It’s not often that Rick Rule feels generous enough to provide a sneak peek of stocks he’s tracking and buying if the price is right.

In his latest conversation with PrivatePlacements.com founder Arash Adnani, Rick was in a particularly good mood, and gave our readers his expert opinion, including a few discounted stocks he sees with massive takeoff potential in the coming years.

The two discussed everything from Rick’s current uranium strategy (hint: it’s not what you think it is), to his checklist for private placement investing and everything in between—including precious metals.

Video Transcript

Arash Adnani:
Everyone. It's Arash from PrivatePlacements.com. We're back and we're back with a big one. Joining us today is our good friend, Rick Rule. Rick doesn't need an introduction, but I'm going to give him one anyway, legendary investor, legendary speculator. But what I like about Rick most and this is my personal opinion, is that there's a lot of pundits out there. A lot of guys that are giving you commentary from the sidelines, but they're not in the game playing it. Rick's giving you the commentary, but he's on the field. He's doing it, he's backing it up with his checkbook, talks the talk and walks it too. Rick, good to see you, my friend.

Rick Rule:
Arash, always a pleasure. And thank you for your ongoing support of myself and the SPROTT organization, both technically in our website activities, but also of course, through the wonderful outreach that you do at PrivatePlacements.com.

Arash Adnani:
There's so much drama in the headlines. We have 13 year highs with inflation rates. We have hustle living. That's just becoming unmanageable from the price of chicken to gasoline, to housing, interest rates at an all-time low. And to top it all off, my favorite sandwich shop in Vancouver doesn't make fresh sandwiches anymore because they're short staffed, they can't find people to hire. Nothing makes sense. Is this a speculators wet dream right now? How are you playing this market?

Rick Rule:
I think you described it personally just perfectly, I'm sorry. From my own belief we are probably 40% of the way through a precious metals bull market coming into an industrial materials bull market. So we're coming into a market where I think the wind is sales of everything we do, and the stocks are going down. It's as though there was well, it's not as though this is an asset class that I want to own more of and my entry price is getting cheaper. It's odd that most investors and speculators require price gratification. In other words, the price has to be going up to reinforce their sense of faith in the narrative. What I have learned in my life is that there's sort of one period every 10 years where the wind is in your sails but the price of the assets that you'd like to acquire is falling.

Rick Rule:
And I think we're in precisely that circumstance now and my suspicion, Arash, you know I'm no trader really, but my suspicion is that the trend continues, which is to say, I think that tax loss selling this year is going to be particularly aggressive. I think that in the very near term, the US Fed has the opportunity to allow how interest rates to continue to rise, which should hurt gold more. So despite the fact that stuff is cheap, I think it's going to get cheaper. For me, stuff is cheap enough. I'm going to begin to buy and I'm going to continue to buy as long as things are inexpensive. I made the mistake in the COVID related, sell off of thinking things were going to get cheaper yet then I missed some real, real, real bargains which still bothers me. And so if I pay a little more than I might otherwise have to, to buy companies that I plan on holding for four or five years I'm okay with that, Arash. In fact, I'm delighted.

Arash Adnani:
So Rick listen, my viewers would hate me if I didn't ask you this, but you mentioned tax loss season is upon us. If there's a bin here of discounted stocks, there's stocks that are cheap, too good to pass up on. Are there any that you're picking up or considering for yourself?

Rick Rule:
Let's start with categories before I name names. And I want to say Arash, these are not investment recommendations. An investment recommendation when it's going off to a group of subscribers, as long as yours is, is irresponsible, because I don't know these people. So understand that what I'm going to tell you now is what I'm doing with my own money. Don't confuse this with an investment recommendation. A year ago Arash people couldn't own enough of the junior royalty and streaming stocks. They wanted to own them at any price, and they wanted to own them for good reason. Royalty and streaming companies are good businesses. They don't have sustaining capital exposure. They don't have operating costs. They don't have construction, capital exposure. Characteristically the operating margins and the business succeed 80% as opposed to 15% or 20% for operating minds.

