The rule to follow for successful mine investing is the five finger rule: five countries, five companies, and five commodities

The economy, including all mining, is a complex system, well beyond rational analysis and management. Random events can push a complex system poised on the border of stasis and chaos into an avalanche of activity, success, or failure. Be wary of the valleys of despair and the heights of joy. Rather seek spots of hot activity and join the buzz around developing mines.

Maybe the only rationale advice is to implement the old five-finger rule. This states that if you undertake five activities, probably four of them will fail. So always have five activities in simultaneous progress, be ruthless in dropping the four that are imminent failures, and move fast to diversify the one success into five new activities.

Applied to mining investment, this means the following. Five is the minimum bet: five countries; five companies; five commodities; and five levels of risk. Nobody says it will be easy, but there is money to be made in at least one of five mines, five places, or five products.