Management or ?
SInce 2009 the ex-CEO of Iamgold Mr. Joseph Conway has taken Primero from $5/sh to $7. In the same period Iamgold has gone from $12 up to $21 and down to $4. This difference should be enough for shareholders of Iamgold to be beating down the gates of their company and demanding that heads roll. After all, clearly the BoD of Iamgold let go a competent leader and have not adequately replaced him. However the market cap of P is now over one billion, while IMG is at 1.4. This does raise the question of whether the market is valuing IMG fairly. IMHO it is not, because there is so little confidence in the management so the share price is oversold. Solution? New directors and management is required, unless somehow the existing crew can pull a rabbit out of a hat. And that is the dilemma we face when we think about buying, holding, or selling. Barring a miraculous rise in the price of gold, unlikely to happen, we are stuck in the doldrums. One can only hope an amazing HIGH-GRADE (capitalized for the benefit of Mr. Letwin) discovery is made at an IMG junior holding, or somehow a bargain M&A drops into our laps. Keep the faith...