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Kaiser Research Online is owned and operated by John A Kaiser of 346 Rheem Blvd #102, Moraga, CA, 94556, USA. He can be reached at (925) 631-9747 by telephone or [email protected].
High risk, speculative securities involved in the resource sector and trading on the ASX, TSXV, CSE and TSX are the primary focus of KRO recommendations. We limit our coverage to companies listed on these exchanges because they have adopted fairly good policies regarding disclosure requirements, enforcement, and the accessibility of such disclosures. We do not follow OTC BB or Pink Sheet companies because the regulatory regime in which they operate does not foster confidence that "what you see is what you get".
It is our opinion that public companies not involved in a revenue generating business should not be evaluated as investments and should instead be viewed as similar to gambling bets. The companies on which we focus are typically early stage ventures seeking to discover an orebody. Such ventures by nature carry a high failure risk and are intrinsically worthless until the venture is turned into a success. Should it become apparent that a venture is a failure, substantial and rapid price declines are likely. Anybody who cannot accept this risk of total and sudden loss of their capital should not own such securities. Speculators should also be aware that these stocks are subject to big swings in price and liquidity that are not always related to the fundamentals of the underlying venture.
"Success" is understood as having occurred when the company is either bought out by a larger investment grade company, or the venture is transformed into a cash-flow generating business which can be evaluated using traditional investment analysis tools. Our approach is to analyze companies in terms of what a venture might be worth in investment terms if it is successful. Our core concept is that the value assigned by the market to a venture is a function of the size of the prize and the uncertainty of its achievability, as perceived by the market. The service we provide is to clarify the nature and potential of ventures, and identify those situations where the market either misunderstands the nature of the venture or assigns unduly optimistic or pessimistic success odds to the venture. Our concept of "speculative value" is embodied in the "rational speculation model".
John Kaiser is not a registered investment advisor. No statement or expression of opinion, or any other matter herein, directly or indirectly, is an offer to buy or sell the securities mentioned. While we believe the sources of information to be reliable, we in no way represent or guarantee the accuracy thereof, nor the statements contained herein. KaiserResearch.com is a commercial enterprise whose revenue is solely derived from subscription fees. It has been designed to serve as a research portal for subscribers, who must rely on themselves or their investment advisors in determining the suitability of any investment decisions they wish to make.
Neither John Kaiser nor any affiliate receives fees directly or indirectly in connection with any comments or opinions expressed herein. Potential conflicts of interest are handled as follows:
Any company mentioned or featured in Kaiser Research Online is subject to an ownership disclosure by John Kaiser. Ownership status is disclosed in the company profile section. A footnote at the bottom of individual comments lists the companies mentioned in which John Kaiser had a position at the time of publication. Readers can assume that John Kaiser does not own shares in any company mentioned in the article if the company is not listed in the disclosure footnote.
Companies are rated according to their Speculative Value with "unrated" as the default rating.
The core principles followed by John Kaiser are no front-running of recommendations and no trading against one's own recommendations. Simultaneously owning and recommending the same stock carries an implicit conflict of interest, so in the majority of cases John Kaiser avoids ownership of Favorite picks. Non-ownership of a stock should not be interpreted as a personal vote of non-confidence.
John Kaiser may buy or sell all or part of a position in accordance with personal requirements such as the need to rebalance his portfolio, raise capital for alternative investments or uses, or address his own risk tolerances. However, as long as a company has a Good Spec Value Favorite rating, John Kaiser will notify members of plans to sell a position. Once a Spec Value rating has been changed to Fair Spec Value or lower it is up to the discretion of everybody, including John Kaiser, as to how they manage their positions in the stock.
Fees for Recommendations
John Kaiser does not accept payment for recommending or "researching" a company either directly or indirectly through mechanisms such as "consulting" fees. Company executives and promoters should not expect an answer to the question "what does it take to get featured in Kaiser Research?"
John Kaiser is not involved in any ongoing formal advisory relationship with private parties.
John Kaiser does give companies permission to reprint published material but he does not charge a "reprint fee". All reprint or online posting permissions are subject to John Kaiser's right to withdraw his permission at anytime. Third parties are free to link to any content on Kaiser Research Online.
John Kaiser does not seek or receive finder's fees related to any financings involving investors other than those of an institutional nature. John Kaiser does accept finder's fees for business-to-business transactions such as property acquisitions, farmout deals, restructuring proposals and control block sales.
John Kaiser speaks at various conferences, sometimes for a fee paid by the conference organizer and never by a third party. The specific content of his presentations is at his sole discretion. In his talks he may give preference to exhibitor companies which happen to illustrate the themes of his talks so that delegates can follow up with their own research at the conference.
John Kaiser does participate in property field trips that are sometimes fully paid for by the sponsoring company, but only with the understanding that the nature and content of followup coverage is entirely at his discretion.
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