Perhaps we share a different definition of loser, but in my opinion there doesn't have to be a loser. Assuming sound management and an economic deposit a person can see somewhat steady price appreciation in a pub-co, from inception until said pub-co hits production. Unfortunately some pub-co's are born with delinquent parents, or in a bad neighbourhood, and end up stealing your investment. The kinross example was quite pertinent given how their investment in BCG and its sister LGF turned out.