, and it’s a great… it’s very astute of you to recognize that these mining shows, there’s literally no one. It’s a ghost town. It’s management executives talking to each other. That’s exactly where you want to invest. For example, I took a photo at the top of the elevator at the 2011 January Cambridge conference in Vancouver. The floor was packed, it was a two hour waiting list to get in, and the lineup was so packed that people coming into the elevator were smashing in to people waiting. And people were falling, hurting themselves, that they actually shut down the elevator. And I got such a kick out of it that I took a photo of it on my blackberry at the time, now I use an iPhone, but back then I was on the Blackberry. And I took a photo, and I sent it out to all my subscribers, and I wrote “A top?” That is what a top feels like. When people are literally falling over themselves, and everybody’s talking about $2,000 gold and whatever. When you can’t get in to a free conference, with a two hour wait list, that’s when you should be selling. Today there’s no one on the escalator, there’s no one even checking your badges to come to a free show, never mind a paid show. So if you’re a savvy investor you could literally just walk in for free, even if it’s a paid show, because there’s nobody there. The organizers just want bodies. And that’s when you can go up to a Robert Friedland or a Lukas Lundin or a Rick Rule, or Frank Giustra, Doug Casey. You can actually get time with these guys. And they’re bored, and they love this, they love the business, and they’re doing it because they love it. They’re not there on a salary, like a teacher, that they have to show up to work, they’re doing it because they love it. And you can get this lifetime of experience face to face, and get to know these guys. And they’ll share their wisdom or knowledge and experience and lessons with you.
That’s why I think right now is the optimal time to invest, because it’s the most hated sector. All the big New York hedge funds that I talk to, they all think, “ah, resources are dead.” But yet you look at some of these things that they’re investing in these bio tech deals that have billion dollar markets with no cash flow. I look at that as insane. Where you can buy someone like Robert Friedland on $0.20 on the dollar today, you know that he’s not going to give up. And the guy’s written a check for tens of millions of dollars in this company at higher prices. Now why am I investing? Because I’ve been around long enough to understand that you want to be bold when others are fearful, and you want to be fearful when others are very bold. Speculation, I think there’s a great book by Jesse Livermore, who talks about stocks, and how he talks about the psychology of investing. And the reality is, is if you understand Rothschild’s great quote to sum it all up, “you buy when there’s blood in the streets.” Now, where there’s not yet blood in the streets physically, but if you look at a lot of the executives, they’ve went from becoming mining executives or exploration executives to becoming marijuana deals because they got to pay their rent. So you’ve got marijuana companies now trading at a higher market cap than producing gold companies. I just kind of sit there and go, “Geez, if you look at the cash flow it makes no sense.” So you want to buy things that are unpopular, and sell them when they’re popular.
FutureMoneyTrends: How bold are you being with your personal funds right now? Are you, is it at the point where you’re all in?
Marin Katusa: Well, I’ll tell you actually that’s a good question. In the last I’d say, 60 days, I have invested more in the most junior markets than I have in the last two years combined. So yes, I’m very bullish right now. And we actually just put out an article about Doug Casey’s biggest bet of the year. We just literally put a lot of money in to certain companies. Now we’re very selective, like my newsletters have about less than about ten companies. For example, the Casey Energy Dividends, we have six companies in that portfolio. The Casey Energy Report has about ten or eleven companies in the portfolio. And the Alert has about ten. I keep it very tight, I keep it very lean, very selective. But just two days ago I sent out an alert for our subscribers where we made 300% on a company that we bought in November. 300% in less than a year is pretty solid investing in liquid stocks. So right now I’m very bold with, not just my own money, but the funds that we manage, and also the newsletter. And it’s been a great time, its been a great year, a great back record. So I strive in bad markets, when it’s a bullish market I’m not that excited, because I don’t do many deals. They call me Dr. Doom in Vancouver because I’m excited when everyone’s bearish, but that’s how you get the best deals. So it actually makes sense to me, but it’s counter pop culture.
FutureMoneyTrends: So what are some names that you can mention today? In the past you have mentioned some names that have seen double to… one of them went from about $0.50 to $1.40 shortly after you mentioned it, and I’m talking about a big move subscribers saw. Any names out there right now that you and your partners are buying, that you’re able to mention publicly?
