Junior Mining Stock Tips with Investors Brian Leni & Bill Powers (newbies ignore to their peril)

Junior Mining Stock Tips with Investors Brian Leni & Bill Powers (newbies ignore to their peril)

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 thanks for tuning in to msse I’m your host Bill Powers chatting today with my friend Brian Lenny who’s also a co-host of the show but also runs his own newsletter at junior stock review.com Brian’s a good friend and he is an accredited investor who’s been at this Brian has it been about 18 years you’ve been at this oh a long time long time probably around there and I brought Brian on the show to talk through answers to some questions I receive over email or whether in the comment sections of YouTube and to talk through maybe some learning issues that I see based on some of the comments that I received and so Brian I want to ask you up front when we speculate in these small Junior mining stocks can you lose money on a stock but let yet look back at your thought process and say to yourself I made a good decision based on the information I was given even though I lost money on this stock oh 100% um I think it really depends on what kind of company you’re invested in I think especially on the expiration side that is probably more the truth than anything um I think a lot of you talked to a lot of geologists uh or even guys that have been in this business a long time that invest in expiration stocks you can look for the big targets you can look for the r management teams look for that past success and these guys can still come up empty-handed and that’s just the reality or probability of success and expiration uh on the developer side I think usually if if you come up with that sort of uh if you end up losing money on it it’s probably the result of timing or some other geopolitical event that’s happened whether it’s permitting or some social issue in the the local of where the Project’s supposed to be developed um that’s usually where the mistakes going to come uh or or you know if you’re getting more sophisticated with it maybe it’s uh little misrepresentation on the value of that company where you thought it was you know worth X and and the reality was because of grade or because of some other um component that I didn’t didn’t work for you uh on the production and royalty side I think these are the types of companies especially for people that are looking to cut down on their losses or cut down on those moments of where you did everything right and you still lost money that’s probably where you want to stay if you want to eliminate that because typically without with without the metal price really dissolving um I think most of the time you’re going to be right around your most of your mistakes are going to be you know evens uh where you don’t lose any money um and especially on the royalty side you know where there’s even less risk uh to your underlying principle um so yeah there’s a spectrum and 100% you can do everything right and still lose money in the junior resource sector and you have to keep that in mind so I think the point for listeners is you might have a negative a share price outcome for you and your personal portfolio but at the same time because this is speculative it may have been a decent or qualitative decision-making process that went into it now Brian you also journal and you take note of not only the rational speculative argument for why you put money in a certain stock but you also take note of your emotions and you’ve told me that you use your wife to kind of critique you in that so do you note your emotions going into uh an investment and then let’s say on the other side of it you sold you lost 40% you look back at your journal what is that reflective process like sure you know I definitely do and I’m I’m very uh try to be as self-aware as possible and typically with the excitement that comes with a new pick or you know doing some work and coming up with uh this new idea I’ll make sure there’s an adequate amount of time I don’t rush into it um at least sleep 24 hours or have one day of sleep on that to to think about it and let it rest um I don’t know impulse buying you know whether it’s you know cons Goods or stocks I think there can be uh a tendency for people to get over excited over optimistic and you get into that chase mode where you’re trying to chase a chase a company and so often you you see in the junior resource sector that this is the wrong mentality most of these stocks are highly volatile and they usually come back to you and the other thing I’ve noticed is that on reflection you know I read back that article that I was going to potentially send out and see some mistakes you know I I I more so when I early on in my career I I kept this piece of paper beside my desk and what it was was a bunch of rules that I’d set out and it was a constant checklist for me to go through like am I missing anything like um is it is it the right management team am I am I doing this based on a the value proposition and not a metal price you know supposition um these are the things I was trying to check and today it’s to make sure my emotions in check uh to make sure that I’m clear exactly why I’m buying it why I’m buying it now and what those risks are and sort of that that aomy between the two of them um and then with my wife has always been a great sounding board for me um with with where I am you know with everything else that’s going on in my life because I think for everybody uh you have outside sources that are impacting the way you make decisions um whether it’s making you more