For Eric Sprott, being contrary still means success
posted on
Mar 25, 2010 07:11AM
http://www.theglobeandmail.com/globe-investor/investment-ideas/for-eric-sprott-being-contrary-still-means-success/article1511438/
see above url for complete article
Fabrice Taylor, Chartered Financial Analyst, is a principal in Capital Ideas Research and writes the blog fabricetaylor.com
When it comes to stock market intrigue, few stories can compete withTimminco , which is now in its final throes.
Worth more than $3.5-billion not that long ago, the company is worth $100-million today. Fairly soon, as tends to happen with such woeful calamities, it will probably be worth substantially less.
Among the victims is Eric Sprott, the legendary investor whose firm once owned almost a fifth of Timminco and still owns a lot. It isn't the only setback Mr. Sprott has suffered lately. He's lost assets under management, and shares of his firm, Sprott Inc., which went public two years ago for $10 each, are now worth less than half that. Some of his more assertive macroeconomic views have proven too pessimistic and fund performances reflect that mistake. Analysts aren't exactly excited about the outlook either. Hence the inevitable question: Does Sprott still have it?