John Paulson – Gold Equities: Myths, Dreams And Reality [SLIDES]

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John Paulson – Gold Equities: Myths, Dreams And Reality [SLIDES]

Paulson & Co.’s presentation on gold miners titled. “Gold Equities: Myths, Dreams And Reality” from a presentation given yesterday at the Denver Gold Forum.See more slides and goodies here.

H/T Mining.com

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Gold Equities Have Severely Underperformed Gold Price

Consistency is what makes the top 50 best-performing hedge funds so strong

Every month and quarter, multiple reports on average hedge fund returns are released from several sources. However, it can be difficult to sift through the many returns to uncover the most consistent hedge funds. The good news is that Eric Uhlfelder recently released his "2022 Survey of the Top 50 Hedge Funds," which ranks the Read More

Input Costs Have Moved In Companies’ Favor

Gold Equities

The Sobering Reality Of Gold Equities

  • Analysis of 13 Largest Publicly Listed Gold Companies Shows Total Shareholder Returns Have Been Dreadful
  • Economic Returns Have Been Value Destructive
  • So What To Do?

Average Total Shareholder Returns Have Lagged By 65%

Gold Equities

Despite Poor Returns, CEOs Received $550 Million

Gold Equities

Despite Destroying $85 Billion In Value

Gold Equities

Where Has The $85 Billion Gone?

  • Industry Return on Capital Has Been Lower than Cost Of Capital
  • Cumulative Impairments Since 2010 Have Totaled $85 Billion
  • Analysis of M&A Suggests Serial Value Destruction
  • Return On Invested Capital Has Been Inadequat

Industry Spends More Than It Earns Despite Flat Production

Gold Equities

See the full PDF below.

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