impulsive um or maybe I’m not lazy but um maybe less involved or less energy towards the research that you’re doing and you have to be honest with yourself and if you have that person that you can you know sound things off of or can look at you and say hey you know you’re you’re you’re more hyped up than you should than you usually are um also my wife reads all my articles she’s my proof reader so she can sort of see in how I’m writing something and if it if I can’t explain it to her who knows nothing about resource sector investing then I’m not doing a very good job and so again that’s another way that I I use my ideas and try to express why I want to invest or divest in a in a company um because those di like I just made a sale in the newsletter uh just over two or around two weeks ago and I wanted to be really sure that I was making the right move that I wasn’t based on S some emotion which is it was kind of an emotional Journey with that company um over the last year and a bit um and so I wanted to make sure very sure that I was making the right decision and lay that lay those points out for uh myself and she was able to read it and she said yeah you know what this this you’re you laid it up very concisely and I understand why you’re selling it um so those are things that I use and you know I’ve said before um in presentations that I’ve done that writing stuff out is probably Paramount to my success as an investor uh because it crystallizes all the reasons why or why I don’t like a a company so I highly suggest that people do that and put incorporate that into their own practice so obviously your money’s at risk in this company so there is that emotional attachment but what made this one perhaps more of an emotional roller coaster than other Investments you’ve had in the resource sector well it’s actually a good point I think and i’ I’ve sort of made this mistake slightly before in overextending myself into one position um and having one company maybe be able to make or break me um this wasn’t to the extent that I’ve done it in the past um but it probably was a little bit more of an allocation than I should have taken um especially considering that it was sort of a new part of of the resource sector that I was entering um so there was there there was uh some emotion attached to that because it meant so much much more to my underlying portfolio and that sort of goes what I what I think with a lot of people need to learn um hopefully not on the unfortunate side of things but you don’t want especially at the beginning you don’t want to take a position that can blow you out meaning that if you’re not right that this position is going to eliminate you from that learning process from that opportunity to hit a bull market uh when you invariably actually can make money and you can make money even on your mistakes which is again something that can be problematic for people who start in Bull markets uh because it’s it’s a it’s a disguise for what success really is and uh you you take heed of those moments but you don’t want to blow yourself out you you you’re going to have to learn you’re going to have to lose money uh goes back to your first question without a doubt you’re going to do all the right things and still lose money in this sector but you have to expect that you just don’t want that mistake to eliminate you from the game um be or you know make you late for a mortgage payment or interrupt your life in some aspect you know Rick Ru says you know when he speculates in Exploration stocks he said many times you know the make or break in this this company isn’t going to change what I have for breakfast or have for dinner um and you need to take the same mentality like you can get greedy and you can say oh I’m gonna put it all in on this one company because I know um unfortunately nobody knows and uh you can still lose money on those things that you’re even have high conviction and and you’re probably right for the most part but Rick also says that he invests now with the money that he made the B load of money he made speculating that’s right the well like invariably you can say somewhat the same for me you know like I did I know more now how much risk I actually did take um mind you I think I was I was a little bit smart about how I did it like I only used about twoth thirds of that money that I I took from selling my house and I knew I needed that other third to manage my life um but I took a boatload of risk the other side to it is it comes down to that price truly is the best drisker that you can have so even though I was I was putting my money at risk in these highly volatile mostly you know bad companies on a whole um I was buying them at really good prices and I had the courage to hold them and in wait and sort of ignorantly um until that bull market came and it and I was successful from it and honestly Bill like I’m I’m sort of glad that in retrospect I think it helped me that I didn’t have a house because I had to pull that money out at the Market I had to to go buy some things to stabilize my life and if I didn’t have that it probably would have been straight up and then straight down because I wouldn’t have I I wouldn’t have known what I know now in terms of like you have to be able to buy at the right price but maybe even more importantly you have to be able to sell and drisk your positions and um you know these things I’ve learned over time uh but I’ve never been in a better position than I am today to navigate this market and I’m really looking forward to this this next pool run in Precious Metals if that’s indeed where we are so you needed