Theron de Ris presented his in-depth investment theses on Seabridge Gold (NYSE: SA) and Pretium Resources (NYSE: PVG) at European Investing Summit 2015.
Basket of Precious Metals Equities: A once-in-a-generation opportunity currently exists to invest near the bottom of the largest precious metals down-cycle in the post-war period. Timing the bottom is impossible but, like day follows night, when the sun comes out to shine again on this capital-starved industry investors will bask in its warm glow. With industry valuations at record lows and after a 4+ year bear market in gold and silver, we believe the gold stock upcycle will last longer than appears possible (just as the downcycle has). Smaller companies will, on balance, rise far more than their large peers. In this presentation we will go from the macro –answering the question “why now?” – to the micro, describing our portfolio construction, investment process and the type of stock-specific set-up we prefer to invest in, such as Seabridge Gold (NYSE: SA) and Pretium Resources (NYSE: PVG), and Silver Wheaton (NYSE: SLW).
About the instructor:
Theron de Ris is the founding partner of Eschler Asset Management LLP and portfolio manager for the Eschler Recovery Fund SP. He is responsible for client services at Indus Capital Partners in Europe and was formerly a consultant and senior research analyst in the London office of Indus Capital LLC where he contributed global macro and bottom up investment ideas to the portfolio management team. Theron joined Indus in March 2008 and was previously an executive director and leader of the global strategies team at Morgan Stanley in London for the three years ending February 2008. Prior to joining the global strategies team in 2003, he was responsible for US equity institutional sales to Italy at Morgan Stanley in Milan. From 1995 to 2000, he worked at Goldman Sachs in Frankfurt, London and Milan. Theron, a Chartered Financial Analyst and Chartered Alternative Investment Analyst, graduated magna cum laude from Middlebury College in 1995 with a degree in International Politics & Economics.
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