Goldmoney – Stellar Performance +15% Return on Capital

Goldmoney – Stellar Performance +15% Return on Capital

By Julien B. Booth

February 7, 2023

Attached you will find the recent results from  The returns were stellar with +15% return on capital, record earnings etc.

We own Goldmoney for several simple reasons:

1.  Deep skin in the game – directors own the largest position;

2.  Character of management;

3. Extraordinary discipline of capital position/balance sheet; and

4.  Insurance for a world of monetary madness (Govt. printing $).

I strongly believe that character and corporate management are intertwined.  We are literally witnessing the unwinding of massive misallocations of capital vis a vis 0% interest rates etc., money printing et al.

The impropriety and “legal frauds” will be unprecedented.

I believe in betting on the cowboy, not the horse.  As I have come to know Mr. Sebag, I am deeply impressed with his candor.

Skin in the game is – and always should be – a litmus test for prudent capital allocation.  I believe the performance below reflects intense discipline, durability, and prudent allocation of resources.

Thank you for your interest.


Julien B. Booth

Chief Investment Officer – Fixed Income & Real Assets

BRC Wealth Management