Ten Junior Resource Stock Investing Lessons Learned in 2023 by Bill Powers (most fail at #4)

Bill Powers shares ten junior resource stock investing lessons he learned in 2023 in this MSE episode.

0:00 Introduction
1:40 #1 View junior resource stocks as call options with limited time value
5:29 #2 Consider intrinsic value as much greater than time value…Don’t let big profits slip away
8:33 #3 Remember non-captured unrealized gains are not losses
10:16 #4 Choose to be a self-directed investor and not a victim
14:47 #5 Lack of information/coverage in small caps allows for dishonest bashers
18:15 #6 Do not invest unless you have a (legal) competitive advantage
23:52 #7 You’ll never out-smart Vancouver insiders, but you can outperform dumb retail
25:39 #8 Stay liquid (private deals and private placements are becoming increasingly unattractive)
28:03 #9 Be willing to change your mind
31:08 #10 Increased wealth will only amplify your existing character (for better or worse)

Follow Bill on Twitter: https://twitter.com/MiningStockEdu

Previous MSE episodes mentioned:
Protect YOUR Profit from Small-cap Defamers: Insights from Lawyer and Investor Kerry Lutz: https://www.youtube.com/watch?v=qG5LWWqPJ2g

Six Ways to Profit in a Junior Mining Bear Market with Bill Powers (Resource Investing Tips): https://www.youtube.com/watch?v=2f8EhmR4TP0

America’s Unstoppable Energy Trend: A Multi-Trillion-Dollar Opportunity (Correlate Energy Investment Thesis): https://www.youtube.com/watch?v=e185GsIEf_I

Discerning Bias in the Mining Investment Sector with Bill Powers (Don’t be a dupe!): https://www.youtube.com/watch?v=t6JZRCwVQcI

Don’t Buy a Junior Mining Company IPO without Considering These 6 Points First explains Bill Powers: https://www.youtube.com/watch?v=uSYNT4OyqoI

Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39

Regenx was a 2023 MSE sponsor. Correlate Energy is a 2023/2024 MSE sponsor. Bill bought 51,000 shares of $CIPI in the open market in 2023 and funded Correlate with a US$560,000 investment via a note offering. The terms of the note are disclosed in the show notes of the above-linked Correlate Energy investment thesis video. The content found on MiningStockEducation.com is for informational purposes only and is not to be considered personal legal or investment advice or a recommendation to buy or sell securities or any other product. It is based on opinions, SEC filings, current events, press releases and interviews but is not infallible. It may contain errors and MiningStockEducation.com offers no inferred or explicit warranty as to the accuracy of the information presented. If personal advice is needed, consult a qualified legal, tax or investment professional. Do not base any investment decision on the information contained on MiningStockEducation.com or our videos. We may hold equity positions in some of the companies featured on this site and therefore are biased and hold an obvious conflict of interest. MiningStockEducation.com may provide website addresses or links to websites and we disclaim any responsibility for the content of any such other websites. The information you find on MiningStockEducation.com is to be used at your own risk. By reading MiningStockEducation.com, you agree to hold MiningStockEducation.com, its owner, associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred.
#miningstocks #resourceinvesting #commodities

You are listening to Mining stock education where you’ll learn from the top leaders in the natural resource sector and uncover quality mining investment opportunities you are listening to MSE I’m Bill Powers and in today’s show you’re going to hear about 10 things that I learned as a junior resource

Speculator in 2023 it’s always good to look back at the past year look at your wins and losses debrief analyze your mistakes and successes and the thought process process that went into it I do that every year between Christmas and New Year’s so what I share with you

Today is a result of the last week of reflection although I’ve been taking notes along the way as I’ve been learning even this year this is now my eighth year of being a resource investor that I just concluded so you’ll hear 10 lessons or rules of thumbs in this

