Ross Beaty, chairman of Pan American Silver, joins Real Vision co-founder Grant Williams to discuss his experience building a successful silver company. 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/2KfrsZnAbout 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 Success and Failure: Timing the Precious Metals Cycles (w/ Ross Beaty)https://www.youtube.com/c/RealVisionT...Transcript: For the full transcript visit: https://rvtv.io/2KfrsZnROSS BEATY: In '94, when I started this, silver was trading for about $5 an ounce, give or take.Well, I was positive. The more I read, the more it was positive silver was going to go up to $10by the end of the decade. Needless to say, the end of the decade, silver is $4 an ounce.I've had a couple of flops out of 14 or 15 now. Not entirely flops, because they were all-- well, infact, only one. And that one is still a work in progress.GRANT WILLIAMS: Well, let's talk about the flop. Let's talk about that, because it's so easy tofail in mining. It's so easy. There are so many things, and most of them are outside your control.It's nature, for a start. But then you throw in permitting and changes of government.There are so many things that can go wrong. It's such a tough landing the stick. So how was thisone a flop?ROSS BEATY: My very first company was Equinox Resources. I've talked about that a little bit.And this one gold deposit that we discovered in Nevada that we finally-- another companydiscovered-- it turned out not to be big enough for that company. So I was able to buy it 100%. Ibought it back.A year later, the gold price took off. I funded the purchase. Not by selling shares, but I sold alittle royalty to Franco-Nevada, to Pierre Lassonde. And that funded me buying the other half forabout $3 million. One year later, I sold the whole company for $110 million. Just because thegold price had taken off, this particular company needed a deposit like that, and it was a chancefor me to finally make a buck.GRANT WILLIAMS: But that's the reward. We talk about the risk/reward. That's the kind of...ROSS BEATY: So I spent nine years building this company. Haven't taken a penny out.Everything I'd made, I'd reinvest it buying more and more shares. And finally, I got this happyending. And it was pretty cool because I was able to say, OK, that company is so full of baggageand problems and hassle, I just want to say, over to you, you can have it, and start from groundzero.But I had happy shareholders, because the last trading day with an all-time high. And so thoseshareholders, god bless them, a lot were Americans. A lot of them were Canadians. They werepeople who had followed me. Newsletter writers-- Bob Bishop. Rick Rule was a big part of that.All kinds of great, great friends, and people who really helped me build this company. They'd allbeen vindicated for supporting me.Well, the company that bought Equinox was Hecla. Hecla at that time was known as a silvercompany. Even today, it still is, but it shouldn't be. It's mostly a gold company. And even then itwasn't. Only about 17% of its revenue came from silver.So I looked at Hecla and Coeur d'Alene and Sunshine. None of them. They were all trading withthe silver price, but none of them were real silver companies. They were other things.