Investors Pushback, Skill vs Luck, & Director Incentives – Junior Mining Insights with Powers & Leni

Bill Powers and Brian Leni discuss listener feedback and why shareholders often don’t push back when they are unpleased with management. The duo emphasizes building a disciplined investing process, protecting the downside, and avoiding FOMO. The conversation covers “luck” versus skill, learning from losses, and when to use other investors’/groups’ reputations as decision-making inputs. Brian’s talks about his Aurion investment that ultimately paid off despite timing delays. They also debate director compensation (cash vs options), red flags in board incentives, the power and danger of narrative-driven promotions, conference value (PDAC, Beaver Creek, Quebec City, Rick Rule’s), and avoiding market-timing seasonality.

00:00 Intro

01:18 Shareholder pushback

07:58 Skill vs luck

17:23 Responsibility and timing

23:23 Following smart money

27:20 Aurion takeover

31:24 Director incentives

37:59 FOMO and discipline

41:16 Picking conferences

43:56 Narratives and hype

52:14 Summer outlook