Monologue so in this episode you’re going to hear the thoughts of an investor who started investing in resource stock with tens of thousands of dollars 8 years ago today I have millions of dollars deployed in my own portfolio my own money not somebody else’s it’s 100% my own money at risk

Most of the lessons you’re going to hear about in today’s monologue I didn’t learn for the first time but perhaps I learned them to a greater degree this year or they became more important to me this year so that’s what I’ll be sharing today so if you’re newer to Junior

Resource investing you’ll get to learn from my experience just as I’ve learned from others experience over the past 8 years and if you’ve been at this a while you can use my musings to further reflect upon and hone your own approach to Resource investing so let’s begin lesson number one view Junior resource

Stocks as call options with limited time value you date you don’t marry Junior resource stocks you rent you don’t buy Junior resource stocks they’re very time contingent and the first one that introduced this idea of Junior resource stocks being viewed as a call option was strategic resource investor Dave lotan

On the show to me little over two years ago I’m going to play that clip for you right now ji resource stocks in my view are long-dated call options and the duration of those options is unknown and can be extended by good management and uh and by a change in commodity prices

Or a change in investor psychology so it’s important to view Junior resource stocks as call options with limited time value hopefully you know what an option is to understand the point we’re trying to communicate here but a call option is a leveraged way to profit off of a

Bullish move but that bullish move has to occur within a certain time frame because there’s only a limited time frame given for that call option and if that bullish move doesn’t occur within that time frame the call option can become worth zero now a junior res our

Stock might not go to zero but I’ve had them in my own account to where they go drop 90 to even 95% it happens so the value that needs to be produced with you has to occur within a certain time frame so you have to view it like that especially pre-revenue Junior mining

Stocks this is how you have to view it the producers they’re going to go up and down but their moves might be 40 to 60% you might not get those 90 95% drops and like you will in a junior pre Revenue stock so what determines the length of

The call option it could be the commodity price has great influence upon the funding window for junior resource stocks it could be the ability of the management to be Thrifty and not burn cash as fast to extend the potential time value it could be the ability to

Keep the share price up via marketing so if they have to recapitalize the company at least they’re not going to dilute you to Oblivion to where that position becomes meaningless I’ve had positions that I’ve held that have dropped so much that the amount of money I have in that

Particular position it it’s meaningless to me so even if it goes tenfold from here it doesn’t even mean anything to me so I had a stock that I was up nearly 10 times whereas I was up about 10 times through a friend I was told of another

Person that they recently talked to that said they were down 85% on that stock the same stock that I was up 10x on they were down 85% because of the cyclicality of this Market because of the boom and bust because of failure in a previous cycle versus a

Reattempt in a new cycle which is I bought at the reattempt of a new cycle they bought at the peak of a of a failed cycle you have to time it right and you have to view it as having limited time value which means you have to stay on

Top of these little stocks and if it’s not moving in the right direction just realize that time is running out in order to create value for you and if it runs out and they run out of cash they’re going to dilute you out of your position like you wouldn’t believe

There’s financings that I did in 2022 that I’m down 75% on and that I sold in Q3 Q4 of last year because there’s no reason for me to hold on to that even if it’s a five bagger that barely gets me above where my initial Capital was I’ll just take it for tax

Loss I’ll find something different so the second point is consider intrinsic value as much greater than time value so the second Point deals with warrants as an accredited investor if I do private placement or other types of financing you can get a warrant that comes along with those financings when you directly

Capitalize and and fund a company or if you buy something in the secondary Market private transaction perhaps there’s opportunities there so in addition to a share you get a warrant which is a call option on that company in viewing these warrants that uh come along with these private financing I’m

Now at the place to where I will consider the intrinsic value as being worth much more greater in value than the time value and I’m not going to let big profits slip away because that’s what I’ve done in the last two years uh in this last year I was deeply deeply in

The money including over 100% on some warrants I had so for example if a warrant can be exercised at 5 cents but the stock of that company is trading for 10 cents you’re 100% in your money there’s the intrinsic value is 5 cents in the money and then you may have let’s