to sell in order to access some money to buy a house so like some an external Factor you know pushed down upon your thinking process if I could say this here to make you sell but if you didn’t have that are you saying you would have probably held on and perhaps held on too long yeah yeah and I I probably would have been disillusioned because I would and i’ I’ve talked about this before I would have ridden that roller coaster up and i’ like a I’m so smart I did this I did that and if you look at my experience was that I bought low and I held and uh I probably would have prolonged that same sort of thinking and and the fact is there’s so very few companies in this sector that are actually long-term holds and long-term means something different to everybody uh but I know more and more that the the most of these things are trades and sometimes you do need a couple years for the the investment thesis to play out um but you have to be concerned about things about dilution about geopolitics about cycle um and so all these have to work into your investment thesis and it’s not just one component this is why I think being investor is so much more than you know just being good at one aspect whether you know you’re a geologist and you’re really good at geology but if you’re not good at valuing something or selling or managing your emotion we understanding how Capital markets work you know there’s there’s holes and really good investors are are able to put all of those things together and make good decisions um and the more good decisions you make obviously the more successful you’re going to be uh but you know more than ever you do have to go through that process of making mistakes and work your way towards that point where you can be more consistent Brian when it comes to selling I had a good friend who’s known me for about 17 years even when I was working in the nonprofit sector and when I had a big gain in his stock he was like Bill I want you to think about how many years of your life that even when you’re in business and doing better than average it took you to earn that amount and then he said think back to when you’re in nonprofit sector that’s like four Decades of your life with what you were earning at that point he’s like take some money off the table and it’s good to kind of have a voice of reason in a high risk sector speaking into your life and that’s the importance of a network right and people who understand you and who understand the risk your money is at in this sector oh 100% And on in the I guess I see with with with both sides because I’ve experienced it so I was very very lucky that some of the people I looked up to the most I actually became friends with and they were in my ear about selling and I and I heard them and I was like oh you know what I could see how successful they’ve been you could kind of parlay it’s like yeah that’s that’s where I want to be yet when it comes to practice you sit there in front of your computer or on your phone and you’re in the moment and you don’t remember you know I need to sell part of this or I need to buy this at this time um and that’s why I say like there there’s probably going to be points that you’re going to resonate with and you’re going to act you’re going to hear it you’re like that makes total sense and I’m going to do it and then there’s going to be some things that you hear and you’re gonna say that makes sense and you are not going to do and um and that’s kind of the process that I’ve gone through and then again selling was one of those points and I I do I do give full credit to my mentors actually if you go back to the interview I did with Rick I guess about a month ago and uh on this show for listen on this show yeah and uh and Rick Rick he he’s absolutely true he says your successes are usually based or or or founded in others and your mistakes are all yours he’s he’s absolutely right and again just as long as you don’t blow yourself out with those mistakes you’re going to make um then that’s the way you want to be and finding mentors finding people whose whose mentality or Outlook in the market that you respect and you can draw from um I think are integral to all of our successes and so you definitely want to incorporate you know the wisdom of others um into your to your process so when it comes to selling I see this in the comment sections a lot somebody will say I wish i’ never found mining stocks but because I’m down 70% now I have to hold this is like verbatim or close to it what I see often but what you’re saying is even with what you just decided even though it was disappointing not the outcome you wanted you were willing to sell because as Rick says he’s like 25% of your capital is better than getting zero% of your Capital return to you right that’s part well and I think I think you know the biggest thing people should look at when they see a comment like that why did you buy the company in the first place they don’t know Brian I know they don’t second point is so when were you g to sell it and this they don’t know that either I know and this is this is that fun thing where you you first start off with the value proposition you need to understand what you think that company is worth now you can have there can be mistakes in there and I’m I’m sure there will be mistakes but that’s where you need to start and then you compare that value to what the company’s actually selling for and there’s going to be a differential there you have to decide whether that if that differential is worth you speculating on and depending on where you are in the cycle should give you somewhat of an answer