Hello Tony.

Thanks for the questions. The short answer to your first question—“What will turn this around?”—is: The “what” is already here. The properties and assets in our present portfolio—just the way they are—are more than sufficient to “turn this around.” The one “what” that is missing is a CEO whose attention is focused on the Shareholder’s invested money.

Unlike the consensus here, I believe our Great Sovereign has performed his job superbly, in so far as assembling all the pieces we will ever need to reward the Shareholders handsomely. Being that the “what will turn this around?” is already present, the missing part of the equation and the more vexing question is “when will this turn around?”

As the expression goes, “I don’t have a crystal ball.” There are prognosticators with crystal balls. I’m not one of them. There’s enough dangers in my everyday life already. I have no desire to make it even worse for myself by relying on crystal balls to get me out of trouble.

So far as “investment by Chinese into Magpie,” your guess is as good as mine. I can say that I have second-hand information that Dr. Smith was asked last week, “Can you give us the date when the scientists of the Pangang Group will issue their final report?” He explained that he was not at liberty to say because of “confidentiality.”

So far as my general perspective (without crystal balls), the company’s properties and other assets are—very much—the company’s undeniable tangible book value. The mountainous nature of Magpie is a perfect example. Even though Magpie is mostly above ground, it is not the kind of supernatural entity that will magically sprout wings and fly away. Of course, it is a question of time before its value will become part of the valuation of our shares.

Of course, it is a question of time before our NSRs start generating money, on a yearly basis, which will be many time above Fancamp’s present entire market capitalization. Once that happens—with or without Dr. Smith’s concurrence—the share price will respond in kind. Of course, as the investment world begins to pay attention to the likelihood that these developments will be realized—with or without Dr. Smith’s concurrence—the share price will respond in kind (considerably before the events actually take place).

Specifically, how long this will take before it begins to play out is anybody’s guess. Some powerful investment entity may catch on tomorrow. Who is to say, for certain, it will not happen? I have witnessed far stranger events in the world of investing. It is a question of time. I’ll go further. I’m talking about a length of time within reason. I am not talking about the eternal time of the ages. Even very old folks—before they die—have an excellent chance (but not a guarantee) to pocket mounting percentages of their great return on investment.

The fact that we’ve been kept waiting so long is due to the second of two facts.

Fact #1) One side of Dr. Smith’s thick skull is overflowing with genus brain cells.
Fact #2) The other side contains none. That’s the side that, otherwise, would nurture plans to develop goodwill with investment institutions. That’s the side that’s incapable of comprehending what it takes even to keep whatever little goodwill remains with the present Shareholders.