Say 9 months left and you’re 100% in the money so the intrinsic value is 5 cents per warrant and then the time value is that nine months and whatever you expect good could happen to that could cause a share price to to go up more so being in

A situation like that I didn’t capture that in intrinsic value by selling the shares I had to then go back and repurchase the shares via the warrants and then capture that profit because I was bullish on the underlying commodity because I was bullish on the potential value creation that I thought the

Company could accomplish throughout 2023 I ended up overvaluing the time premium or the time value and therefore didn’t even capture the intrinsic value and that was no small sum of money so if I’m in the money on my warrants I’m going to capture that I’ve had warrants that I’ve

Been in the money as much as 350% the warrants and I didn’t exercise them because there was two years left of Time Value and I said I’ll give the company more time to create value well the value never occurred and the Cycles being what they are the stock went back

Down and by the time that war came due then the CEO emails me said do you want to exercise them you know we’re 5% above the exercise price and I said no thank you so when I’m in the money that and those profits are there I am going to

Capture those profits and I’m not going to I don’t care if there’s five years left if there’s enough meaningful intrinsic value there I’m G to capture it I’m not going to overvalue the time value now and I’ve had friends that have had uh this same issue and this leads me

Into the third point that non-captured unrealized gains are not losses so I agonized and kicked myself for uh no few days over the Lost profit that I had that I didn’t capture and as I maybe threw a little bit of a pity party but not too big of one I talked to three

Friends and I’ll share three of their experiences one friend had a $700,000 uh unrealized gains in some warrants he had that he didn’t play right another friend was playing tradable warrants on The Exchange in 2011 when silver was peing and had $3 million of uncaptured gains at that time

That evaporated when silver rolled over and the market rolled over quickly and the 3 million on paper turned into to not realized at all another friend that I chatted with he had hundreds of thousands of dollars of profit because he had finance a little Silver Company

Before the runup in 2020 that came with a warrant and he also because he valued the time value too much did not capture the profit that he could have in 2020 during that run because there was so much time left on the warrants so I’m I’m repeating myself here

But the intrinsic value if they’re in the money especially if it’s big profits especially if I took a bigger position to begin with and that’s meaningful money I’m going to capture it I don’t care if it goes 10x after I exercise the the warrants and then sell them I’m just

Going to be happy with the win that I had Point number four choose to be a self-directed investor and not a victim the bare Market exacerbates this truth so many people do not take responsibility for their losses they look to blame somebody else you’re either going to choose to be the one in

Charge of your money or you’re going to be at the whims of whoever you’re going to blame that introduced a certain investment idea to you remember that most of what we talk about on this show is speculative so it’s an if then statement you make a decision to invest

There’s a thesis you go by to guide you into that decision and if the commodity price performs and if management executes and if if they discover more mineralization and if they’re able to acquire that company then the share price could go up then value will be increased so it’s an if then statement

You don’t know if the positive if is going to occur to produce the desired then and some people don’t understand that they say well this seemed like a good pick or soand so said that this was a good pick yeah it’s a pick we assess the probability that it could be

Successful but we don’t know that’s why full success is isn’t priced in yet because if the positive if occurs then the positive then will occur you base your decision base on information you know and you should also in your thesis development say there is such there is

Information that I don’t know so you want to write down the information you do know that goes into your decision as well as these are the unknowns I’m carrying into this investment decision then there is the role of Randomness as some say or chance or luck and then what

Ever skill you bring to the table to make the assessment if you should move forward or not but even in developing your thesis all this that goes into it it’s still an if then statement take responsibility for your decisions you’re going to be a self-directed investor or

You’re going to be a victim and if you blame somebody else’s for your fails or losses in the market you are not a self-directed investor you’re a passive agent being acted upon they control your finances so for example one company I invested in after SE Arch including going and visiting management um is

