Gold stock fund manager and Austrian economist Larry Lepard discusses how his fund performed in 2020 and how he is positioning his fund for 2021. Larry believes that gold stocks are the best asymmetric trade available to investors right now. He shares advice regarding gold stock portfolio management and tips for new gold stock investors. Larry mentions several gold stocks throughout the interview.
Lawrence Lepard runs Equity Management Associates, LLC, an investment partnership which has focused on investing in precious metals since 2008. Prior to EMA, Mr. Lepard spent 25 years as a professional investor and venture capitalist. From 1991 to 2004 he was one of two Managing Partners at Geocapital Partners in New Jersey which managed six venture capital partnerships, the last of which was $250 million. Geocapital was very active in technology, software and computer investing and invested heavily in the internet starting in 1993. Geocapital was the lead investor in Netcom, Inc., the first internet service provider to complete an IPO in 1996. Prior to Geocapital Mr. Lepard spent 7 years as a General Partner at Summit Partners in Boston, MA. Summit is a large venture capital and private equity firm. He was employee number 4, joining 1 year after Summit was launched. Mr. Lepard holds an MBA with Academic Distinction from Harvard Business School and a BA in Economics from Colgate University.
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0:00 Introduction
0:48 2020 Fund performance
5:37 Don’t confuse a bull market with brains
7:05 Balancing portfolio illiquidity
10:55 One asset gold producers
13:16 New Found Gold Corp.
14:58 Hedging a gold stock portfolio
16:36 Gold producers’ valuation relative to gold price in historical perspective
21:07 Gold stocks best asymmetric trade now
Lawrence’s Newsletter sign-up and Twitter handle:
Larry’s Newsletter: http://eepurl.com/gOf1dT
https://twitter.com/LawrenceLepard
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