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

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

Gold Equities

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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