Regenex Tech Corp which was a 2023 sponsor they’re not a 2024 sponsor but they were a 2023 sponsor and in May of 2022 when I was looking at the company then I interviewed management for the show before they were a sponsor I went down to their plant in Tennessee checked

Things out I like what I saw I took a position later in 2022 at about 7.5 Cent cost basis as I speak now the stock was at like 4 cents I’m talking in Canadian dollars right now but from the time I featured the show in May of 2022 until

Now in the last 18 months the stock traded in a range between 3 and 13 cents so there’s a 4X whatever will become of the company there’s a four times profit for you or me if I would have bought a 3 cents within that time frame so even if

Somebody bought and the company’s not successful you still had an opportunity to do Forex your money trading it in the last 18 months my current analysis at this point is that the company is going to be successful and it’s going to be a 30X or the company is not going to be

Successful and it’s going to be a zerox so it’s kind of like a a binary outcome is my current analysis and it’s trading for about half of what my own cost basis is at this point and you could say well what happen if it fails was that a bad

Decision no I still think it was a good decision but it’s an if then statement and if management doesn’t execute or if they can’t prove commercialization then it’s not going to be successful and looking at it as a call option maybe it’ll be successful but maybe it’s 3 years from now but then

I’ll be diluted so far out if I haven’t sold by then that it won’t even matter so this is how you should look at it but at the end of the day I made the decision and I didn’t make the decision haphazardly I did it with investigation

And I purposely took it on because I think it could be a huge one if it worked out we’ll see if it works out or not but you are in control you have to be the active agent of your decision- making and of your money and that means

If it fails or you lose money then you have to point the finger at yourself number five in 2023 I really realized that a lack of information or coverage in small caps really allows for the dishonest Bashers to to step in and fill part of that lack of information or lack

Of coverage void now when you have a a big cap stock there’s going to be a lot of analysts there’s going to be a lot of fund managers there’s going to be a lot of people looking at and investing in and talking about those companies but

The opportunity for us is that when it gets to be the smaller caps there’s not as many eyeballs on it so if you can discover the value before somebody else you can get in before others realize that value and drive the share price up so that’s the positive angle of that the

Negative angle is that it also allows for the dishonest Bashers or the dishonest critiquers to come in and twist things in a negative way that is detached from truth and reality and I witnessed in 2023 there was dishonest lying and bashing and they took advantage of the lack of clarity and

Part of the lack of clarity honestly is if if a small cap doesn’t communicate well then you can bring it upon yourself if a if a dishonest person I’m not talking about somebody with an honest bare critique if you have honest bare critique of an investment thesis that’s

Good there’s the bull side of an argument there’s the be side that’s what makes markets so that’s not what we’re talking about but it’s the dishonest defaming or lying and even when you’re called out on your lie and it’s proven that you said is not just a bearish

Argument but it’s actually deceitful and dishonest when you don’t come forward and say yeah I was wrong about that I said thus and thus About Management compensation it was wrong I said thus and thus they weren’t going to drill but they ended up drilling anyway it’s like

How do you know if they’re not going to drill or not did you talk to management no but they’re just not going to drill or they did this last last year for these reasons and they have no idea why the management made or did not make decisions because they haven’t talked to

Management but they’re twisting everything in the most negative light and that can have an influence on the market so in situations where I’ve experienced that it’s been good and that maybe it raised a question a legitimate question that I hadn’t thought of that I should go get an answer for but at the

Same time the result or conclusion that they put out there was intentionally dishonest and devoid of the facts and when they’re presented with the facts they don’t publicly change their stance because the ultimate goal of what they’re trying to do is not to present an honest story or even an honest

Critique there’s an ulterior motive there and I addressed these ideas in two episodes one in April was Discerning bias in the mining investment sector I’ll link to that if you want to hear more of my thoughts on this and also another one in July called protect your profit from small cap defers insights

From lawyer and investor Carrie Lotz my friend from Financial survival Network he’s a lawyer he also was put on the witness stand for a defamation case in which somebody he knows um was defamed online their business and they actually won a massive judgment as a result of it

