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December 27, 2008 Dear Friend, Attached are detailed updates on Spot Markets, Barrick Gold and Rio Tinto, for which we estimate it can generate several billion dollars more than its $8.9 billion bridge loan due from receivables, cash flow, a $5 bil. debt-laden spinoff to shareholders of Alcan Packaging, a $3 billion IPO of Cloud Peak Energy and minor other sales. We received two correspondences directed to creditors of Lehman Bros., which we do not understand. Somehow we received a mailing as though we were a creditor. If any of our clients had attempted to pay us through a soft dollar or commission sharing check generated via Lehman, please contact us at your earliest convenience. Please let us know if you would like to join us January 23rd at Mercator Minerals in Arizona via Las Vegas. Please mark the date as we tentatively plan our third industry conference March 31 and our fourth November 11, 2009. Our enterprise has published 349 eports since inception July 2009, averaging 20.6 per month in 2008. We keep track of this as a measure of our own productivity and distribution of effort.
Literally one-fourth of our reports have been multi-metals overview reports, such as the weekend commentary on spot market developments of the prior week. Some of the steel, aluminum, copper and gold reports are commodity-specific and not company reports. An inefficiency is that my talented colleague, Joe Reagor, enjoys writing about the Forest Products companies that have been 18.2% of our report output or 62 reports. I assigned him those companies as a "learning device," and he has enjoyed them and kept them up. Plum Creek, WY, IP, etc. do not warrant more attention than we give steel or aluminum. Certainly performance is more important than quantity, but this is one measure. The reports on the large diversified mines require several times more work and effort than the reports on single-product companies Faithfully, John C. Tumazos |
Copyright © 2008 John Tumazos Very Independent Research,
LLC
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