Money of Mine

He Poured Drinks for Mining Legends. Now He Beats Them (Rick Rule)

13 snips
Mar 17, 2026
Guest
Rick Rule
Rick Rule, a 50+ year veteran in mining finance and serial entrepreneur, shares vivid stories from Vancouver bars to high‑stakes deals. He reflects on market cycle calls, capital allocation during the GFC, contrasts with Eric Sprott’s risk style, lessons from Lundin and Friedland, finding mispriced optionality, and how the next generation is reshaping the sector.
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INSIGHT

Allocating Capital Is Harder Today

  • Rick Rule says allocating capital is getting harder because few assets are sufficiently hated or mispriced today.
  • He missed the 2008–2011 precious metals run by overweighting Berkshire and deploying capital into banking opportunities when others couldn't lend, showing timing and opportunity set matter.
ANECDOTE

From Bouncer To Bar Owner Teaching Market Lessons

  • Rick moved from bouncer to bar owner while studying natural resource finance and learned markets by serving Vancouver Stock Exchange participants.
  • Nighttime practical lessons with Murray Pezms and Adolf Lundin complemented his daytime university studies and shaped his career.
ADVICE

Invest With Proven Resource Legacies

  • Seek teams with proven legacy because a tiny fraction of people generate the majority of value in resource investing.
  • Align with families or entrepreneurs (e.g., Lundin, Friedland) whose track records deliver outsized returns and reduce execution risk.
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