Marin Katusa is a renowned professional resource investor, life long teacher, and a New York Times bestselling author. He presents an unapologetic view of the resource industry in today’s episode:
“I have a very simple rule. My investors and myself, we get in at the same price as the managers. Skin in the game and no bullshit salaries.” — @MarinKatusa [0:08:34]
It can be an inconvenient truth that many investment managers and brokers don’t have aligned interests when they deal with investors’ capital. Among many points, we discuss Marin’s ideal business partners and how he looks for business operators that are focused on developing expert knowledge in their chosen sector, and who have their own ‘skin in the game’. After reflecting that the truth always comes out, Marin talks about the importance of always being truthful and transparent in your dealings. Marin shares why being an unpopular figure to some has allowed him to zone in on a small and successful portion of the industry. Marin opens up about having a quadruple bypass at 33 and how it solidified his belief in always questioning everything, especially those with authority and how it saved his life. He discusses what CEOs should do to build a relationship with him, how he generates data to track the success rates of deals he is pitched and engineering reports he sees, and how a CEO’s character is key in deciding whether you should invest in a deal or not. Listen to this episode to learn more about Marin’s no-nonsense approach to doing deals.
KEY POINTS FROM THIS EPISODE:
Marin’s issues with the finance industry and how it led him to do things “his way.”
How Marin has brought math formulas into the retail world to understand finances.
The biggest mistake that retail investors make and the bad influence of paid promotion.
How being outspoken has allowed Marin to focus on projects with only successful investors.
What Marin looks for; excellent management teams and high-risk tolerance.
How teaching and writing helps you to better understand and explain things.
Marin shares the story of how he had quadruple bypass surgery at the age of 33.
How Marin’s heart issues reinforced his belief in questioning everything.
The importance of being truthful in your business relationships; the truth always gets out.
Marin’s advice for investors — always do what you say that you are going to do.
Why Marin invests with operators who are specialists in their industry.
How Marin’s reaction to the March 2020 market affirmed his market outlook.
Why Marin appreciates CEOs who call him when things are going badly.
Tracking investment banker’s deal performance to gauge their success rates and who their analysis benefit most.
Why you should aim to invest with good people — “they don’t leave dead bodies”.
Learn why Marin does not like lengthy business lunches and wearing suits.
Marin’s advice for his industry; bring in new data, tech, and processes.
How retail investors are “getting screwed” by industry.
Katusa Resource Opportunities – Premium research service Katusa Research Marin Katusa on LinkedIn Marin Katusa on Twitter The Colder War: How the Global Energy Trade Slipped from America’s Grasp Jim O’Rourke Copper Mountain Mining Corporation Rod Shier Doug Casey Ross Beaty Thomas Kaplan Lukas Lundin Amir Andani Pan American Silver Fresnillo Nolan Watson Sandstorm Gold Royalties