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Today I am releasing the final interview from the Gold Summit - my interview with Fiore Group CEO, Frank Giustra. This was without question, the most fun interview I have ever done.
We covered his history of entrepreneurial ventures, the broad market, the gold market and his philanthropic dedications - but he also let me press him on his passion for quantum physics and oddball concepts like simulation theory. Not knowing Frank at all prior to chatting, I was struck by how transparent, comfortable and authentic he was.
I wasn’t expecting him to be a challenge - but often my guests push back on topics. For example - the original ambition for the Gold Summit, was to draw out the darkest battle stories from our guests.
Anyone who reads this letter, knows I love going there - but not everybody does.
Most people I have on the show aren’t comfortable talking about the dark days. I press them for their near death business experiences, the reckless calls and the failures, but I usually don’t get much back. I understand, it’s uncomfortable being vulnerable.
Frank, however, went right down the path with me. He talked about the mind crushing stress of building something from nothing, doing a bad deal and becoming trapped by his inexperience, losing the confidence of his network - and what it really means to not quit when your back is against the wall.
I noticed a distinction with Frank that I’ve picked up before. There is a state change that seems to occur in people at his level. More likely, it’s an inherent character trait that in some way contributes to their success.
You see, I talk to top performers all the time. And often, the conversation about how to succeed goes like this: “This is what I do differently, this is what I see that others don’t, this is why I win.”
It’s the most common self narrative I come across.
But when I get to sit with the real legends who have been breaking rules and building legacy for years - People like Ross Beaty, Jim Rogers, or Frank Giustra - if you ask for the secret, they shrug, adopt a mildly uncomfortable expression and respond, “I get lucky”.
Lucky.
So Frank Giustra was lucky when he built Yorkton Securities from a minor boutique firm into an international financial institution, leading the world in junior mining finance.
He was lucky when he left the resource business less than a year before the historic crash in 1997.
He was lucky when he built Lionsgate Entertainment from nothing into a global leader that has generated over $10 Billion at the global box office in the last six years.
He got lucky when he thought the gold market might come back in 2001, and founded Wheaton River, becoming the 4th largest gold producer in the world as Goldcorp - and since merged with Newmont to become the World's largest Gold producer.
He founded Domenica Fiore Olive Oil, and luckily it is consistently ranked as the world's top olive oil.
He got lucky when he founded Endeavor Mining, now a near $5 Billion market cap.
A few years ago he founded Leagold Mining - which became Equinox Gold, a $3 Billion company - founded with that other lucky gentleman, Ross Beaty.
With Frank, I tried to dig into the core of this belief - the sense of providence - and near the end we may have gotten close. I wrapped up by pressing him on his passion for quantum theory, simulation theory, and how it can challenge our understanding of base reality and free will.
I warned him in advance that I may take the conversation to some weird places, and he obliged.
This interview was originally streamed at the Gold Summit on November 23, and the comments I received back were fascinating - some referring to him as the great philosopher.
So add it to the list. Entrepreneur, investor, philanthropist and philosopher.
I hope you guys enjoy this one.
Frank Giustra from the 2020 Cambridge Gold Summit
And a special release:
Serafino Iacono, Executive Chairman of Gran Colombia Gold Corp.
Now, off the heels of the Gold Summit, we are hosting The Future Worlds Summit on December 15, once again, live premiered on our Youtube Channel.
We will be discussing the energy revolution and the future of electricity. Right now I am seeing commentary from smart minds calling it both a budding tsunami that is just getting started, and an inflated bubble, about ready to pop.
I don’t know which it is, but I intend to dig deeper and form my thesis at the December 15th Future Worlds Summit. I want to run this one all the way to the end zone - what's it really going to take to rebuild our energy grid? Most of the analysis I have seen so far doesn't seem to look further than Tesla’s sedan production. We will try our best to get beyond the horizon.
I will be joined by a selection of big thinkers, and a few company CEO’s. Similar to the Gold Summit, we are keeping this super boutique and top tier.
To avoid bias, I have a few experts that are distanced from the capital markets to discuss the macro trends. We also have a CEO who has knocked out three 9-figure exits for his shareholders and is about to bring his new deal to the market. There will be a newly listed company in the copper / nickel space, financed by Peter Schiff, Adrian Day and Doug Casey, and for my speculators, a strategically positioned multi asset explorer. Everything is focused on the ingredients of the energy transition.
Stay tuned, and enjoy your weekend,
Jay
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