Rick Rule:
They're really, really, really good businesses. And some of them have come off 50% in price. I wasn't able to buy them a year ago because I could add and subtract. I liked the narrative, but I didn't like the math. All of a sudden, nobody wants them and they're for sale for 40 or 50% off. So that's attractive to me. I look as an example at Sandstorm, which is from my point of view, one of the sort of legacy junior royalty companies, you look at the stock chart of this, it looks like a brick thrown off the landscape bridge. It's difficult to explain why that is perhaps investors who didn't realize that Turkey was a country thought it was a bird are nervous about Hod Maden, a deposit, which they incorrectly place on a bird as opposed to in a country. But that might be well that, isn't a name that I'm looking at. It's the name that I'm hoping to buy.

Arash Adnani:
If prices get lower?

Rick Rule:
Yes. The great Canadian oil and gas royalties Arc, Freehold, Prairie Sky. They are all trading as though oil were priced at $40 and gas was priced at ACO $50, but gas is priced at $5 ACO and oil's $80 US. So those great Canadian oil and gas names, particularly for Canadian oil and gas investors, Canadian based oil and gas investors not for traders, but for somebody who proposes to hold a stock for three years or four years or five years, but particularly people of my age who like income, dividend income, sustainable dividend income I think need to look at those names. Cisco royalty which had a change of management and became much less aggressive, which I think is a good thing is also off by 45%. These mines Detour, Éléonore are the classic. Our key in gold deposits in Eastern Canada, very, very, very long live minds.

Rick Rule:
And the idea that I can get an operating royalty on two tier one deposits at 40% off I think is attractive to me. You know me Arash, I love the old Wayne Gretsky hot hockey analogy, which is that he became a great hockey player not because he was the strongest guy or the fastest guy or anything like that, but he was the smartest guy. And he said, you don't skate to where the puck is. There's a bunch of big guys mean guys with sticks there, you skate to where the puck is going to be in your mind. In other words, you stay out of the fray. And so I see the exploration sector as one that the market perceives as being risky because the market got so expensive. It's getting cheap too. So advanced exploration or development stories like Integra I think bear mentioned in fact my former employer SPROTT Inc at the SPROTT US level has a list of 45 focus stocks.

Rick Rule:
That is to say, companies mostly under a billion dollars in market cap that they think are much more attractive than the 2000 listed companies worldwide in the mining space. And right now they are in the process of over printing their focus list with a graph of companies that have fallen by 40% or more in the last 12 months, trying to distill the 45 companies they'd like to own and find the 10 or 12 cheapest of those companies, which is precisely the type of discipline that I think that your readers ought to impose on themselves, make a list of stocks that they want to own, and then make a list of prices where they would be delighted to own them at.

Arash Adnani:
Rick, this SPROTT 45 list. How do we get a peek at this list?

Rick Rule:
That would be difficult to do. I know that many of your listeners are in touch with SPROTT. Anyone who wants to become in touch with one of the SPROTT salesman could email me and I can cause that to occur. And I should say that the list is fairly specific. Our tastes as SPROTT lean perhaps towards silver, because we think in the latter half of a bull market that silver outperforms gold, it leans to not so much to the 10 cent stock, which could be promoted to 45 cents, but rather the $2 stock that we think is worth $4.50 and could become worth seven or eight, you know it's a value oriented list. It's also a list that leans very heavily towards people who we have done business with in the past, who we know to be superior human beings, both in terms of work ethic and ethics generally. So this list might not be for everybody but for people who have a value orientation and people who are more interested in arithmetic and science than they are narrative it's very worthwhile.

Arash Adnani:
Rick couple things, your email, please.

Rick Rule:
My email is [email protected].

Arash Adnani:
And so someone emails you, and you can put them in touch with someone at SPROTT.

Rick Rule:
Absolutely. And in the email the potential person could describe him or herself a little bit in terms of their own preferences, that'll help me put them in touch with the right person. They should also note in your database, if they are interested in private placement opportunities, they should tell us that. If they aren't interested private placement opportunities, they should tell us that too, so that we won't bother them with it. One of the reasons why I think you and I are having this discussion is because I think that the circumstance in the next six to 12 months might be particularly fertile for private placements. But if people aren't interested in it, they need to let me know that at, so that I won't burden them with information about something they don't care about.