So he has some firstand experience with that point number six don’t invest unless you have a legal competitive Advantage kind of piggybacking on this last thought of the lack of information or coverage in small caps this is what opens up the know Arbitrage for you to find Value before others and I’m telling

You when it comes to Junior resource stocks Junior mining stocks do not invest unless you can find a legal competitive Advantage what are you going to do differently to outperform the gdxj or the sij or the copper ETF if that’s what you’re interested in you got to ask

Yourself these questions because are you going to give your your money to a generalist money manager who’s going to charge you 2% of all funds under management and take 1/5 20% of your profits if he’s successful with your money I have a sister who’s a surgeon

And makes a good income and years ago she figured this out not even talking to me but she took her money back from the money manager cuz she said all the guy does is charge me all these fees every year he doesn’t even beat the market so

She took the money under her own control she’ll just buy index funds he can’t even beat the market so I’m just going to put it in Index Fund at least he’s not going to charge me 2% management fee per year plus 1/5th of the profits I’m

Going to keep that for myself so if he’s a money manager he better beat the index if he’s going to charge money to do so so you got to say to yourself am I going to what advantage am I going to bring that I’m going to outperform the junior

Mining ETFs and you have to outline this for yourself as you develop your thesis are you buying lower than Management’s cost basis per share so that they can’t profit off of you they got to make you money in order for them to make money are you buying when the company was

Capitalized after a huge sell-off perhaps an irrational sell-off that you’ve identified but now the company has money to go create value are you buying before promoters or influencers get a hold of the stock and begin to discuss and feature it so that it goes up because there’s more eyeballs on it

Now is it a legal uncertainty play and you’ve done the due diligence you’ve read the legal arguments or maybe you even paid a lawyer to review everything for you so that you come up with a conclusion and you know more and you have more insight than the rest of the

Market that’s ignoring the situation or perhaps viewing it differently so you bet against the prevailing opinion because of the research you did so you’re finding a competitive advantage that you think you have a competitive advantage and you can’t have a competitive Advantage if you never talk to management did management explain

Something to you when you talked with them that the market doesn’t know yet something that they can legally tell you I’m not encouraging you to seek out Insider information but the point is you got to put in the work and you should write down these are the competitive

Advantages that I have over others and you also sure should the flip side of that coin is what are the advantages that the Insiders and the other players have over me you should also think and at least ask yourself that question and I will tell you based on conversations

I’ve had that people who are on the inside of how Vancouver works and how the junior mining Market works if they quote unquote invest in a junior that they’re either not in control of or have friends that are in close control of that company and they know what’s going

On their quote unquote investment is almost insignificant or meaningless to them the only time that they’re going to write outsized checks is when they get such an unfair advantage over everybody else and the ultimate way they do that is by giving themselves cheap stock I saw an egregious one that occurred in

This past year in which four insiders issued thems one cent stock via a re RTO situation and issued themselves somewhere I believe between 14 and 17 million shares each for four insiders then capitalize the company I believe at 20 cents before it began trading after the RTO and so everybody that

Capitalized the company at 20 cents they were locked up for 4 months but the guys that issued thems the 1-cent paper they were going to have free trading shares after the RTO then they had something like $8 million to go market the company with they made sure that they all then

Were under 10% before the RTO was completed so that they didn’t need to report their buys and their sells and they did a multi-million dollar marketing campaign ran the stock up to 7 cents and had four months before any of the 20 cent private placement holders

Could sell their stock so do you think that they held on to that 1 cent paper when the shares are trading at 70 times a 70 bagger it didn’t even cost them relatively speaking that much money to acquire that many millions of shares why am I giving you this example number one

It’s in the public markets number two it’s a resource stock number three you need to be aware that these guys create this scenario so that they have an un Fair competitive advantage over everybody else it doesn’t mean that you can’t make money in this sector but you

