Ross Beaty of Pan American Silver joins Real Vision's Grant Williams to discuss his experience successfully managing businesses through uncertain markets. Beaty explains that diversification, risk management, and critical thinking are the most important parts of helping a business to persevere. This video is excerpted from a piece published on Real Vision on September 21, 2018 entitled "Grant Williams in Conversation with Ross Beaty."Watch more Real Vision?,,? videos: http://po.st/RealVisionVideosSubscribe to Real Vision?,,? on YouTube: http://po.st/RealVisionSubscribeWatch more by starting your 14-day free trial here: https://rvtv.io/2Lpn9eLAbout Perfect Timing: In this series, some of the biggest names in the financial industry share their experiences of getting it right at the right time. Hear about successful trades from the people who made them.About Real Vision?,,?:Real Vision?,,? is the destination for the world's most successful investors to share their thoughts about what's happening in today's markets. Think: TED Talks for Finance.On Real Vision?,,? you get exclusive access to watch the most successful investors, hedge fund managers and traders who share their frank and in-depth investment insights with no agenda, hype or bias. Make smart investment decisions and grow your portfolio with original content brought to you by the biggest names in finance, who get to say what they really think on Real Vision?,,?.Connect with Real Vision?,,? Online:Twitter: https://rvtv.io/2p5PrhJInstagram: https://rvtv.io/2J7DdlwFacebook: https://rvtv.io/2NNOlmuLinkedin: https://rvtv.io/2xbskqx Ross Beaty on Managing Businesses in Uncertain Marketshttps://www.youtube.com/c/RealVisionT...Transcript: For the full transcript visit: https://rvtv.io/2Lpn9eLROSS BEATY: --I can't sell out, right? I've got two outcomes-- either I get bought out, I sell once--and I've done that many, many times-- but I only do it once. I don't sell along the way. I buy alongthe way. But I only sell once.Or if I'm in a company-- if I'm building a company that's going to be a long-term operatingbusiness, my attitude is I'm going to build that company until I'm no longer needed to be there, inwhich case I then either resign or retire or leave it or die, or something like that. And the companysurvives my exiting the company, in which case, it's a happy ending. Maybe it just at my death I--the stock is sold when I croak. I mean, in other words, I don't build these companies to exit alongthe way. Either I get bought out or I hold them until the long-term.The critical thing is we tell shareholders what we're going to do and we follow through. Weexecute that plan. The companies that frustrate me are the companies where I invest in them. Igive them a million dollars to do x and they go out and spend it on y.GRANT WILLIAMS: Right.ROSS BEATY: That drives me crazy. And I never invest in them again. I don't mind if they take thatmillion dollars, if they say they're going to go and explore a bunch of holes in this place for thiscommodity. And they come up with nothing, that's fine. They execute well, that's exactly what Imade that bet for.I give them a million dollars. I understand this risk. I understand it may end up with zero. But I alsomay end up with $10 million--GRANT WILLIAMS: Yeah.ROSS BEATY: --if they get lucky. And I'm prepared to take that risk. And I never whine if it goes tozero because that's the nature of the business. But if they go and divert it somewhere else, then Iget mad.GRANT WILLIAMS: So people watching this who invest-- I mean, plenty of people are watchingwho do invest in resource stocks. There'll be plenty that maybe will end up investing in them. Andyou invest not in companies you run, but you also invest in other companies.What's kind of your checklist? What do you look for? And what order of importance? And howdo you figure out, OK, this is a company worth my investment?ROSS BEATY: Well, the first, by far, is who's involved. I look very carefully at who's involved. AndI look at their record and I often meet them in conferences or wherever. And I encourage allinvestors to try to do that, especially with the smaller companies to get a measure of the peoplewho are involved.