Arash Adnani:
On your website, Rule Investment Media, you guys also have the portfolio ranking. Can you just quickly share with our audience because I think it's a great feature and it's very generous of you and your team to make that available to everyone.

Rick Rule:
Yeah. Thank you for mentioning that we have well, I say we, I have for years maintained a database which is now automated where I, and an informal team that I have assembled rank almost 800 public natural resource companies now one to 10, one being best, 10 being worst. And I comment where appropriate on individual issues, where I think my comments might have value. Any of your readers who want to avail themselves of that service, there's no obligation. It's completely free email me you don't need to email Rick this time, just go to our website RuleInvestmentMedia.com and you'll find an automated dropdown list thankfully fabricated for us by you by blender media, enter your natural resource stocks there. Sidebar, please no marijuana stocks, please no crypto, please no junior technology, just natural resource stocks.

Rick Rule:
I'll rank them one to 10 and I'll send them back. For those of you who are readers who care, if you mention charts in the question line, I'll send a copy of the Baron's gold mining index, which is the most, all-inclusive gold equities index in the existence. And it's a wonderful pictorial way of understanding gold bull markets, gold bear markets, and cyclical declines in secular bull markets, which is what we're experiencing right now. For those whose interests extend beyond precious metals, I will also send 100-year commodity chart, which will let your subscribers know how cheap or expensive the commodities complex is relative to other asset classes, going back 100 years, that's RuleInvestmentMedia.com.

Arash Adnani:
Excellent. Thank you. So Rick, before this, we're talking about the private placement market and since launching the platform we've been really championing, private placements, we've been raising awareness on why people should consider if they're able to investing in private placements. You and I were talking about how private placement activity has dropped off a little bit this quarter so far, but we anticipate that it's going to pick up and it's going to pick up with much more favorable terms for the investor. As a private placement veteran, can you give us kind of a checklist for our viewers on what they should look for? And more importantly, maybe what sectors you think are ones worth people's attention right now?

Rick Rule:
I think we're beginning to come into a period of time. Some of your viewers won't like what I'm going to say next, but where you can kiss all the pretty girls. The precious metal sector, which I'm attracted to is falling fast and I'm attracted to it. Even the uranium sector, which six weeks ago was white hot is experiencing fairly precipitous price declines. There are non-precious metals, natural resource companies, which were very, very, very ascendant, six months ago, battery metals, lithium, copper, all those things. The whole complex is compressing, which is great. There were a lot of companies, six months ago that I was attracted to as a consequence of their news releases, but I couldn't pay the prices that were being charged. That is rapidly taken care of itself in particular, Arash human nature, being what it was or what it is pardon me.

Rick Rule:
Companies were loathed to issue new equity when their prices were going up quickly because they wanted to wait a little longer and see if they could raise the same amount of money with less delusion. Now, there are some management teams. Your brother comes to mind who raised a lot of money in the good days, and don't need to raise money now, but there are a lot of other people who weren't so smart, they played chicken with the market and they lost it. They need to advance their projects. They have good projects. They didn't want to raise money at $3 because they thought they could raise it at $3.50 and now they're going to have to raise it at $1.75, too bad for them too good for me. Arash, I both invest and speculate and sometimes I make fun of speculators because sometimes the arithmetic favors investment, but the truth is Arash all of the money that I invest sensibly, I made speculating and I made most of it in private placements.

Rick Rule:
So I'm very attracted to the sector and I'm going to be fairly broad ranging in my interest, which is to say, I'm going to be happy to do straight equity, private placements with warrants, of course, giving me access to the upside. I'm also going to be willing to do so-called non-dilutive private placements, which is to say, I'll do private placements that are dead instruments with warrant kickers where an issuer can obtain money from me or from my cohorts, including SPROTT with a coupon attached to it. And some equity like Upside that dilutes them less, but takes away our downside. We will happily do straight debt, we'll happily do convertible debentures, all those types of things.