if we’re in the midst of a bull market there’s a ton of momentum you see people happy around you then you know these risks aren’t quite as profound but when you’re in the midst of a bare market and people aren’t giving value to anything um then you have to take that into into consideration too and make sure that um you’re buying for the right reasons and that those catalysts that the company may have will actually grab Market attention um and just look back at yourself when you read uh headlines what do you get attracted to you know met metallurgical recoveries go up to 95% from9 90% or 100 G per ton over 10 meters probably the drill result although I would argue that the 5% Improvement in metal recovery could be just as impactful to the economics of the company um so but that has to do with your knowledge base but I would say most of the sector probably is more attracted to drill results than they are in metallurgical recovery so those are the sorts of things that I think you need to take heed to um and then just putting thought into it you start off with that value proposition you get into the company but then you should also have a sell price whether that’s if you’re if the MPV is $100 million and this they’re going to have a feasibility study released in the next six months then maybe the target value is 50% of that that Net Present Value and that’s when you sell or if if a geopolitical event happens and you don’t have the the courage to wait it out or you don’t have the time you don’t want to waste your money’s time in the market then you need to sell before it hits 75% down um and sell on that news that you know this is probably going to take longer than thought or they’re not going to get their permit um rather than let it go down to 75% and then come up with the question oh well I have to stay now because I’m you know as they say in poker I’m pot committed um you want to avoid those sorts of situations make decisions proactively rather than reactively to a certain extent as much as you can um and I think you’ll be you know way ahead of the game so in order to make decisions proactively rather than reactively what is your emotional relationship like with the company that you put a lot of money at risk in and disappointed you you know do you just break it off and don’t think about it again or is it like a bad relationship where you’re arguing with your past girlfriend in your head and telling her everything you think is wrong about her because I see that in the comments too what is a healthy way to move forward so you can learn and then make better decisions um so I you’re I’m you’re saying that the full out sell the company is that when you sell and it’s a disappointment you had your thesis going into it management disappointed or they didn’t execute what have you you decide it’s time to sell you take your losses and then what is your relationship with like with that company because some people when they lose money they’re still preoccupied with with the person that told them about that company how they first learned about it or management and it’s there’s like an emotional string around them and it affects their thinking process is kind of what I’m getting at right uh so for me it’s like pulling off a Band-Aid it’s it’s sort of quick and I go on to the next thing in terms of like my connection watching news flow um that sort of thing I’m able to cut it pretty pretty quick uh the side note to that is I do think uh that you need to as an investor to look at what went wrong um and highlight those points like understand what you may have been too optimistic about um technically what did you miss uh you know were you too late in selling it should was there a point back that you should have seen you know three three or four months ago that should have told you hey look nothing’s going to change with these guys we need to cut bait now while we’re down 10% or 15% I think I think the mentality for a lot of the the sale the sales or even with your questions question previously um is that things are going to turn around and I’m going to make my money back um Rick says you know every day that you don’t sell a stock you buy it and if you take that mentality um I think more often than not you’re going to make better decisions and you go back to this this conversation we’re having now um when you start dissecting where you went wrong I’m sure you’ll look back and you’ll find some instances where it should have kind of triggered something in your head and said hey look this probably isn’t going to change and I need to to move on um and so basically what you’re trying to do is just trying to figure out where you went wrong and so you don’t do it again whether it’s with a similar company or similar situation with a management team or a shareff structure or geopolitics you know some people will make um they’ll invest in the the right companies the project is great but it’s in a tough jurisdiction and they unfortunately get hit by a 30% loss because you know War erupts or some social unrest and they lose money well if you’re not comfortable with it you know you probably shouldn’t go back and you should probably stick to the so-called tier one jurisdictions that maybe on the social they all have their own risk um but maybe it’s not quite as volatile as you know some parts of Africa or some parts of South America or Asia to a certain extent so these are the sorts of things I think you want to pull out of those losses but in terms of like how you deal with it to me it’s you you cut bait as as quickly as you can stop following their news flow take them off your