Have to first be aware of the advantage that others put themselves in to take advantage of you and sometimes minimally the taking advantage of is just the ongoing salaries over years of and years and the perks and benefits they pay themselves without developing value for shareholders you have to be aware of all

This and that brings me to point number seven leading off of what I just said you’ll never outsmart the Vancouver insiders you do however need to become more aware of how they operate but you can outperform dumb retail and honestly that should be your goal if you identify

A bottom in a commodity or a commodity that’s primed to move and you identify some of the better Juniors before that commodity moves there’s going to be so much dumb money that rushes into this sector that’s going to buy up these stocks that you can get positioned before them be no more knowledgeable

Than to buy value before dumb retail comes in and just starts buying everything with a copper name or everything with the uranium name whatever the hot commodity is and I talked about this in um a mon log six ways to profit in a junior mining bare

Market and you know you don’t have to be the smartest guy in the room but you have to be smarter than the others and in response to that monologue I like what somebody posted in the comments they said Bill what you talked about reminded me it reminded them of the two

Camp the story of the two campers that went out camping as they were camping a bear Came Upon their Camp so they both started to run and as they were running one guy said to the other I don’t think we’re going to outrun the bear to which

The other replied I’m not trying to outrun the bear I’m trying to outrun you and it’s just the way it is you’re going to have to find your legal competitive Advantage so that you’re in a better place and get positioned before all the retail money comes in you’re not going

To outsmart the Vancouver insiders but you do as you move along and you mature here in this sector and in your knowledge thereof you need to be aware of what they do number eight stay liquid if you’re a retail investor that can’t invest directly in the company as an

Accredi of investor I just want to tell you that you actually have some advantages that accredited investors don’t and sometimes it’s not as you may not get the upside leverage with getting an extra warrant when you buy a share through a financing so if it’s successful you don’t get the upside

Leverage however you do get to stay nimbl you can get in and out of stocks you can stay liquid because you don’t have the holds that are placed on stock when you buy it directly from the company in a private placement you have the ability to turn $5,000 into

$115,000 without needing millions of dollars of trading volume if you put in 100 Grand it might be a lot harder to pull 300 grand out of a company unless ‘s significant volume I’ve had way too much money myself locked up in private deals over the last really two years so

For example 19 months ago I invested in a company a private Resource company that was supposed to be public 16 months ago well that meaningful check that I wrote is probably money I’ll never see again unless they do something I don’t expect at this point but that’s money I

Would like to have back but I’ll likely never see it again and so the company never even went public for me to then have a liquid event to make any money I have three private Co private company Investments right now one I financed some years ago three or four years ago

At this point and they did subsequent financings at higher price point than I first invested which is good and they do at some point in the future intend to go public but still you know I’m three four years of having ill liquidity to where if I want to get out it’s there’s not

Really somebody I can sell my shares to so there’s value in having liquidity and in not having your money locked up in these uh private deals and another private deal um or non-publicly traded deal that I’m in right now is doing such low dilutive financing that the position

I had is honestly just becoming meaningless so the liquidity you have as a retail investor even if you envy accredited investors at time sometimes as accredi of investors we Envy liquidity just know that number nine this year I learned to change my mind and be willing to change my mind I

Invested in a company called correlate energy they do micro grids rooftop commercial solar projects uh a very skilled and diverse uh Energy company and at first I was approached uh to invest in the company I think it was three times or during 2022 and I declined and I declined again

And then I declined again and I think it was after the third time that one of the board of directors said bill I really think will you just give it one more look and this was in early 2023 and I said okay I’ll give it one more look and

I had some negative preconceptions or Initial Ideas uh particularly towards solar energy that caused me to not want to look too deeply but at his urging I agreed and in agreeing I flew out to the West Coast spent a couple days with management and then even after that

Spent days researching and going through things to see if I wanted to make an investment I had a good friend of mine that I invest with we both uh put a lot of time into it we decided it was a good opportunity it was an OTC company that