Rick Rule:
You need to be broader ranging now beyond just the old straight equity private placement because the market is so much larger, so much more diverse. The needs of the issuers are so different and frankly, the needs of your audience is different. I, myself in my late 60s with a lot of surplus cash like the idea of a monthly or quarterly coupon, so Arash, you're going to find me doing a bunch of structures. Getting back to your question in a market that is as rare as the market that we're in now, which is to say a market where we believe over two years or three years or four years or five years commodity prices, aren't going to be higher, merely higher, but much higher, but in a near term environment where the equities have crossed the 200 Dave moving averages to the downside and the principle motivation is sell, which is to say tax loss, selling you really need to focus on the types of companies that you want in your portfolio that you're comfortable with, make a shopping list and set a price.

Rick Rule:
I think you can afford to be very, very, very picky now. So I want to pick companies that are either run by tier one promoters or top tier two promoters, promoters who are young enough that they aren't yet tier one, but have already had two or three successes behind their belt. I want really good people. I want projects that I'm relatively certain will at least reach feasibility study this phase. I kind of want it all Arash. I think that there are 2,000 issuers out there that are getting punished simultaneously. And so I think you try to identify from your own purposes, the best 200 of those 10,000, 2000, pardon me, the best 10%. And you make yourself a shopping list and then you get ready to go to war.

Arash Adnani:
Rick. I got to ask you this. And you mentioned being an investor versus speculator. I watched one of your earlier interviews. I think it was actually from earlier this week. And you mentioned one part about being a speculator that I thought was really interesting and that was thinking about speculation, right? So being a speculator isn't just trying to make bets, but the research aspect and coming up with a thesis can speak more to that as far as, I mean, you, for me you're probably the top tier of speculators out there. And you've made a name, you've made a brand. If people that are getting into this space and they're interested with the idea of being a speculator by using that as an investment strategy, how would you describe the right approach that's worked for you?

Rick Rule:
An investor is somebody who allocates capital in anticipation of a probable reasonable rate of return on capital employed. A speculator is somebody who takes greater risk and is willing to assume a possibility rather than a probability, but as a consequence of uncertainty has much higher return expectations. I think it's important that you are honest with yourself and you determine whether or not you have both the financial and the psychological staying power to be a speculator because all of the successful speculators I've ever known without exception, I mean really successful speculators, not traders, but speculators have always been way, way, way early. They've gone into a commodity that was out of favor. They've gone into an activity that was out of favor. They've gone into a country that was out of favor. They've done something where they've got no psychological support from a market and where, when they mentioned the activity to cocktail party, people sort of chuckled and moved away, like they would any other crazy person.

Rick Rule:
So you need the courage of your convictions and you need the common sense to apply arithmetic as opposed to narrative. A great example Arash, I think every time that you and I have talked over the last five years, we've talked about the uranium market. I was in the uranium market for two reasons. The first probably because I had such a spectacular experience in the last uranium bull market, but the second, because uranium was so out of favor while the facts behind it were so good, three years ago, I would tell audiences that uranium was an absolutely critical component of the way we live. That demand for uranium was assured because Ms. Greta Thornberg notwithstanding most of the world, when they hit a wall switch, they wanted the light to come on. In the United States, uranium is about 20% of base load power.

Rick Rule:
So either the price of uranium had to go up to a price where the industry could afford to produce it, or the lights were going to go out. It was perfectly clear to me what was going to happen. You make the stuff for $60, a pound fully loaded. I'm not talking about mind sight cost. You sell it for $20 a pound, you lose $40 a pound, you do that 130 million times a year, it gets kind of boring. It was completely obvious to me that the price had to go up from $20 a pound to $60 a pound, I didn't know when. It was completely obvious to that if that happened, that the share prices would outpace the price of uranium. Almost nobody cared. When it had to happen. Almost nobody cared. When it did happen, when the price of uranium went to $20 from 20 to 50.

