Thursday, 9 April 2009

A Night with the Bears

If you don’t know much about Sprott Asset Management or Eric Sprott, you may have been living under a rock for the past 5-10 years. Then again, maybe living under a rock has kept you out of the declining stock market…hmmmm

Eric Sprott, Canada’s newest billionaire, is the CEO of SAM and a damn good financial adviser/investor if you ask me. Being a client of his company, I was invited to an event at the Elgin Theatre Tuesday night. The open bar and yummy hors d’oeuvres reeled the guests in. The entertaining and informative speakers are what kept a crowd of 1500 around for the question period.

The market is in chaos. People are looking for answers and to be honest, no one knows what the future holds. It was clear on Tuesday night that the economy is in a long cold winter that will probably last until 2020. Wow? And the experts say Canada hasn’t even begun to feel the squeeze.

The take home message was from Sprott himself “One day we will woe the day we decided to make paper things (i.e. money) instead of tangible goods” Just ask China.

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