Hard Truths in Resource Investing, According to Bob Moriarty
"The day you start thinking you are smarter than the market, you have made a giant mistake that will cost you dearly.”
“All debts get paid… They are paid either by the borrower or by the lender.”
“The mob is always wrong. All you have to do is figure out what they think and then do the opposite.”
“Listening to liars gets very expensive.”
I could keep going, but these are just some of the kernels of wisdom and hard truths I came across while reading Robert Moriarty’s latest book, Basic Investing in Resource Stocks: The Idiot’s Guide. I’ve known Bob for many years, and if there’s one thing he’s proven about himself time and again is that he doesn’t mince words.
Nor should he. Bob’s accomplished far too much in his life to worry about tiptoeing around the truth. Many people reading this right now probably know Bob best from his highly popular resource websites 321Gold and 321Energy. 321Gold, I should point out, has done a lot over the years to bring U.S. Global Investors to people’s attention, and I’m grateful to Bob for that.
Besides extreme contrarian resource investing, Bob also has a place in the history books as an aviator. Not only was he the youngest naval combat pilot, at 20 years old, during the Vietnam War, but he still holds the time record for flying from Paris to New York and back again, in 1981. Three years after that, he famously flew his Beechcraft Bonanza V35 under the Eiffel Tower.
But back to the book.