The seminar had the title:
Calm After the Storm—A Return to Normality in the Mining Sector
Yesterday I went to listen to the insights implied in the title.
This was perhaps the strangest seminar I have ever been to.
room was full of people including many who've seen at least three
cycles (excepting the unusual number of TSX people including at least
one "Compliance Officer...I wonder what they were there for?). The
stage contained people for whom this is the first cycle they've ever
seen (not been through as this one is not over).
stage held a bunch of juniors—just kids new, really—to the industry
sitting in front of senior investors and brokers and others who work
directly for the industry as well as bunch of shills for the regulators.
was embarrassing to have thought that they would offer any insight or
ideas (other than how to save $50 bucks here and there and, of course,
the warning-speak from the two regulators on the stage) about the
condition, cause or way forward in this market.
The title and the lack of information implied in the title says it all. They are clueless—and we wasted our time. If this represents in any way the leadership for the future of the junior mining sector we are all in huge trouble.
Six 'guys' the venue set-up guy, the auditor guy, the TSX Venture guy, the Lawyer guy, the BCSC guy, the Investment Advisor guy and the Executive search guy. Hmmmm.
Cambridge guy grew up in the sector and had a picture of the two BreX
bad guys in his house with text underneath saying "Lest we forget".
Auditor guy announced he'd just ditched his Blackberry for the latest
iPhone and preceeded to offer minor savings on audit fees if you bought a
$230 CICA book.
The TSX Venture guy had the worst
graphics—illegible with lots of missing data—recited listings and fund
raising statistics, and the usual stuff that pretty much everyone in the
room already knew years ago.
The Lawyer guy talked about Director's liability insurance (in other words it's going to get worse so cover your a**?).
BCSC guy offered alitany of various threats and which ones were worse
that others after which he said he was going to offer some positive
stuf—he said how there were going to reduce the number of filings to
twice a year but that they weren't going to. What???
Investment Advisor guy was going to tell us hao we got here and
proceeded only speak about the sector only saying that the American
downturn didn't help and that share roll-backs were probably a good
The mining sector Executive Search guy did a stand
up comic routine with his facts and figures saying you couldn't really
trust them saying it was like George Costanza (Seinfeld) picking up
women by doing the exact opposite of what he would normally do.
Calm After The Storm eh? Isn't the phrase Calm Before the Storm?
What can I say.