Why do I always seem to make an idiot of myself at the Vancouver Gallery of Art?
Every Picture Tells a Story...
Reckoning today from Vancouver, BC... Final Day of 
Jim Amrhein
the Agora Financial Investment Symposium
Dear Daily Reckoning Reader,
Last year, it was when I spent a significant amount of time deeply pondering a trio of avant-garde stools that I mistook for a piece of modern sculpture.
But what happened this year was even more humiliating.
It all started when I hustled myself onto the second of three coveted evening tours of the underground “vault” area of the Vancouver Art Gallery. These tours were specially arranged for Agora Financial Reserve members only.
But there was a catch: According to the Gallery’s rules (or maybe their insurance regulations), there could only be twenty people per tour. So that’s a maximum of 60 out of over 500 AFR members in attendance at the gala event.
Needless to say, all three of the tours were booked up — with many on the waiting list — by the time I got to the event. But since I needed to cover it for today’s dispatch...
I was going to have to pull a fast one.
By just after 8:30 P.M., everyone whose name was on the list had gathered at the service elevator. That’s how we were getting down to the gigantic, underground “vault” area, below the Gallery itself.
When the elevator doors opened, the Gallery staffer in charge of the tour started reconciling people’s nametags with the list in his hand — counting them off one at a time, click, click, click, on one of those little hand-held counters...
And of course, I wasn’t on that list.
So right when I figured he was as busy as he was going to get with this process, I flipped open my leather note pad, started scribbling in it, and strode past him as though I had every right to be there.
Out of my peripheral vision, I saw him look up from his list to say something. But I kept my head down, made a beeline for the back of the elevator, and hid behind a screen of Reserve members. And he went back to his clicker.
But that little “Fletch” maneuver wasn’t how I made an ass of myself...
That happened once we got into the “conservation lab,” deep in the bowels of the cluttered operational area of the vault. This is where artwork gets cleaned, restored, and if necessary, repaired.
As the guide explained all of this, my eyes fell on an old-looking work hanging on the wall near me in a dingy, ornate frame. I’m not without knowledge of art, so I was trying to figure out the vintage and nationality of the piece.
Judging by the weapons and hats the men in the picture wore, and its overall style, I pegged it as a work originating in 17th century France. It was very dusty, and there was a bad tear down the center of it...
So, feeling culturally superior, I raised my hand and asked authoritatively, “What’s this old French painting here — is it waiting to be restored?”
At this, the whole room turned to look first at the painting, then directly at me as though I had a dunce cap on. I thought this was a little bit odd...
Until the guide explained (clearly stifling a chuckle) that what I was looking at wasn’t a 350-year-old painting, but some worthless old print. Which was obvious — since the giant tear through the top of it clearly showed it to be on paper, not canvas!
I shriveled up like a spider on a hot stove, and stayed mum through the rest of the tour — which was breathtaking.
The “vault” space is vast, and according to our guide, stores around 10,200 works of art with a combined market value of around $294 million!
Most of these are flat works (paintings and such), which are stored in 30-yard-long rows of gigantic, moveable racks that are suspended from massive tracks overhead. The whole apparatus can be separated, slid, tilted, spun, and shuffled around to easily gain access to any piece, anywhere in the collection. It’s a feat of engineering.
It boggles the mind to think about what it must cost to keep all of this art insured and climate-controlled. And we were just in one chamber of the “vault” — there are numerous others, our guide said...
Looking at all of this, and marveling at what must go on behind the scenes of an art museum, it occurred to me that I really don’t know anything about art at all.
But I do know something about reporting the goings-on here at the annual Agora Financial Investment Symposium. So let’s get back to that right now.
Even though it’s the last day of the event, there’s still plenty of action on the docket, starting with...
Doug Clayton — “Go ‘rogue’ with your investment portfolio.”
Doug’s the founder and managing partner of Leopard Capital, which specializes in dedicated investment funds in “frontier” markets like Cambodia, Haiti, Bangladesh, Bhutan, and a lot more.
Now, it may sound a bit risky to put your money into some of the poorest and most conflict-ridden places on Earth...
But I promise: Once you hear Clayton make his case for frontier markets — and see the incredible returns his funds have roped in — you’ll be reaching for your checkbook.
“My advice is ‘don’t follow the pack,’” Clayton says. “Instead, you should hunt like a leopard. Go in first... take some risks, and wait for the others to show up.”
