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TGR: In picking mineral stocks, what is the most important fundamental factor?
MB: It depends where you are in the economic cycle, but almost always, management, management, management—is the most important factor. A great management team can create value in a mediocre project. A lousy management team—there are a lot of them out there—can destroy value in a great project by diluting recklessly, by wasting money on overhead, by chasing the flavor of the day, by giving $0.05 stock to friends and family and by too much diversification with properties. So management expertise and track record are almost alwaysthe most important factors.
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