watch list and move on to the the next company or the next idea that you have and pursue it and try not to make those same mistakes what would you say to those that let’s say over um idealize or romanticize a bull move in a given commodity the supply demand Dynamics and so then they just load up on juniors in just this one commodity and the commodity does move up and then it moves back down as these things go up and down they’re very volatile and then after it moves down 40% after let’s say a 250% move they didn’t sell anything and then it’s all about why it’s going to go up more and more and I see this mentality and and because the industry is so cyclical I’m saying to myself you know diversification out of not just that commodity could be a good thing but based on your experience Brian what might you say to somebody because I see these comments on Twitter too and I’m like I hope you’re right but you may not be right because even the the bull moves that you’ve experienced in the last year and then the 40% drop that could have been the move and I can from my own experience in 2016 when silver went up from 14 bucks to whatever 30 bucks I got it right and I was up 10 p uh 10 times on some Juniors and my wife is just saying well why don’t you just sell them like she would say to me what when is enough enough and of course I I hold it until it comes back down to the low 20s right so your thoughts Brian so I’ll preface preface this with I have made these mistakes before and again this is something that a me particular Mentor helps me you know work through but I did have to make my own mistakes and um the thing is nobody can predict metal prices with any consistency uh most commentary you’ll see in the business is all centered around where Commodities are prices are headed yet you know people can never truly get it right and if you look at any type of uh commodity Trader who trades based on the price of metals they’re always hedged on their price prediction because they know that you know nobody can be that consistent especially on the micro on the macro you can say in the next 10 years yes you know oil might Spike or silver might Spike um but a lot of things flow into that but on the mic grow dayto day month to month week to week you can see these Commodities Traders always hedge their bets and that’s because they don’t know second to that if you look at it you know parlaying uh commodity price to a junior company a junior company has let’s say 10 or 12 things where you could lose money metal price is just one of those 10 or 12 things so even if you’re right on the metal price you can still be wrong on the company so that’s another point that people need to take heat of like just because you think let’s say the silver price is going to go up well if it’s a bad management team or it’s a bad jurisdiction you can still lose money on that speculation um so when it comes to parlaying metal price to company investment I think it’s it’s a lesson unfortunately a lot of people have to learn because there’s so many ways a junior can lose your money outside of just being right or wrong on the metal price um second to that bull markets end you know I uh a presentation I did back would have been January at uh the metals investors Forum I talked about just this point um and this is this is not this is not a commentary on uranium or anything but you can sort of see the the same sort of patterns that you talked about in whether it was lithium um nickel gold from 2020 um maybe it’s uranium to a certain extent now where you know you can look at the the price chart where it spikes into this euphoric State there’s still a ton of reasons why you think that lithium should still be at $60,000 a ton or uranium should be $150 a ton the fact is pound yeah per pound sorry yeah um but there’s tons of reasons why for you to still be bullish but just as you’re saying Bill these these bull markets all come to an end per se um and they’re they’re going to move up and down and you know as investors that’s why if you’re going to use Junior companies as a vehicle to leverage or play the commodity price you just have to be aware of where you’re investing and so you didn’t really care if you bought when uranium was $25 and you bought let’s say NextGen which is arguably one of the best undeveloped uh projects held by a junior you you bought it when ranium was at Price you rote it all the way up to the top to me you know those profits were there for you to take and you don’t really care if if uranium is well I shouldn’t say you you shouldn’t really care if uranium’s got you know this much more to run or doesn’t because you should be profit taking along and then let it dip and then buy it on the dip and and so doesn’t mean you have to get completely out of the company or lose your bullishness but just realize these things work in C cyclical ways and then you sell a bit at the top it comes back down you’re still bullish you buy a little bit more when it goes you know goes up to 10 bucks comes back down to seven you buy at seven if it still fits your original thesis you know you still had to have said okay the value is this and it’s worth this um but that’s that’s sort of my take on how you the the difference between playing a metal price and then paying playing the the junior resource sector and the other side is if you were really bullish on a metal price then buy the metal so you can you know spra has a number of physical trusts the gold silver Platinum plaum you’ve got the uranium trust these are all plays basically on the commodity price and their essential risk is just that so if you’re