That’s been Clayton’s M.O. since he founded Leopard Capital, and it’s been working spectacularly for his investors ever since...
Today, he’s here to talk to us about investing in the burgeoning markets of Mongolia and Myanmar (formerly Burma).
Clayton doesn’t call these “frontier” markets yet — he calls them “sunrise” markets, because they’re so new, and so full of potential.
Let me give you just a snapshot of what he’s talking about, condensed from his incredible slideshow...
Myanmar, a war-torn and impoverished dictatorship for years, has finally turned the corner toward democracy, development and a prosperous future.
And it’s happening FAST, according to Clayton. That’s because right now, Myanmar’s doing nine critical things to help speed this process along (I couldn’t write them all down fast enough, but you’ll see them in our new video coverage).
The goal of these nine critical actions — according to Myanmar’s new, democratically elected President — is to triple Myanmar’s per-capita GDP by 2016!
Whether they achieve that exact goal or not isn’t important. What IS important is that more than any other nation on Earth right now, Myanmar is flinging open the door to freedom, free market capitalism, and genuine economic growth...
And that’s been the recipe for wealth wherever and whenever it has been tried.
Clayton’s not alone is his assessment of Myanmar as a place ripe for investment gains. The world famous, oft-published “Indiana Jones of Money” himself, Jim Rogers, is on record as saying...
“If I could put all of my money into Myanmar, I would.”
That’s a pretty impressive endorsement, I’m sure you’ll agree. And not for nothing, but Rogers is now officially on board as an advisor to Leopard Capital’s new Myanmar fund.
When Clayton lays out his case about the fledgling democracy, it almost seems like a no-brainer to pour money into it...
In his presentation, he outlines the specific reasons (coincidentally, nine of them) why Myanmar’s poised to explode. Just a few:
They’ve got abundant oil and gas, they’re rich in agricultural land and tradition (was once called the “rice bowl of Asia), and they’re in a prime location for development — sandwiched between China and number of other fast rising Asian nations...
And because they’re one of the poorest nations on Earth right now, Myanmar’s got incredible potential for rapid expansion. Consider:
ALL these things, and tons more, are going to be brought up to modern standards lighting fast — because of Myanmar’s rapid and enthusiastic transition to a free-market democracy, according to Clayton.
The upside potential of this modernization process will be incredible. And Leopard Capital is the only fund targeting it...
But what’s really mind-boggling is that Clayton’s other “sunrise market” target, Mongolia, could be even better!
Doug’s slides and data about this cold, sparsely populated nation’s potential to make you rich simply must be seen to be believed.
And since I’m already at 1423 words (and starting to feel the pressure of a midnight deadline), I just don’t have the time or space to summarize everything Doug’s jam-packed presentation reveals about why Mongolia could be the most lucrative play of your life...
But as you know, for the first time in the 13-year history of the Symposium, you don’t have to rely solely on these roving reporter dispatches to summarize the details of everything you can’t see.
Because now — with our new high-definition video coverage of this event — you can see for yourself the dozens of charts, photos, films, and graphics our speakers use to show us what we should do with our money in the “innovate or die” era...
All in living color.
And speaking of “colorful” things, let’s jump to one of them right now...
Resource Investing Debate — “The market is savage, irrational, and RIGHT!”
This year’s Resource Investing Debate was one of those events that really must be seen to be fully appreciated. Perhaps even more than Wednesday night’s quip-filled Whiskey Bar, this one had the crowd rolling...
It was just hilarious to see moderator Rick Rule playing the straight man (for once) to Marcio Mello’s manic, lingo-butchering eruptions. Pure comedic gold.
But there was nothing funny about the content. In fact, this year’s meaty debate was downright provocative — with a lot of sharply divergent opinions about where we’re headed in the energy and precious metals arenas.
It would take me a small book to do it justice. But I can give you a snapshot of it by summarizing the timely first question posed to the four-man panel by referee Rule...
The Question: “What adaptations have you made to your investing methodology in the current down cycle — either personally, or for your readers?”
The Answers (slightly condensed):
Brent Cook, Geologist — “What’s been really key to me, what I really try to do, is continually work through my portfolio... and try to ‘upgrade’ it. This [market] presents a fantastic opportunity to buy a company or property for less than its real value, or what a major company would pay for it.”