Rick Rule:
In other words, when there was only 10 more dollars that needed to happen in terms of uranium price escalation, everybody cared. I would do an interview two months ago telling people that I thought that uranium stocks were verging on being overpriced. And I would get actual hate mail from my common sense around uranium, where three years before when the bullish circumstance was its most dramatic and the prices had to go up, nobody wanted to be there. The lesson here is to be a really successful speculator. You have to be early, you have to be highly liquid. You have to have the courage of your convictions. In other words, you have to have thought out the position and you have to be tenacious. You have to be really, really, really tenacious. If you can do all that, speculation is at once rewarding.

Rick Rule:
And for me at least really, really, really fun. It's almost like a three dimensional backgammon with a hypercube. There are still well, I shouldn't say still, I think we're coming onto a period in the junior resource sector where there will be some private placements to get done with full warrants that over two or three years escalate tenfold, not including the warrant. This only happens during periods of time when there isn't much competition, you only get goods on sale when you don't have many competitors as buyers. And we're coming into that period right now.

Arash Adnani:
So what, what would you say what sector or what metal is grossly out of favor right now that a speculator would look at?

Rick Rule:
I don't want to speak to all speculators. I'm attracted to silver because it's falling so fast. It's clearly hated. I should back up and say I'm attracted to the whole precious metal sector because in my experience, Arash, precious metals prices have escalated when savers are concerned about the purchasing power of their savings in fiat instruments, particularly the US dollar, I'm not putting down the Canadian dollar, just a smaller instrument, the US dollar trades worldwide. And I think the arithmetic around those concerns that investors might have about investing in US dollar denominated instruments is real. Let's enumerate them quantitative easing. If you and I did, it would be called counterfeiting whether or not you think it's right it debases the currency. Worse is debt and deficits. It goes both to the supply of money available for investment, but also to credit quality. The allegedly best credit, debtor in the world, pardon me, the US government owes on balance sheet and off balance sheet, $150 trillion.

Rick Rule:
They're trying to service that debt with a budget that's going to be 6 trillion in arrears this year. You can't do it. So that would concern people I suspect. And then negative, real interest rates. If you lend the US government money for 10 years, they pay you 1.5% a year in a currency that's depreciating by five and a half percent a year. In other words, you lose 4% a year compound. And at the end of 10 years, you have back about a third of your original purchasing power. For those reasons, I believe maybe not this year, maybe not even next year, but eventually I think the precious metals prices not only goes higher, but goes much higher. I think the wind is in precious metal sales. I have learned from prior precious metals bull markets, Arash that they're very long affairs.

Rick Rule:
They're 10 yearlong affairs or 12 yearlong affairs. And they go much further than people think they're going to. I think this bull market may be four years old, meaning I think it's got six or seven years left. I've learned two in precious metals bull markets in the second half of the bull market when momentum gets reestablished, it's silver outpaces gold. Gold is the fear instrument. So it's what kicks off the bull market. It's what happens in the first two or three years. Silver is the greed instrument and it outpaces gold in the second half given that I think that we're coming into in the next couple of years, the second half of a precious metals bull market, I think silver will outpace gold. History teaches us too, that the rarest asset class in precious metals are silver stocks. The total market capitalization of the reasonable quality silver universe is very, very, very small.

Rick Rule:
And when the generalist money gets attracted to the silver narrative, there simply isn't enough market cap to handle the money that comes in and they explode upwards in price. So if I had to find a sector that I was particularly attracted to as a speculator, I'm doubtless way early, I'm doubtless 12 to 18 months early, I would say the silver equities, the high quality silver equities. Not the so-called silver animals, the sort of 20 cent penny dreadfuls that have silver in the name on the share certificate, but don't actually have any silver. One example would be, there's a reasonably high quality development story Silver Crest. Market cap has fallen in half. They are fully funded; they're not going to have to raise any more money. Every day the deposit gets better, every day the deposit gets closer to production. A year ago nobody could own enough of it, now nobody wants to touch it with a barge bowl. It's a better company now than it was then, but the narrative is gone. I love circumstances like that stories that are true, but busted. I love them.

Arash Adnani:
So listen, I think a lot of people also wonder about this conviction and how patient you have to be. And you just mentioned that sometimes, you don't know how long it's going to take, but you got to have the conviction or enough of it to stick with it. At what point do you just kind of put up your hands and say, I'm done with it. Maybe there's a more attractive speculation or something that seems more near term?