really bullish those are the things that you should be looking for is the stuff that has is the pure play um but I’m telling you it’s a tough game to play when you get online communities that are become like these intense Echo uh Chambers for a bullish perspective on a commodity do you find any utility in them or how do you view that Brian as an investor personally I don’t um I think that you know I I don’t pay that much attention to commentary on where metal prices are headed I definitely like to know about uh you know where things are headed or where they may may not be headed I’ll listen to those high level points but usually I’ll I’ll just it just triggers me to do my own research and kind of to try to understand supply and demand um maybe come up with where I think something might be headed uh but I certainly don’t hang my hat anymore on where I think metal prices are are headed I’m looking for companies that have realistic catalysts to capture Market attention and to close that that value differential um and I think that’s where money is made and I think you know if you understand where you are in the cycle especially with where that company is not the company cycle and the metal cycle where those two Co coincide if you can pick those right um I think that’s where you you make your money um sort of regardless whether it’s a bear or bull but obviously you know bull makes it that much easier Brian since there’s no perfect investments in the junior mining sector if the lead management executives are not what the best for this company or the best to move it forward for you is it always an avoid and a little context is I’ve invested in a company where after significant due diligence it wasn’t just a rash decision but there was a lot of effort and even travel that went into it after that first um due diligence process I talked to a key investor and a board member and told them both I think that management needed to be replaced not gotten rid of but just brought on as a an adviser on a contract basis just based on their historic knowledge of the company and what the company is trying to accomplish um so that was voiced there was some agreement but also the communic that nothing’s going to be done well it didn’t work out for me and I think that under different leadership it could have done better even though there was a lot of things going and reasons for me to invest when you have that objection or that concern for you do you always avoid I wouldn’t say always avoid but I would say you know where I am with my knowledge of the sector typically I would say there’s more chance that I avoid these days or definitely look at as a short-term trade um if I see a catalyst that’s associated with it uh you know so often I’ve seen the pitfalls of bad management teams and I get the premise that you know good projects you can’t you know you can’t recreate geology um around the world and and blah blah blah but they can do so much damage uh in terms of dilution in terms of their perception like the the brand that gets associated with the company like bad management teams you know they get associated with that company name G and it takes a while for it to be Unwound and uh especially if they get caught in whatever kind of like nefarious things that they’re sometimes it’s just laziness and lack of effort too right there’s that too well you know what I honestly if if that’s the case then i’ probably be more prone to maybe taking a stab um at it but again still I’ve seen too many experiened too many times where that sort of management team loses me money especially if the cycle isn’t with me again there’s there’s so many points like like the the answer should always probably be it depends um but I I can’t say typically I I’ll especially these days I would I would avoid it if I really don’t have confidence in what management can do or sort of the direction that they have and I’ve like there’s there’s a couple examples I won’t get into the names but I can see that I wasn’t the only one thinking that but and I’ve seen the management teams get turned over and it had it took more than a year and it took a couple of the bigger investors to sort of come to that conclusion themselves obviously um but you can see it and uh and yeah so for me it’s it’s generally I will avoid it and that’s that’s more and more but it’s always it depends Ryan I want to ask you about how you view the forward-looking statements the projections the anticipatory statements that U management makes and what do you do when it doesn’t happen so for example even on this channel I’ll disclose that you know there’s Executives via sponsored interviews that are making forward-looking statements and that is their job because these are speculative Venture Capital Endeavors these are Big scientific projects a lot of them at the exploration stage so you got to tell investors what we’re doing to try to hopefully create value find mineralization develop production but I’ve even been asked could you take down a video because what I said didn’t come to pass and my answer was no it’s like you can’t that’s you can’t do that you you said it it’s out there plus the Wayback machine has has it anyway it it is what it is you know and it is what it is and that’s not fair to investors because especially if they put money in based on your forward-looking statement and then we don’t want to act like you didn’t make that statement because that’s what lured in the dollars so um what’s your take how much leeway do you give management it’s kind of like you know burn me once you know your fault burn me twice my fault you know what’s