Was seeking to uplist to the nysse in about year or so and so that was the play a great team that had done this before in the private sector was now operating in a public vehicle and then the flow of funds seemed to line up with what the company was trying to achieve

And the valuation that the market was giving such a company if it it succeeded was going to make it worth my money if if this worked and so over a process of at least a month in a lot of research I changed my mind and I wrote a big check

I I’m I have over $600,000 us into this company at this point I featured it on the show as a sponsor I believe it was last May at 65 cents and there was liquidity uh when we featured it last I checked the stock was over $2 on the OTC

And then the company has filed the S1 for the nysse American uplist and that hopefully should go through and then on the New York Stock Exchange I expect my expectation remember it’s an if then statement my expectation is that there’s going to be a lot of companies that

Can’t buy it on the OTC or a lot of funds a lot of money managers that would be interested on it on the nysse and if the company executes the valuation the market can give these type of companies is far beyond what I currently see especially like in my oil and gas

Portfolio the the cash flow multiples if you want to learn more I’ll put a link below where I lay out my thesis for investing but I was willing to change my mind and then on the other side of changing my mind I wrote a very meaningful check for me and so far it’s

Working out we’ll see what the end result uh will be and the last point is and this is something I you know it’s always easier to look at the speck in somebody else’s eye see what they’re doing wrong rather than acknowledge and remove the log in your own eye with that

Being said I had some experiences this year that made me reflect upon my relationship with money and as I’ve observed or maybe been critical of some other people’s character as it relates to their money and I’ll say this that increased wealth will only amplify your existing character whether for the better or for

The worse some of the most greedy people I’ve met are poor some of the most generous people I’ve met are poor and I could tell you stories just from my own just from people I know to where there’s individuals I know that they don’t have

A lot of money but they save up their money come Christmas time they look for sales around town and they go buy stuff for other kids and for other Charities and so they take a greater percentage of what they have to be a blessing to somebody else and then you can get a

Rich guy who gives a $10,000 donation which is completely meaningless relative to his net worth and he wants his name plastered everywhere and he wants all the glory and he wants everybody to know how benevolent he is okay increased wealth is only going to amplify your existing character for the better for

Worse another way of saying this is don’t let money change you I don’t want to be a different person just cuz I have more money I remember after my parents divorced when I was in junior high my mom we had to live with relatives for a

Year in seventh grade and my mom had to go back at her teaching certificate she got a substitute job so she would leave the house at 4:35 in the morning to drive through the Michigan winter in the dark snow to go be a substitute teacher for years to save up thousands of

Dollars so that we could then the next year buy a trailer in a trailer park and when we moved into that trailer I remember the front door it was literally like a piece of thin plastic laminate over a piece of foam the door wasn’t even wood and I remember when the wind

Would blow the whole trailer would shake and just throw that experience and I remembered not liking to live there and just not having much and why I’m saying that is that if you have have something now and I have a lot more than I had back then but I don’t want to view

People any different than how I viewed them back then I don’t want to devalue people I don’t want to think less of people because they don’t have as much and whatever resources I have I want it to be a blessing to others and some of my most positive or memorable

Experiences in the past year were with individuals that had substantial resources but didn’t didn’t just walk past insignificant people but actually cared about people and didn’t have to have everybody think that they were the most important they didn’t have to be the center of attention but valued people for just being people whether

They had resources or not whether they look like them or not so this is about what I learned last year and that was self-reflectively a big point I’d rather not have more if it means that I I would change for the worse but I’m thankful for what Junior resour stocks have done

And I’m hoping that you will be successful in 2024 hopefully some of these thoughts that I shared will cause you to reflect upon your decision-making process and what you do in the sector and hopefully this show over 2024 would also be a blessing to you through the

Guests and stuff that we talk about that’s all I have for today and um I’ll catch you on the next show appreciate your listenership all the Best