In short: Also an over-2% position, and his worked example of buying an artificial dislocation. The merged GoldMining/Gold Resource entity was added to the Russell 2000 on June 30th and removed again on July 16–17 because of the merger: "the stock got absolutely smoked… I've never seen anything like that in my entire career where the Russell 2000, a large index, made a mistake like that and basically cratered the stock over 50% in a matter of two weeks." He brought CEO Reyes onto his show to explain it, and bought the dip. $3.60 at the time of recording.
GO is the ticker for the company created by merging GoldMining with Gold Resource. It is his other disclosed 2%-plus position, and he owns it because of a mechanical accident rather than a change in the business.
Here is what happened. The Russell 2000 is a widely tracked index of smaller US companies; when a stock is added, index funds must buy it, and when it is removed they must sell it — regardless of what the business is worth. The stock was added on June 30th and then removed on July 16–17 because of the merger, and the forced selling cratered it by more than 50% in two weeks. Feneck brought the CEO onto his own show to explain what had happened, and says he has never seen an index make a mistake like it in his career.
That is what he means by an "artificial" dislocation: the price fell for a reason that has nothing to do with the ounces in the ground. In a market he believes is in a bull framework, his rule is simply to buy those. The shares were $3.60 when they recorded.
12:19So I think a company like that is what investors should be looking for: not just what their current revenues are but what are the future revenues when you start seeing a company grow like that. And another one is gold mining. They just had a merger between GoldMining and Goro, which was Gold Resource. GO is the new ticker and that's a listed stock, right? So that's a bigger stock trading at $3.60 when we record this.
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