Rick Rule:
It depends on how you define attractive. For most people, attractive is one that isn't psychologically challenging. And for those people who call themselves speculators, who can't afford or stand to be psychologically challenged, they aren't going to be speculators, they're going to be failures, they're going to be losers, they're going to be victims. I hope you're younger people, you're younger listeners write down the thing I'm going to say next. And if they don't take anything else away from this interview, take away this, making money in speculation is answering successfully a series of unanswered questions.

Rick Rule:
If you don't know the questions you don't know enough to speculate and asking questions. This is really important where the answer almost certainly is when rather than if means you're asking yourself a high quality question, most speculators go into a circumstance where in order for them to make money, something improbable has to happen. The successful speculator looks at something like uranium was three years ago where, you know the price has to go up, you just don't know when. If you ask yourself a question where the answer begins with when, you're asking yourself a one in 10 question, which is a really good question. In other words, you have 10 times the probability of being right as a speculator, does who ask him or herself an if question.

Arash Adnani:
So back to uranium. Now I just read, I think it was yesterday that the spot physical uranium trust has exceeded 30 million pounds of uranium now. And I noticed you didn't mention uranium and it kind of sounds like maybe you've cooled off a little bit on the uranium stocks. Where do you think we're going there? Or are you still-

Rick Rule:
I like uranium better every day because it's falling in price. I'm maybe the wrong one to answer because I was so aggressive buying them two or three years ago. So in the runoff I wasn't increasing my positions, I was decreasing my positions. I was harvesting gains that I put in place three years ago. I'm looking to reestablish positions now. So it's in my interest to see it go lower. And I think I'm going to be accommodated. In the near term, I think uranium is weak. In the intermediate term when the SPROTT product, I shouldn't say when, if the SPROTT product is listed on the New York Stock Exchange the liquidity I think will increase dramatically. And the ATM the At The Money offering, I think will more likely than not result in major inflows and upward pressure on the spot market that may not happen till the end of the first quarter, maybe even the end of the second quarter next year, but in the interim, I think it's much more likely than not that the spot price goes up.

Rick Rule:
In the short term, I think it's more likely than not that the spot price goes down because it was SPROTT that took it up. With regards to the junior uranium equities, they aren't falling as fast as the uranium price, but there was so much hot money in them that I think that they're going to fall too. At least I hope they're going to fall. We have a database. We, meaning a young associate of mine at SPROTT Aditya Patnaik and I have a database of 63 public uranium companies worldwide. And we've narrowed that database down to 11 that we'd like to buy. He and I will be full focusing next weekend on our price targets, our buy targets on the 11, and also focusing on any small companies that we might want to offer money to. That is by way of private placements.

Rick Rule:
It astonishes me Arash than the run up that we've seen in the Iranian sector over the last year where many companies have seen their share prices, escalate, fourfold, that more companies didn't come to market and raise money. It just astonishes me what do they want? They were 25 cents stocks. Now they're at a $1.10 and they're waiting for the stock to go higher or something like that. So there were a lot of managers who played chicken with the market and I'm hoping that there are two or three guys who played chicken with a market who lost, who have assets that we'd like to finance, but at any rate I am turning from a uranium equity bear into a uranium equity bull, precisely because the momentum is gone precisely because the prices are falling at the same time that I see over two or three years, the absolute necessity for the uranium price to clean up from its current price in the high thirties to some number looks like 70 or $75 a pound. I think there's a probability that a well selected portfolio of uranium stocks costs you 25% in the near term and makes you 250% in the three or four year timeframe. Pretty good juxtaposition of risk to reward from my viewpoint.

Arash Adnani:
Uranium is one of those classic stories where the question is definitely when, it's definitely not if, it's the easiest supply demand story to understand. And if things are hitting the bargain bin out of curiosity, out of your 11 tickers that you're following do you care to share maybe one of them where if it does hit the bargain bin, you'd be happy to reposition yourself?

