In short: "I'm a large shareholder of Vizsla for two reasons. It's one of the highest quality undeveloped silver deposits in the world and it's run by a guy, Craig Parry, who I've known for an extremely long period of time" — the man who "put me in NexGen at something like 30 or 40 cents." The deposit: "a 300 million ounce high-grade deposit with geometry that lends itself to mining in a region where you have miners… easily one of the five best undeveloped silver deposits in the world." Then the security situation, stated by Rule and reported here as he states it: after the US "kidnapped Mr. Guzman," the Sinaloa cartel "fractured into at least two factions," and what he perceives to have been an existing accommodation with the mining industry fractured with it — one faction "apparently tried to negotiate with Vizsla, if we could call it, an impact benefits agreement. And they negotiated among other ways by kidnapping 10 employees of Vizsla and murdering them." He is "encouraged, if that's the right phrase," that replacements have been hired locally. Asked why not simply go elsewhere: "it's very difficult to find a deposit of this caliber elsewhere… Would I prefer that this deposit be in Nevada? Yes, ma'am. But it isn't." The resolution he expects will never be announced as such — a press release about "financing and the regulatory approval for the beginning of substantial construction" would be "their way of saying that they have successfully completed financial negotiations with the de facto government in Sinaloa — or you won't." Payoff if solved: "this could easily be a five bagger or a 10 bagger. That's an if."
Vizsla owns one of the best undeveloped silver deposits on earth — about 300 million ounces, high grade, and shaped in a way that makes it cheap to mine — in Sinaloa, Mexico. Rule is a large shareholder, partly for the deposit and partly for the man running it, Craig Parry, who years ago put him into NexGen at 30 or 40 cents.
The rest of the answer is the reason the stock is cheap, and it is not a financial risk. Rule's account: for years most miners in Sinaloa had a working accommodation with the cartel that actually controls the ground, because there was no alternative. When the US took Guzmán, the cartel split into at least two factions and that accommodation broke. One faction attempted to open its own negotiation with Vizsla — and, in his words, "negotiated among other ways by kidnapping 10 employees of Vizsla and murdering them." He notes, carefully, that the company has since been able to hire local replacements. The Mexican saying he quotes is "plata o plomo" — silver or lead; take the payment or take the bullet.
Asked the obvious question — why not buy silver somewhere safer — his answer is that deposits of this quality are not substitutable: "Would I prefer that this deposit be in Nevada? Yes, ma'am. But it isn't." He also explains what a resolution will look like, because it will never be announced: no company will ever publish a release saying it reached terms with the people who killed its staff. What you will see instead is an announcement of financing and permits for major construction — which, in his reading, is the same news in acceptable language. If that arrives, he thinks the stock could be a five- or ten-bagger. "That's an if."
44:18What do you think about Vizsla Silver? Silver has just been very volatile. Vizsla itself is a Mexican silver play based in Vancouver. It's early, right? They're in the development phase. — Yeah, this is a very instructive question. First of all, again, I'm a large shareholder of Vizsla. — I'm a large shareholder of Vizsla for two reasons.
In short: Bought the crash after "that big problem with the cartel": "as far as I was concerned on Vizsla, that mine's too big to fail in my opinion." With ~170 stocks he can take the risk — "buy an opportunity, lower my cost basis."
A Mexican silver developer whose shares crashed after cartel violence hit the company. Durrett bought the crash because he judged the deposit "too big to fail" — the kind of dip-buying he recommends when the price breaks but the underlying reason to own the mine hasn't. He spreads that risk across about 170 stocks.
42:08And I'm always trying to buy the dip. I remember when Vizsla had that big problem with the cartel and it crashed. As soon as it crashed, I bought it because I'm a speculator. I'm like, "Okay, as far as I was concerned on Vizsla, that mine's too big to fail in my opinion.
In short: He refuses to forecast the timeline: it "necessarily involves negotiations that the company is forbidden from engaging in but must engage in" — a deal with the cartel that can never be announced, only signalled as "we are satisfied with the current security arrangements… in the state of Sinaloa and as a consequence we're resuming major construction." The constructive datapoint is staffing: adding senior Mexican executives after predecessors were murdered "is an attractive feature. It would suggest that people who know believe that it is either safe or becoming safe."
Vizsla is building a high-grade silver mine in Sinaloa, Mexico. The reason nobody can forecast its schedule is brutal: ten of its employees were murdered, and construction restarting depends on an accommodation with the cartel that controls the area — a negotiation the company "is forbidden from engaging in but must engage in," and which can never be disclosed. What you will eventually see is a bland release saying management is "satisfied with the current security arrangements."
So Rick refuses to guess a timeline: "you aren't going to be able to monitor that. Nor am I." He does read one signal as genuinely positive — the company has been able to recruit senior Mexican executives, people who understand the local situation better than any outsider: "it would suggest that people who know believe that it is either safe or becoming safe."
26:33But any question about timeline necessarily involves negotiations that the company is forbidden from engaging in but must engage in and you aren't going to be able to monitor that. Nor am I. With regards to the staffing, I think the fact that they have been able to add some senior Mexican staff given that their predecessors got murdered is an attractive feature.
In short: Owns a lot and would buy more — a top-5 undeveloped silver deposit (Sinaloa) whacked after the cartel kidnap/murder of 10 staff; a 2–3-year "buy hate" speculation, not a near-term trade.
Vizsla owns one of the best undeveloped silver deposits in the world, in Sinaloa, Mexico. The stock collapsed after a drug cartel — destabilized by the jailing of its old boss "El Chapo" Guzmán — kidnapped and apparently murdered 10 company workers. Rule owns a lot and would buy more: his philosophy is that the silver in the ground "doesn't care" about the violence on top of it and will still be there once things settle. But he's emphatic that this is a patient 2-to-3-year speculation requiring the stomach to watch grim cartel news, not a quick trade.
18:33Uh, my my my reckoning is what you see is what you get. — Okay, got it. Visla silver. — Uh if I didn't own so much, I'd buy a little. Uh that's third, fourth, fifth best undeveloped silver deposit in the world. And it got whacked for good reason. For those listeners that you have who don't know the circumstance, uh there were, if you will, negotiations, I suspect, between the company and the gangster cartels that really run rural Sinoa and we suspect as a negotiating tactic, uh the cartels kidnapped and presumably
In short: "Potentially severely undervalued" — a top-3-to-5 undeveloped silver deposit whacked after a Sinaloa cartel kidnapped/murdered 10 staff; won't resolve soon, so it's a multi-year "buy hate," not a near-term trade.
Vizsla owns one of the best undeveloped silver deposits in the world, in the Mexican state of Sinaloa. The stock got crushed because the company got tangled up with a local drug cartel, which kidnapped and apparently murdered 10 of its workers — Rule's classic "buy hate" situation, where bad news makes a great asset cheap.
He's blunt that this won't be resolved quickly (a company can't exactly announce it has paid off a cartel), so he treats it as a patient, multi-year speculation that could involve watching grim news — not a quick trade. Only for investors who can stomach that.
26:36It's undervalued because they're involved in a dispute with a drug cartel uh in Sinoa and the negotiating tact apparently of the cartel was to kidnap 10 of Visla's workers and murder them. Uh this is not a circumstance that's going to be resolved anytime soon. And when it is resolved, it's unlikely that Visla will issue a press release saying we've successfully negotiated uh sufficient bribes with this cartel.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.