Agora Wealth Symposium: A Millionaire’s Dinner – And a Great Investment

By Dr. Steve Sjuggerud, Chairman, Investment U
Thursday, August 11, 2005: Issue #460

Three CEOs and a Canadian billionaire sat at my dinner table last night.

Before dinner, I gave a speech at the Agora Wealth Symposium here in Vancouver in the afternoon. Then I hustled down to Kits Beach for a mile swim in the (137-meter!) pool. I’m glad I got the swim in, by the way.

The views and the weather here were just awesome. You know this about Vancouver going in but you’re still impressed once you’re here.

I was just going for a swim. Nothing more. But I looked out from the pool to see sailboats dotting English Bay and Kits Beach facing back at me, with Matthews Park and the city of Vancouver in the distance. Beyond that, you’ve got the mountains and skies clear enough to see for miles.

You can’t argue with Vancouver in August there’s hardly a better place in the world to be. It’s an incredible settingone of the main reasons the Agora Wealth Symposium is held here.

Frank and David: Two Successful CEO’s

While I was at the symposium, Frank Holmes, the head of the U.S. Global family of mutual funds, invited me to this dinner. Frank may be the best mining stock fund manager in the U.S. According to the brochure for this investment conference, Frank had “3 of his 8 equity funds being ranked by Morningstar #1, #2, and #3 among all 12,230 funds for the 3-year period.”

Last year, Frank invited me to a similar dinner, at the home of a Canadian worth maybe $100 million. His home on Vancouver’s waterfront was decorated with Picassos, Renoirs and Van Goghs. Real ones.

A colleague and I agreed that, at some point, you’ve got enough money and wealth. And after spending some time with this successful Canadian entrepreneur, $100 million seems to be plenty.

David Cohen sat next to me at dinner. David is bright and well spoken, and he’s the CEO of Northern Orion. According to David, Northern Orion has roughly $100 billion worth of metal in the ground (in copper and gold) at its Agua Rica deposit in Argentina.

Northern Orion looks interesting from an investment perspective. I consider it a bit of a long-term call option on the price of copper. If copper stays at current levels, investors should make a lot of money here.

Paying $500 Million for $100 BILLION Worth of Metals

At current metals prices, the present value of the estimated future cash flows from Agua Rica is about $5 billion. Yet the stock market value of Northern Orion is only just over $400 million (over $500 million on a fully diluted basis). Again, the headline numbers are: $100 billion in metal, for $500-plus million in stock market value. There’s some upside there. If you’re not familiar with Northern Orion (AMEX: NTO), check it out at http://www.northernorion.com.

Well, I’ve got to cut things short today. I’ve got investment meetings today, two speeches to share investment ideas with readers this afternoon at the Agora Wealth Symposium, and dinner with more Vancouver gold guys tonight. Hmmm I wonder if I can sneak in another mile swim at Kits Beach between speaking and dinner At times like this, I can’t believe I get paid for this life.

Good investing,

Steve

Today’s Investment U Cribsheet

• Don’t miss Vancouver and the entire surrounding area in August or September, sometime in your life. Even with high expectations, you won’t be disappointed.
• You can learn more about Frank Holmes and his funds at http://www.usfunds.com. You can learn more about Northern Orion at http://www.northernorion.com.

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