In short: Ranks it a 5 and is "tempted to upgrade it to a four"; owns it. The drag is political: like its parent Peñoles, it carries the risk of Mexico's anti-mining president, who also dislikes the dominant economic class that controls Fresnillo/Peñoles. "I court conventional political risk."
Fresnillo (a London-listed Mexican silver giant, tracked here via its US over-the-counter line FNLPF) is a 5 Rule owns and is "tempted to upgrade." The single thing holding it back is Mexican politics: the country's president is openly anti-mining and hostile to the wealthy families who control Fresnillo and its parent company Peñoles. Rule's comfortable taking that kind of ordinary political risk — "I court conventional political risk" — which is exactly why a good business sits at a discounted grade.
26:54— I have Fresnillo as a five and I'm tempted to upgrade it to a four. The difficulty that Fresnillo has, I think, is that, in common with its parent company, Penoles, the current president of Mexico, who is on record as being anti-mining, is also very anti-cacique. She doesn't like the dominant economic class in Chile, which includes the predominant shareholders of Fresnillo and their parent, Penoles. You take political risk here.
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