Rick discusses his early career lessons and how in a bull market, anyone including him can look like an expert. In the 1970s, the incorrect narrative was that the world was running out of resources. What everyone missed was that when prices rise, people learn to conserve, they become more efficient while higher prices encourage new supply.
Think about the attractiveness of modern bonds where banks promise "return-free risk" by giving you less money back than you put in, then contrast that with gold. Rick says, "You are either a contrarian, or you will be a victim."
Time Stamp References:1:20 - Lessons from Ricks investing career.2:50 - Don't confuse a bull market for brains.4:30 - The potential of the resource market.5:50 - Interest is coming back to the market.8:45 - Why speculating usually results in loss.12:30 - Ricks view on uranium.15:50 - Developing a new supply model for uranium.16:40 - Favorite book on economics and investing.
Rick Rule, founder and chairman of Sprott Global Resource Investments Ltd., began his career in the securities business in 1974. He is a leading American retail broker specializing in mining, energy, water utilities, forest products and agriculture. His company has built a national reputation on taking advantage of global opportunities in the oil and gas, mining, alternative energy, agriculture, forestry and water industries.