Matt Badiali, Editor, The S&A Resource Report — “I’m spending a lot of time focusing on fundamentals... One of the problems with a falling market is that the typical investor goes into denial... We’re trying to convince folks that it’s better to sell now and stack cash, because things are going to get really, really exciting, very soon.”
Marcio Mello, CEO, HRT Oil & Gas — “Life has changed... You have to adapt to live in the bonanza times, and adapt to live in the zero times. And we are doing that [at HRT]... The theme of this conference, innovation, is critical. The first well we drilled took 200 days to finish, now it’s 55 days... Our adaptation is every day.”
Byron King, Editor, Outstanding Investments — “I used to start looking at a company by its assets, geology, technology, business plan, management... But now I look really hard at cash... and how tight management knows how to squeeze it... It’s all about cash and burn rate.”
You can tell, just from these abridged answers, what an incredible cornucopia of diverse knowledge and perspectives is on that stage for our annual Resource Investing Debate...
And that’s just from ONE of the many questions Rule grilled them with!
Again, space and time don’t all me to show you anywhere near all the highlights. But just for fun, let me hit you upside the head with just a handful of the more provocative quotes from this, uh, discussion.
I’m not even going to tell you who said ‘em — though you might be able to guess...
“Start flyin’ coach.”
“I’m significantly concerned about the price of oil. I think it’s going to crash.”
“Anybody flinch out there when I say ‘uranium?’ Uranium is the most important fuel as we move away from coal...”
“We have become more Anglo-Saxon...”
“I do think that some of the technology that’s out there in the pipeline is going to radically, dramatically, profoundly alter the resource world for the better.”
“All we need is a major disaster in the world of fracking... a ‘fracking Fukushima’ could completely alter the energy landscape.”
“Right now, if your investment isn’t a business, and it doesn’t have cash, you’re in trouble.”
“I’m not focused on investing for the apocalypse.”
“You’re a master at psychotic breakdowns.”
And last but not least, a classic Yogi Berra-ism...
“Predictions are hard — especially when they concern the future.”
Now, without context, these quotes are thought provoking. But WITH the complete, uninterrupted visual context, they become enlightening...
And hilariously entertaining.
To get the full effect, all you’ll need to do is get hold of our new high-definition video coverage of the 2012 Agora Financial Investment Symposium.
It’s cheap, it’s crystal clear, and because it’s 100% digital, it can never deteriorate in quality (unlike videotapes or DVDs)...
One thing, though: If you haven’t signed up for this exciting NEW coverage option yet, your chance to get it at the special, low event-only rate ends with the “final chance” e-mail you’ll see in just hours.
Now, just in case there’s any way in the world you’re still on the fence about getting in on this deal, prepare to be convinced.
Because I’ve saved the best for last...
The one, the only Bill Bonner — “The Western model no longer works.”
I love listening to Bill Bonner’s speeches.
But they can be difficult for me to cover, for two reasons...
One, because his talks are so rare (Bill’s a bit reclusive) and wonderful that I find I simply cannot take any notes. I’m either laughing too hard, or gobsmacked into stunned silence by the unassailable sense of whatever is spilling out of his mouth.
And two, because inevitably, as I go back up to my room to listen to the crude, floor-level recordings I make so I can write these dispatches...
Bill’s simple, folksy profundity reminds me of just how far I’d have to go before I could ever write anything great about money, markets, politics, or government.
He’s the Garrison Keillor of libertarian economics.
What hurts even worse is the suspicion that Bill probably scribbled his speech down on a napkin while in some waiting room somewhere, or on a train — like Lincoln’s immortal Gettysburg Address.
Yes, it’s invigorating to be in the presence of such greatness, like sucking in a blast of pure, cold oxygen. But it’s also a little depressing.
It may be depressing for you, too. However, it’ll be for a different reason...
Like the fact that the “American Way” no longer works.
“For the last 60 years, we’ve seen declining growth rates in America, which is not something that’s caused by recessions, or deleveraging.” Bonner says, early in his speech. “There’s something going on which nobody really understands.”
Then Bonner dropped this bombshell...
“And I believe it spells doom for every government in the Western world.”
After the gasps subsided, Bill rattled off a series of critical, yet ignored-by-the-mainstream measures of growth — all of which prove that he’s right.
Things like production, household wages, energy use, GDP growth rates, education, and more — even driving speeds. According to Bill, the biggest gains in all of these things (and a lot more) have already been made in the Western world, some of them long ago.
