Friday File: An “Independence Day Royalties” Guess, plus Real Money Portfolio updates

Thoughts on a Marin Katusa teaser, plus updates on Hershey, Disney, Equinox, The Trade Desk and more...

By Travis Johnson, Stock Gumshoe, June 15, 2018

Today we’re going to start you out with a quickie teaser solution, and I’m going to keep it quick mostly because this one is largely a connect-the-dots guess, given the limited number of clues that were dropped in the ad.

The ad is from Marin Katusa, who went off on his own after leaving Casey Research when it was bought by Stansberry a few years back — he runs a natural resources hedge fund that includes money from Rick Rule and Doug Casey as well as his own capital, and he’s been a wheeler-dealer in the business for a quite a while, helming conferences and organizing private placements and financing deals for little mining companies.

And now he’s peddling his research with a super-aggressive tease about the next great royalty company — which catches my eye, of course, because who doesn’t love royalty companies? Paying up front for a perpetual share of a project is fantastic, particularly if you don’t pay too much and the project ends up being much bigger than expected, which is what really built some of the royalty greats like Franco-Nevada (FNV) and Royal Gold (RGLD) into giants over the past couple decades. I’m always looking for an interesting “royalty” idea, so spent some time reading over Katusa’s string of email ads late this week.

Here’s what one of the emails says in its pitch of this idea:

“… for his newest opportunity—Independence Day Royalties—he spent nearly $1 million of his own money to hire the best lawyers, geologists, and technology experts, including $363,000 on just one expert to vet it.

“When you see exactly what he’s discovered this time…

“You’ll know why Marin believes this could return 2,000% or more long-term… and why he’s making this the single biggest investment he’s ever made.”

I feel like Marin says every idea of his is the “single biggest” or the “single best”, but I suppose that’s just typical hyperbole — one of the nice things about being relatively young and making more money each year is that probably each “high conviction” investment you make gets to be bigger than the ones before.

But what is this “Independence Day Royalties” pitch? Katusa is no doubt aware of us here at Stock Gumshoe, given how handsome and erudite we are, so he doesn’t drop too many hints… he does refer to it as a “toll road” ...

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