First Quantum Minerals (FM-T)

There comes a downside point when you have to decide whether to sell it all or, if your conviction is still there, to double up. No sense sitting around if your viewpoint's changed or if you have a higher conviction. Constitutional challenges in the courts in Panama, winding down operations, so it's quite a material issue.

Move on to something with more visibility that lets you sleep at night. Why fight this uphill battle? This is not a technical mining issue. Company can't control the social, political, or judicial outcomes.

Too much political uncertainty to justify investment. Good for tax loss sellers. Too risky to justify investment. 

Steer clear, despite dramatic drop. Lots of news yet to unfold. You don't know what you're getting. Panama mine represents 60% of company's value. Look for mining in a friendlier jurisdiction.

Really likes copper stocks for this year, poised to perform. Took out November-December highs. Next target is June 2022 highs, around $40-41. Based, took a leg higher, consolidated, broke out.

Copper is in such tight supply. It's needed for the green revolution and de-carbonization. New 20-year agreement resolves a lot of recent issues and drama. Reasonable 14.6x 2024 for an estimated 38% EPS growth rate. If we don't have a soft landing, this name will misfire. When, not if, we have a soft landing, this name will really participate. More of a satellite holding, not core. Yield is 0.79%.

Commodities were in a 10-year bear market and only recently reversed. FCX has been the leader, and has just pulled back and is set for another leg up. He also owns HBM. All of these will benefit, as we're in a deficit of copper and will be for quite some time. EVs use more copper than traditional vehicles. Should be core in a portfolio.