Then, as if he needed to heap on any more proof, he expanded this declining growth argument to include the umbrella concept of “the marginal utility of stuff.”
Using basic examples everyone can relate to, Bonner then showed how — instead of accelerating exponentially, like the Moore’s Law principle in computing...
The pace of our advancements in most areas is actually declining. And it’s happening all over the western world.
“How come the richest, most fertile ground for capitalism didn’t produce any gains?” Bonner wonders, speaking of the last half-century. “I’ve thought about this a lot...”
His conclusion: “All the best and brightest minds worry about is how to overcome the problem by doing things we all know are ridiculous — like printing more money, and introducing more credit.”
Again, I could never do justice to the crystalline logic and skewering insights of a genius like Bill Bonner in these daily dispatches...
I don’t have anywhere near the time, space, or talent to cover all the ground Bill does in this speech. Things like:
See what I mean? A Bonner speech is an education in itself.
On its own, it’s worth the price of Agora Financial’s new “platinum” event coverage bundle (which includes MP3 and CD audio, plus high-definition video).
And there’s so much more in that comprehensive coverage than I could summarize in a month’s worth of these dispatches. For instance, I’m already at 2,972 words for this one — and I’m bumping up against my midnight deadline (it’s 11:07).
Yet I haven’t even begun to delve into Chris Mayer’s revealing and insightful Q & A session with Eric Fry from this afternoon (it’s priceless on video — especially Eric’s sandals).
Or the incredible revelations Karim Rahemtulla (of Wall Street Daily) laid on us today in his presentation, Where in the World Should I Invest?
Or the alarming — and potentially very lucrative — insights renowned geologist Brent Cook (one of my faves from last year’s Symposium) revealed this morning about the current state of precious metals mining...
And that’s just some the stuff I couldn’t get to from TODAY.
It would take several more pages to list all the incredible moneymaking insights I was unable to cover throughout this past week!
But it’s all good.
Because like I said in one of my earlier dispatches — as far as reporting this stuff goes, I’ve had some big-time help in my corner this year...
The miracle of video — at a BIG discount to you (but only until midnight, tomorrow!)
A picture’s worth a thousand words, they say.
If that’s true, then the new, high-definition video coverage of the 2012 Agora Financial Investment Symposium...
Which includes virtually all of our speakers’ charts, graphs, photos, short films, cartoons, graphics and PowerPoint slides...
Is worth hundreds of times more than the audio-only coverage we’ve been providing for the first dozen years of this event.
I’m SO glad that technology finally allows them to offer you visual event coverage in a high quality — yet still timely — manner. It’s the best of all worlds.
And it’s super-easy (and affordable) for you to get, too. Here’s the deal, once again:
But here’s the thing: These are special, low, event-only prices. After the “final chance” e-mail hits your inbox tomorrow, these will go up as much as 50%.
So if you haven’t ordered your Symposium coverage yet, you’d just be throwing money away if you wait any longer.
But again, and I can’t stress this enough: What you’re reading right now is last chance you’ll have in my boots-on-the-ground “roving reporter” dispatches to claim this low, event-only pricing on whatever coverage option you choose.
It’s a $50 savings for you — but only if you make your selection by midnight, tomorrow.
So that about wraps it up...
Thanks once again for riding along with me on my journey to Vancouver for yet another year of the incredible Agora Financial Investment Symposium.
It’s been a great pleasure to be your correspondent for this best-ever “Innovate or Die: Empire at a Turning Point” event.
But now that my “reporter” duties are over, I can honestly tell you this: Having seen all the incredible information in the charts, graphs, clips, and PowerPoint slides our speakers displayed this year (it’s WAY more than in any event before)...
I can’t wait to get the high-definition video coverage of this event for myself, so I can put some of the things I’ve learned this week into effect in my own portfolio.
Because, like the immortal Rod Stewart said...
Every picture tells a story, don’t it?
Jim Amrhein
Roving Reporter
P.S. I can’t believe I forgot to mention this again — because it’s incredibly important: Any coverage option you choose includes a valuable free bonus: Our comprehensive special report on the best specific investment plays from our speakers’ afternoon “break-out” sessions...
There are over 75 of these. And every year, some whopper picks and plays come out of them. I’m talking about chances to make two, three — even as much as ten times your money! So click anywhere you see the color blue BEFORE MIDNIGHT TOMORROW to get the coverage you want, and to lock in your low, event-only pricing.
Monday, 30 July 2012
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