Goldmoney – Stellar Performance +15% Return on Capital
By Julien B. Booth
February 7, 2023
Attached you will find the recent results from Goldmoney.com. 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