your take again well it does depend what it is so forward looking to me like if if a guy says that something’s going to happen within q1 or Q2 um and depending on what that item is I’m not even sure with the the better parallel like if you’re waiting on assays um and enough time has happened where you know there’s been bull moves and there’s been significant delays for assays in different parts of the world so if a guy says you’re going to have results back in q1 it ends up being Q2 you know that’s that’s to me is not a big deal and that’s not really reflective of what the company did or didn’t do it’s it’s just it’s probably reflective of the market now I think that got overdone I think a few companies probably took advantage of that excuse and let things kind of maybe go by the wayside I’m just guessing um but it really does depend on what it is and so if management teams are saying they’re going to do this or that um depending on what it is has a bigger impact on me um in terms of the promotion I do expect them to talk about how big or how great and all those things about what a prospect could be especially on the expiration side promotion is such a big key of moving share prices up if people don’t understand and aren’t excited about your company then you know you you probably have somewhat of an issue unless your results do happen to catch Market attention but that’s not always the case or it’s not always the case right away you know it’s a lot of these things are iterative and these guys are vectoring in on you know potential targets and it takes time um but I’ve never understood some of the mentalities of and we’ve talked about this on you know offscreen about some reluctant of management teams to do do promotion or good promotion um my results will talk to will speak for themselves and like well no not not always and I think you do need to be able to talk about how great something is draw those parallels and Garner some attention from the market I think it only helps you um on the flip side you also don’t want to be too egregious with what you say and again um it it really does depend on on what the person says uh in terms of how I deal deal with it but typically if a manag is saying I’m going to do something by a certain date you want to hold them to that and they should hold themselves to that uh but there are situations that are out of their control and you have to be able to understand or at least accept um that to a certain extent too and so that’s a key to what you said I I try to determine what they can control and what they can’t control but if they’ve made like your growing production and you’ve made you know four statements in a row that you’re like of Target by a lot it’s kind of like you know not only is the train not leaving the station the Train’s going backwards right so you know I guess like you said there’s a lot of variables is it a pre-production story is it a growth story is it a development story is it an Explorer so there’s so many variables and I guess what I’m pointing out now for newer listeners in particular is that to make a decision there’s not a one-size fits-all it you have to take even what we’re saying and you have to use it with your own experience which just takes time and there’s no substitute for time in this sector is there Brian no I think life in general you could put it that way you know we’re all on our own Journey towards hopefully being the best that you can be as a person um and you parallel that to the investor world where more and more I see you’re going to have to make these mistakes yourself and sort of learn listen and learn um and just don’t blow yourself out before you can learn those lessons and sort of form your process for making money because that’s the other thing is there is no one one process that’s going to fit everybody you’re going to have your own Nuance to it um and just as long as it’s true to what you know and what you don’t know um and how you’re able to play the market H you know you have to find that out for yourself excellent we we’ll end it there to learn more about Brian and what he offers go to junior stock review.com he offers you a glimpse into how he is investing in his portfolio as well as gives a weekly commentary uh Brian you’re a good friend you’ve taught me a lot uh through our friendship about investing in junior resource stock so uh thanks for coming on the show today and thank you for co-hosting parttime also thanks for having you [Music]

Investors Brian Leni of JuniorStockReview.com and Bill Powers of MiningStockEducation.com share key junior mining stock investing tips that newbies ignore to their own peril. Junior mining stocks can often yield 10x or 1/10th your money. Listen to this discussion and consider how you are approaching this high-risk, high-potential reward sector.

0:00 Introduction
0:44 Losing money on a good decision
3:07 Keeping track of your emotions
6:44 Betting too much on one company
8:54 “I know now how much risk I actually took”
10:31 External reasons to sell can save you
14:44 Don’t irrationally hold on to losers
17:51 Emotionally detaching from losers and move on
21:21 Don’t overidealize a bullish take on a commodity
26:53 Online echo chambers
28:05 Would you invest if you think management is sub-par?
31:10 What to do with management projections?

Brian Leni’s website: http://www.juniorstockreview.com/
Brian’s Twitter: https://twitter.com/Junior_Stock

YouTube Playlist for New Mining Investors: https://www.youtube.com/watch?v=7SW96tD9Kdg&list=PLEk-3nAisq6z3BTO_g_M_tg7JoC-dAsP8

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