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June 12, 2018
Video
Manager Insights

Throwback – Theron de Ris Lecture at VIS Trani 2018

Presentation by Theron de Ris at Value Investing Seminar, Trani, Italy, July 2018

This lecture delivers insights from an investment practitioner, covering a historical perspective on gold and how the materials sector can add value to capital cycle investors, value investors, institutional allocators. Discover unique and contrarian investment ideas and learn from a practitioner's investing mistakes.



Key sections of the lecture:
1:24 Long-term performance of gold
2:36 Gold stocks vs gold
4:45 Where are we in the gold stock cycle?
6:29 Royalty company valuations
7:17 Abitibi Royalties investment thesis
14:34 Anatomy of a mistake
18:52 The capital cycle approach to investing
20:45 Rewards and risks of investing in out-of-favour industries
22:30 Commodities vs the S&P 500
24:13 The case for natural resource equities
27:12 Q&A
34:17 End
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