Rick Rule:
In this case. I think I'd prefer not to, in the sense that the markets are so thin and your subscriber base is so well healed. I don't want to be competing with myself. If I gave you guys a name, it wouldn't fall in price enough that I could fill my own boots.

Arash Adnani:
Listen, understood. But as you know, I have to ask these questions for our viewers.

Rick Rule:
I understand completely there's a roundabout way that you could do this. You're subscribers can make inquiry of my young friend, Aditya Patnaik and they can steal my list from Aditya.

Arash Adnani:
So Rick, I know we've talked about private placements. We've talked about how I think sounds like you've been sitting on the cash and you've been waiting for things to come down and all things, point to prices coming off a little bit, which makes you very active, especially in the PP market. We have a lot of subscribers that haven't done private placements they're accredited, or they're able to, but they're wondering how do you get started? What do I do? And my biggest thing to them is, it's a big market. There's so many private placements. So you need the right advice or expertise. You need access and you need buying power. You need to be able to get into deals that have good terms and get projects. What's your advice for someone who's qualified, who's interested in the private placement market?

Rick Rule:
Well what you say is true you need one of two things. You need to work very, very hard as a lone wolf if you're going to do it yourself, find the companies that you like, approach them directly, negotiate your own private placement, which is a great thing to do. But it requires a lot of work. Most people have lives, they have jobs, they have families, they can't spend 50 hours a week running down private placements. The other thing that you can do is align yourself with an organization. I, of course, would prefer that that organization was SPROTT, but it doesn't need to be. Align yourself with an organization that has the ability A, to access, but much more importantly, B, to negotiate and evaluate private placements and participate as part of a broader network. It's important too, that you remember to do it at the right time.

Rick Rule:
Mercifully, I think in the next six months, that's going to be fairly easy. It's important however, to prepare yourself as an investor. The most important investment you can make in the near term is in yourself. Determine if you have the psychological and financial staying power to be in private placements. Do not put all your eggs in one basket. If you're going to participate in private placements, remember that speculation is question of possibilities, not probabilities. So the chances of intermediate loss are fairly high. So if you decide that you have a budget, a speculative budget, let's say your speculative budget is $200,000, think about deploying it over a year or a year and a half in six or eight names. Don't put the whole $200,000 on the first horse in the race, if you will. Think of it as a process, think about allocating $25,000 or $30,000 per name, and think about cycling through that is selling the ones where you're failing, selling the ones where the answers to the unanswered questions are coming back negative.

Rick Rule:
Even if you sell them at a loss and redeploying that money on new names, it's very much a process. And that very much involves interviewing advisors and finding advisors who you personally can work with. People who understand your own paradigms and prejudices, people who are willing to invest their time in your education, people with whom you communicate because after the private placement unless you yourself are willing to spend an awful lot of time evaluating the progress of the company after you've bought it, you're going to need help selling it too.

Arash Adnani:
Rick, I think every time we do one of these, I personally have many takeaways from them. I learn a lot. You're very generous with your time, not just with us, but with all the content that you put out there. If you can just share with us the Rule Investment Media offer one more time.

Rick Rule:
Yeah. Two things for your listeners who are interested in general information about private placements. The best thing to do is just email me directly Rick@RuleInvestmentMedia. Tell me something about what you care about, tell me if you care about monthly or quarterly income, lower risk private placements. Tell me if you care about exotics, which is to say subordinate debentures, convertible preferreds. Tell me if you care about straight equity and I'll do my best to answer questions. For people who want to access my knowledge about their existing portfolio. That is to take advantage of the rankings offering, the address there is simply RuleInvestmentMedia.com.

Arash Adnani:
Perfect. Rick, thank you very much as always. And to our viewers, definitely leave a comment. Let us know what tickers you like, what sectors you like. If you agree, disagree with anything we said like, follow comment, give love to the YouTube algorithm. Thank you for your time, Rick. Hope to speak to you soon again.

Rick Rule:
Arash, thank you. And a special thank you for your assistance building up RuleInvestmentMedia.com. I really appreciate your technical work. I would've been lost without you.

Arash Adnani:
Our absolute pleasure, Rick. Thank you.