Marin Katusa: Yeah, well… I look at where UEC is currently. We’re actually having a Casey conference in San Antonio in September 19-21st, this September in San Antonio. It’s completely sold out. So it’s interesting that you say that the conferences are at their lows. You’re right, they are, but ours have been sold out every conference since the first one in 2006, and it’s a great show. And what we’re doing for our subscribers, is we’ve made it available, if they’re part of our Casey club, to come along with Doug and I, and Olivier and Louis, we’re actually taking a huge bus load of people to a producing, processing uranium facility. And it’s one thing to see these companies pitch on a website, or a telephone, or in a conference, but we’re actually taking them to their true facility. And that’s kind of what I call the Casey advantage. That’s what I’m kind of excited about when I recommend something if I have the opportunity. By coincidence, we’re doing this conference in San Antonio, and I said, “well geez, I was just down there. Why don’t we set up a site tour for the subscribers who want to come?” Subscribers love it, we just did it last month to the Copper Mountain, and we did Gold Mountain. This is kind of cool for subscribers to see producing commodities here. And you can take a photo with yellowcake at the end of the day.
So it’s going to be a really cool trip. So that’s a company that’s on our NexTen list, it’s been in the Casey Energy Report, the Casey Energy Confidential, that’s an alert service which is now… we’ve had so much success and demand, there’s a wait list for that service to tell you about that today. That’s one I like. I like following people, Dan. I follow the best people, that’s what I like to do. And you just follow the right guys. That’s the best way to make money because I’m not the best geologist in the world, or the best engineer, or finance guy, or stock picker. But what I try to do is find the best people in the business. So follow the Lukas Lindin’s, the Frank Giustra’s, and stick with these guys. Because in Pareto’s Law, 20% of the population get’s 80% of the success. But if you take the second field of that and go, “OK, I’ll grab 20%,” 20% of 20% is 4% has that 80%. So 4% of the population has about 64%, or I call it 2/3s, of the success. Now I’m not smart enough to go through 3,000 companies. But I’m smart enough to figure out who the best 4% of the businesses are, and that’s all I need to focus because that four covers 2/3s of the success. That’s what I’m trying to teach people to do.
FutureMoneyTrends: OK, so the CEO of Uranium Energy Corp is also the founder and chairman of Brazil Resources. This company is something we have closely followed. You have mentioned them many times, and you’re actually the largest shareholder along with Doug Casey and your partner, Rick Rule. This company has been aggressive in it’s acquisitions during the bear market. And it’s funny, I actually got an e-mail from a subscriber last week and said, “hey, why hasn’t BRI done anything in 2014?” And it’s funny because they’ve done so much. And especially if you look at the past two and half years, where they acquired Cachoeira, acquired another gold company, and then as you mentioned to us on your last interview, that uranium project that no one even really knows about and it’s not being priced in. What are your thoughts on Brazil Resources today? Are you guys still accumulating shares?
Marin Katusa: Yes we are, actually. We have been, and we’re a reporting issuer. So you can see every time we buy, we report. And we haven’t sold a single share, we’ve actually increased our position significantly. Now lets see what Amir’s done in the last four years of his company. He started with nothing, started with an idea, and we financed him because we believed in him. Over the last four, he’s gone from zero ounces in the ground to four million ounces 43-101. That’s impressive in itself. That’s just to start, now he’s got a solid base to build it. I’m willing to go on record that within another two years, so lets say by this point September 1st of 2016, I’m willing to bet that Amir will grow BRI to six million ounces, so he will increase it by at least 50% ounces in the ground, and I believe he’ll have production by that point. Now to go in to production in less than five years is very, very, very rare. Now I just believe a guy like Amir is going to do exactly what he did in Uranium Energy Corp. He took an idea, and there was 2,000 companies trying to do what he did. Amir today is the only un-hedged uranium producer in the world, and that’s what you want to do, I can’t stress enough. I’ve been to all the producing mine in the U.S., I tell every management, “why are you hedging at the low of the market? It makes no sense, you have no upside to gain.” Amir gets it, he’s savvy enough to understand the numbers of the business. He’s not just a mine builder, he’s an equity, net worth, builder for the shareholders. And that’s what he’s going to do with BRI, Brazil Resources. Because it’s in his DNA, there’s just certain guys that are winners, and I see the guy’s work ethic. I talk to him almost daily. He is a machine, and I’m willing to back guys like that. So that’s where I’m at, and you know look… it sounds boring to keep talking about the same story, but look at everyone else in this market is down 75-80%. From Christmas time, he’s at a double. Not many guys have that. So stick with the right people and you’re going to do OK.
FutureMoneyTrends: You know, I don’t know if you’re even allowed to talk about this, because you’re a major shareholder. I don’t know if you’re considered an insider or not. I’m just curious, what do you think they’re going to do with that uranium project? Because any other gold company, it wouldn’t be as sexy of a story. But with Amir being one of only five guys in the U.S. who manages a producing uranium company, I think it’s a really big story that here BRI, this gold company who is trading at a significant discount to it’s gold assets. They’ve got this uranium project up there in Canada, with a joint venture with the second largest producing uranium company. What do you think ultimately will happen to that project?
