Resolute to sell Ravenswood, page-102

about the truest rule of thumb in stock market - leaders always lead, laggards continue to lag

the exception is when there's a bull market breakout in commodity price. leaders still lead in an absolute sense - but the laggards tend to outperform during the period of the breakout on a relative basis.

thats what happened to rsg 2015-16 - and what will happen again next time there's a usd1350+ gold price

the exceptions are usually discovery stocks

biggest challenge around rsg is actually risk weighting - if you assume everything gets delivered to current paper promises its hugely undervalued

but the fact theyve failed a few st promises already is why the stock de-rated - market's gone to wait and see mode

put the exact same porduction profile in hands of nst or rrl - and it would be valued 20-30% higher. but then if those mgt teams had the same set of assets they wouldnt have the same rep they have

investors tends to assign reputation based on medium term sp trend performance - not actual mgt ability