In short: His "case in point" for backing: "we owned Faraday copper at much lower prices than today" — backed by the Lundin family, a CEO they knew from a prior asset, a stock that had gone nowhere for four or five years. "We trust the management team and we think the asset's getting better." Whether the fund still holds it at today's price is not stated.
Faraday Copper is developing copper deposits in Arizona. Brick uses it to explain one of his rules: small miners constantly need to raise money, so it matters enormously who stands behind them. Faraday was backed by the Lundin family (a mining dynasty with a long record of building mines), run by a CEO Muddy Waters already trusted, and its stock had been stuck for years — which is when they bought it, "at much lower prices than today." He says the asset is "getting better." He speaks of owning it in the past tense, so treat the current position as unknown.
28:21So there are all these things that you can do that can create and add value. But the one place it is a lot like venture is you constantly need to raise capital. So generally the way we invest is we like to be invested in assets where there's strong backing from really proven, capable people. Case in point is, we owned Faraday copper at much lower prices than today.
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