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INVESTMENT > INVESTMENT THEMES
  1. The Resource Sector will benefit Canada as much as any global economy and have a negative impact on certain economic sectors.
  2. We believe that "Peak Oil" is a very real possibility and "Plateau Oil" more likely: Either way, oil and gas is where investors should place a significant amount of their net worth. 
  3. The growth of 300-400 million people to "middle class" status in emerging markets will be the greatest single investment opportunity of our generation. 
  4. The best investment opportunities will be as a result of activities in the "BRIC" countries and not necessarily the West: Our Management team has extensive business experience in each of Brazil, Russia, India, China, Eastern Europe and Mexico. 
  5. For the next 5-10 years you want to own hard assets in your investment portfolio: 
    • Gold; 
    • Silver; 
    • But also... Rare Earth Metals; 
    • Agri-products; 
    anything you can touch, feel and eat will not only retain its value, but will increase in value relative to cash, bonds, debt credit derivates, financials, etc. 
  6. In our opinion, the 29 year bull market in bonds is over, 1982 - 2011.
  1. Financial assets, including Bank stocks, have been so good for so long, investors have forgotten or underestimated the risks. 
  2. Inflation and very possibly stagflation is coming: 
    • We do not believe government supplied CPI statistics, as there is plenty of evidence these numbers are understated; 
    • As inflation creeps into our economy, bonds and financial companies are not what investors want to own; 
    • Higher inflation will provide excellent short opportunities. 
  3. The resource sector is the safest way to play the emerging markets:
    • Less political risk; 
    • More trustworthy financial markets and better corporate regulation and compliance; 
    • Demand forecasts for basic resources in the developing world is compelling and per capital consumption data presents overwhelming evidence that the long term trend for stable and higher prices will continue; 
    • Supply side problems for resource companies is very real and underappreciated;
  4. Leverage is to be avoided in this credit crunch: 
    • Short overly levered companies, they will face massive dilution; 
    • Stay long cash-rich, debt-free equivalents;