Sir Royalty Income Fund T.SRV.UN

RE:RE:RE:RE:RE:RE:Where is the flamingo loudmouth?

[logicandinertia]

Boston Pizza has far too much debt at the ROYALTY TRUST level.  I still dont understand why some of these carry debt at the TRUST, rather than at the operating company.  The Trust is essentially (and should be just) a pass-through vehicle for tax effective income distribution.  

I own some gold (the metal not the miners) as the mining business has never earned its cost of capital and mining is just so tough and capital intensive. Many of the executives don't have adequate acumen and discipline around capital deployment and hurdle rates.   If you've ever met junior mining execs, I think you know what i mean.  If you regress the return in gold miners on the CDNX over the past decade, it is a flaming mess.  Here are a couple of good pieces on the economics surrounding gold mining.  

https://www.mckinsey.com/~/media/McKinsey/Industries/Metals%20and%20Mining/Our%20Insights/Can%20the%20gold%20industry%20return%20to%20the%20golden%20age/Can-the-gold-industry-return-to-the-golden-age-vF.pdf

https://www.pwc.com/gx/en/energy-utilities-mining/publications/pdf/pwc-mine-report-2019.pdf