Quarterly predictions, page-43

Almost the reverse of FMG – GRR makes high quality pellets which trade at a significant premium to the low grade IO fines which FMG produces, GRR has no debt and a large amount of cash BUT FMG has fantastic management with an impressive track record while GRR's management are poor communicators who have committed an act of corporate vandalism by squandering not only shareholders' money but time that should be spent on more useful activities (like mining) on a half-baked, sub-scale property speculation.

With FMG you invest because of the management. With GRR you invest in spite of the management.