Marin Katusa: Yeah, look I have no idea what they’re going to do. We are a reporting issuer, so we are an insider. I actually don’t know what he’s going to do with it. I would like to see him do something with it. But one thing I can guarantee is Amir’s going to optimize the value for shareholders. Because a little trick in our business is to see how much hard dollars, like an actual check, not accrued salary or options, or soft shares, or garbage shares I call them, Actual hard dollars. Rather than buying his wife a nice car or another home, Amir took that and put it in to his company. Amir’s the second largest investor in his own company after us, and we’re a fund. You know, it’s me and Doug Casey and Rick Rule are one group. Amir’s on his own, and he’s the second largest shareholder, so he’s also looking after his own interests, which are aligned with the shareholders. And I believe that Amir will optimize the value of that project. Now he’s got a J.V. with Areva who has a very high value project called Maybelle. And because it’s in a major like Areva no one talks about it. If that was in a junior company you better believe people would know about it because that’s what juniors do, they have to promote to get recognition. So I really don’t know what he’s going to do about it, and I don’t know when he’s going to do it. But I know he’ll make it work, and he’ll get value for it. So right now I look at something like Amir, and to me it’s a slam dunk. So that’s why we’re there.
FutureMoneyTrends: On a company like that with a project, what do you think that project would be worth if it was either sold to the private sector, or spun off as another company?
Marin Katusa: Well first of all, if you compare projects that have joint ventures with a major like Cameco, or Areva, there’s very few first of all. But it would easily be worth $20-30 million in market cap, depending on what the work program of what Areva is going to be on that. I bet if there’s any success, like if there’s any uranium on that, basically thinking we’re the highest-grade project ever in the Athabasca basin, is called Maybelle. That’s owned by Areva. And all the ground around that is a joint venture between Areva and Brazil Resources. If it even gets a sniff of uranium, that could double and triple, so you can potentially get the gold for free. But we don’t know what essentially it’s really worth, depending on if uranium goes higher or lower, what the joint venture with Areva, how much drilling they’re going to do. But it’s a great position to be in if you’re a Brazil Resources shareholder because you didn’t pay anything for that project, you got four million ounces, and you’ve got this whole upside on a big package for free. So it’s a great position. I mean that’s a type of, look at it as a free upside. Investing in the right people and buying those types of deals. So…
FutureMoneyTrends: Yeah, you certainly do get the sense of partnering with the right people with obviously you and Rick Rule and Doug in it. But with Amir himself, like you said, large shareholder, and I love how this guy is relentless. I’ve been a shareholder in so many mining stocks, and they kind of just sit idly, especially lately, because of the bear market. And Amir just time and time again just comes out with more news, here comes another acquisition. And then they’re always big acquisition. So it’s certainly exciting…
Marin Katusa: Well there’s also his partners in Brazil are heavyweights. Brazilinvest bank, that’s a major player. Mario Garnero isn’t getting the recognition he should be getting. He’s a major player in Brazil. And that’s what I’m getting at with a guy like Amir. He knows what his limitations are so he builds a super team around him, and Mario’s a major investor in this deal. It’s the only junior deal that he’s working on. So great people attract great people for a reason. We don’t want to waste our time. And that’s what Amir’s doing.
FutureMoneyTrends: Yeah, I don’t want to say that’s why you’d buy the stock, because obviously it’s a lot of different things, but with this many high quality individuals involved, and the management team which is high quality, even the CEO came from the largest mining company in the world. It almost does give you a limited downside risk, because this group of people, they don’t fail, right?
Marin Katusa: Well the irony here is the way I play Brazil Resources is like we’re the largest shareholder, we’re a reporting issuer and I hope gold goes down to $1,000, because it doesn’t change my horizon. I’m investing this for a ten year play, and I’m going to be a shareholder for ten years, and I look at it this way – if gold goes down to a thousand dollars, Amir’s going to be able to do many more better deals, because everyone else is going to be crippled in the market. If it goes to $2,000 great, he’s going to make a lot of money producing these assets and he’s going to sell to someone bigger. So it’s win if it goes down lower, and it’s win if it goes higher. That’s what you have to have to invest in this business, is to be able to… if the market turns in to a really negative market, where if gold goes under $1,000, the management team that you’re invested in – can they optimize in that situation, or are they going to be a victim? And with BRI, I am very confident that Amir is going to optimize that situation. So that’s the type of lessons I’m trying to teach your subscribers and your viewers is, you want to invest in a management team that’s going to win if the markets go down, and it’s going to win if it goes up. So that’s where we’re at with it.
