Very good. I tried to like Trident, as it's an easy investment on my home turf, but just didn't feel right.
As a 'Royalty' fan, I looked at Deterra a year or two ago, but couldn't get a handle on it. Frustratingly, management are almost always a problem at Mineral Royalty businesses around the world - I suppose it's irresistible if they can get a seat at the table.
Dorchester Minerals (Oily) are one of the few that seem decent, but it's v tax-inefficient for us Non-US investors, for both Income and Capital Gains (you probabably know all this). Texas Pacific has been insane, but is still performing OK. Prairie Sky are another that seem to have a decent management. I haven't looked at the smaller Trusts because of tax issues.
Gold - the two decent ones seem too big now, and the rest I can't get a handle on, though I know some like Sandstorm & Osisko - haven't seen it myself yet.
Altius is a more grown-up Trident, & some respect the management, but I'm still suspicious, and the performance is nothing to write home about.
What I liked originally about deterra was the simplicity of MAC royalty. With a lot of the roll up royalty plays (ex of Franco Nevada) it’s complicated getting a handle on managements.
Deterra could have been a real home run with simple capital return policy - ie repurchase shares below xyz metric, send dividends out above. Maybe a bit of leverage to juice the buybacks when money is cheap. High agency costs and apathetic shareholders got in the way. Oh well, onto the next!
Very good. I tried to like Trident, as it's an easy investment on my home turf, but just didn't feel right.
As a 'Royalty' fan, I looked at Deterra a year or two ago, but couldn't get a handle on it. Frustratingly, management are almost always a problem at Mineral Royalty businesses around the world - I suppose it's irresistible if they can get a seat at the table.
Dorchester Minerals (Oily) are one of the few that seem decent, but it's v tax-inefficient for us Non-US investors, for both Income and Capital Gains (you probabably know all this). Texas Pacific has been insane, but is still performing OK. Prairie Sky are another that seem to have a decent management. I haven't looked at the smaller Trusts because of tax issues.
Gold - the two decent ones seem too big now, and the rest I can't get a handle on, though I know some like Sandstorm & Osisko - haven't seen it myself yet.
Altius is a more grown-up Trident, & some respect the management, but I'm still suspicious, and the performance is nothing to write home about.
Appreciate your thoughts.
What I liked originally about deterra was the simplicity of MAC royalty. With a lot of the roll up royalty plays (ex of Franco Nevada) it’s complicated getting a handle on managements.
Deterra could have been a real home run with simple capital return policy - ie repurchase shares below xyz metric, send dividends out above. Maybe a bit of leverage to juice the buybacks when money is cheap. High agency costs and apathetic shareholders got in the way. Oh well, onto the next!
Good stuff mate.
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