RE:New fund reporting 461k sharesThis is weird this SNEMX fund that just bought 461K shares at about $9 is an AllianceBernstein fund, Paul Gait's ex-employer and he was touting IVN hard 3-4 years ago with a $15 target when it was $2-3 and now they are just getting around to opening a position $6-7 higher?
Speaking of Gait he's gone quiet on IVN and I did see he left Bernstein in 2020. Check out the back ground on the guy, impressive
Gait began his career in financial services in 2000 as a Business Analyst at McKinsey & Company, he was then recruited by the HM Treasury as a Tax Policy Advisor before joining Anglo American in 2003. He left Anglo American in 2011 to join Sandford Bernstein.
Gait holds a double 1st bachelor’s degree in Natural Sciences and a master’s degree in Experimental & Theoretical Physics from Gonville and Caius College in Cambridge. He attended Cavendish Laboratory in 1999 to undertake postgraduate research in the department of Theoretical Condensed Matter Physics, and in 2002 completed a mini MBA at Tuck Business School taking courses in Finance, Accountancy, Strategy, Marketing, Business Modelling, Micro and Macroeconomics and Management. https://naturalresourcesforum.com/companies/bernstein2/ And came across this absolute must-watch tour de force lecture. This is over 2 years old but hasn't lost a speck of relevance. You can follow the slides too. A few of his points I was able to capture:
- metals are the building block of economic activity and are essential to economic development
- the world can get on without Facebook, but not Rio Tinto (or IVN obviously)
- wealth is directly related to the accumulation of natural resources
- if you want to lift people out of poverty you have to give them access to
the basic building blocks of steel copper zinc nickel in order to create physical infrastructure
- mining is required to expand massively in order to make available the metals
that are necessary for increased economic activity, prosperity, poverty alleviation
- so miners are actually the ultimate ESG stocks.
- over the decades geological deterioration has been consistently offset by
advances in mining productivity but these advances have maxed out - they
have all reached the top, flat part of the S-curve.
- demand will continue to increase at %3.5/annum as it always has but now supply
is going to fall behind.
- this is a harbinger of a coming inflationary period in metals prices.