After the Great Depression in 1929, a NYC professor named Benjamin Graham changed the investing world for good.
Before his time, investors never quite had the chance to learn how to treat stocks as companies, but more as casino chips. In the 1920s, speculators sent the NYSE into the stratosphere following the Federal Reserve’s 1922 alteration of the gold’s reserves. This paved the way for currency printing after the end of WW1.
Benjamin Graham wrote the seminal book Security Analysis, the most highly-regarded investment book in history. He was the mentor of Warren Buffett and is known as the godfather of value investing.
I’ve studied that book more times than I can count. I can sum it up to this: BUY CHEAP, RIDICULOUSLY CHEAP. THEN, WAIT.
Graham’s entire philosophy rests on the calculation of intrinsic value – the net-net worth of the company’s tangible assets – giving zero value to any potential upside, whether that be intangible relationships, brand reputation, or managerial experience.
He wants to pay for a company the price that a scrap dealer would pay for a used car. Graham only bought cheap, cheap bargains.
Buffett started in the same way. It made him a multi-millionaire in under a decade.
Nova Gold Resources is a $1.35B company. It’s one of the best gold mining operations in the world, and part of the small group of $1B+ publicly-traded mining giants. It also owns 49% of Marifil Mines’ (TSX-V: MFM & US: MFMLF), San Roque gold project!
The management team has just announced that they’ve begun the process of issuing the NI 43-101 for the project.
Disclosures featured in the NI 43-101 code contain press releases of mineral exploration results and reporting of resources and reserves.
It is the most important report for an exploration-stage stock that wants to advance its project and we’re just months away from receiving it.
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Like Graham, I did my calculations:
- The company has cash, generated from the private placement it just completed, so the risk of bankruptcy is nearly non-existent, at this point.
- San Roque has been drilled by various parties. Over $8M has been spent thus far.
- Las Aguilas, the largest nickel/cobalt project in Argentina, the company’s 2nd asset the company owns, has seen $20M in exploration budgets, already spent on it.
Put together, this is $29M that has already been spent to advance this company. Their entire market cap is USD$4M. For 6 years, from 2011 until the turnaround began in late 2017, the shares sold off from CAD$8.60 all the way down to CAD$0.05.
This is a classic value investing play and we’re already up 57% on the 1st day, but this news has just made the timing epic for us.
Ben Graham is turning in the grave.
Consider Becoming An Early Shareholder of Marifil Mines (TSX-V: MFM & US: MFMLF) NOW!
*** DISCLOSURE: I’ve now made this company my largest gold stock position. ***
Research Partner, PortfolioWealthGlobal.com
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This work is based on SEC filings, current events, interviews, corporate press releases and what we’ve learned as financial journalists. It may contain errors and you shouldn’t make any investment decision based solely on what you read here. It’s your money and your responsibility. Wallace Hill Partners, a Canadian LTD, which is owned by the same entities as Portfolio Wealth Global LLC, has recently participated in a private placement with Marifil Mines Limited. We have no business relationship with the company, at this time. The information herein is not intended to be personal legal or investment advice and may not be appropriate or applicable for all readers. If personal advice is needed, the services of a qualified legal, investment or tax professional should be sought.
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