“It is no secret to most of you that our most significant results over many years have been the result of concentration in certain assets that, from time to time, go unloved.

As an example, oil at $10/barrel was unloved. So was uranium at $10/lb, copper at $2.00/lb, gold at $280/oz and so on. To have focused on what others thought would have been silly.

Every 5 – 10 years or so, Mr. Market serves a bargain of a mispricing. Notice that you will never find bananas or flowers mispriced, nor has there ever been a time when most flower growers go broke at once. You will never see salmon selling at 5 cents a kilo.

But, in financial and investment fields, intervention, taxation, regulation and a host of other government weapons of mass distortion, inevitably result in massive errors, massive problems and, yes, massive mispricings.

It would do no good to watch what other people do in recognizing these infrequent opportunities. It is always better to learn to recognize opportunities rather than to spend time looking for them.”

~ Tony Deden