FutureMoneyTrends: So you’ve mentioned $1,000 gold a few times here, that you’d like to see that, or it would be a great scenario. Personally do you really think that is going to happen? I mean I don’t really see $1,000 gold, but of course I didn’t really see the market going from $1,900 to $1,100. Do you personally think that it really is going to go to $1,000, or are you just saying that you’d like it to?
Marin Katusa: I would love it to. Not like it to, but love it to go under $1,000. I don’t know, a lot of guys try to sit and they read a lot of reports on what gold is going to do. What I realized is that nobody knows. But one thing I’ve learned over the years, Dan, is to expect the unexpected. And it could, all I’m saying. It could also just bounce right back to $1,400 or $1,500. To me it’s irrelevant if it’s around $1,150 or $1,350, it doesn’t change anything for me, really. Because we’re investing in the right management teams for the long haul. And we invest in projects that can make money on a $1,000 anyways. So if it goes down to $1,000, I’m going to make a lot more money in the next five or ten years than I will if it just stays around $1,300. Because these managements teams that I’m going to call “average”, will also be able to survive for a while. So I would love it to go down to $1,000 because it will just have a huge flush out of all the mediocre people that should be car salesmen, or not in the business. Get rid of all the riff-raff in the business and let the winners take this business to the next level. So what do I think? I don’t have an answer for you, I really don’t know. But I would love to see it go under $1,000.
FutureMoneyTrends: Yeah Marin, you know a lot of people, when they hear you talk about five years, that’s just forever. And most people, I think the average a person will hold a stock is around four months. Probably a lot less for people who are buying the junior resource sector. As soon as they go down 20% or up 20% they might cash out. Do you treat any of these as trades, or are you really treating all of these as a business partner?
Marin Katusa: No. First of all we have certain investments that we go very long on. Like what you’re saying is we’re making a five, ten, year bet on a player. That example is BRI with Amir. And there’s lots of deals that a banker comes to my office and says, “here’s a good opportunity.” If I like it, I’ll take it. And I don’t look at it as a trade, but we won’t hold it for a year or two years. If it’s liquid and I can get out in 6-8 months, sure I’ll take the opportunity if it’s not a non-core holding. But for my core holdings I go long. For example, with Copper Mountain I’ve been involved since 2006, so we’re looking in to my 9th year as a board member of that company. But we’re the third largest producing copper mine in Canada today. So when you find you’re right management team, like when I found Jim O’Rourke, I knew back then. I stood up at the Casey conference, when I elected him in to the Casey Explorers League. It was a huge honor for me, because this was a man who I spent Saturdays and Sundays with. When everyone else was out spending whatever they’re doing on a weekend, him and I would have breakfast on a Sunday morning, and we would work all day in the office and go through projects to figure out how are we going to finance this mine. And I knew at that time, like I knew I’m a workaholic, I know what my problems are. But I admired that here’s this man twice my age, willing to teach me and work just as hard, harder, than I’m working. And I said at the Casey Conference, “mark my words, this guy will be in the Canadian hall of fame in Miami.” And in January 2013, the first airplane ride I took after my heart surgery was to go see Jim get inducted in to the Canadian Hall of Fame of mining. As a great honor for me to just to see it happen, because I saw it years before. That’s a great honor for Jim O’Rourke. So what I’m trying to get at is, you find the right guys, and you go long. I always talk, Dan, about building a franchise around Michael Jordan or LeBron James. When you find a superstar go long. Five years is nothing, let your core position. It could go down 50%, it could go up 200% but that’s nothing. Some of these juniors can become 10, 20, 30 baggers. Look at what Robert Friendland has done, or Frank Giustra, Lukas Lundin, like even Africa Oil, I was banging the table on this dollar. And we’re on national television when we talked about it. It went to $12, now it’s sitting at $7. These things can go up five, ten times, come down half. But if you find the right team, go long. Now that doesn’t mean you can’t play a trend underneath a sale, and play the markets. But you’re going to make your big, big money, on companies that you go long. And hope for five to ten years you make twenty times your money. That’s where you’re going to make your big scores. Everything else I look at as noise. You know you could make 50%, 20%, 100%, whatever, you can lose 50%, you don’t know what’s going to happen. But you make your big score going long.
FutureMoneyTrends: Marin Katusa, I look forward to seeing you in a few weeks in San Antonio. If anyone would like to subscribe to Casey Research just go to CaseyResearch.com . You can find Marin Katusa’s letter there. Great advice, big, big players here guys. There’s big money to be made in the resource sector over the next few years. And one of the guys who’s partnered with Rick Rule, Doug Casey, and who himself has had many many successes, is right here giving us some of his best picks. Marin, thank you so much for your time, we really appreciate it.
Marin Katusa: Always a pleasure Dan, I really appreciate it. See you in San Antonio.