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Marc Faber Joins Sprott Board Of Directors

Tyler Durden's picture




 

This latest development should surely make for some abnormally entertaining Sprott reports: "Sprott Inc. (TSX: SII) (the "Corporation") is pleased to announce that the Board of Directors has appointed Marc Faber as a director and member of the Audit Committee."

"We are honoured and delighted to have someone with Marc's credentials
join our Board. Marc is an internationally renowned expert and
commentator on financial markets and we look forward to his
contribution as a director of Sprott Inc.," said Eric Sprott, CEO of the Corporation.

The Corporation also announces that Ian Telfer
has tendered his resignation due to time commitments and his recent
appointment as the new Chairman of the World Gold Council. The Board of
Directors congratulates Mr. Telfer on his new role and sincerely thanks him for his dedicated service as a director of the Corporation.

As a reminder, Sprott is the latest strategist to go on the record, claiming what everyone knows, that the U.S. economy is merely one big Fed-subsidized Ponzi scheme.

 

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Tue, 01/19/2010 - 17:44 | 198681 Anonymous
Anonymous's picture

Trust, justice and some nasty peyote buttons.

I'm in!

Tue, 01/19/2010 - 17:47 | 198682 Leo Kolivakis
Leo Kolivakis's picture

Yeah, saw that, but it's not a wise move. You don't want a board of director who thinks exactly like you. In fact, it's good to place someone who challenges your line of thinking. I can just picture the meetings. "So Marc, how bad is it out there?", to which Faber will reply "...terrible Eric, just terrible...can I move into your bunker when Armageddon arrives?".

Tue, 01/19/2010 - 18:08 | 198705 AN0NYM0US
AN0NYM0US's picture

+1

you make a very good point LK - I was looking at from a perspective that he needs some independent directors and the marketing angle - but he would be better with a uber bull - having said that Faber's calls have been almost as good as yours

 

http://www.google.com/finance?q=TSE%3ASII

 

 

Tue, 01/19/2010 - 20:23 | 198856 Gordon_Gekko
Gordon_Gekko's picture

but he would be better with a uber bull

In that case he can just buy a TV and set the channel permamnently to CNBC. You want INDEPENDENT THINKING PEOPLE - not BIASED, not DIFFERENT, not BULLS, not BEARS.

Tue, 01/19/2010 - 18:07 | 198711 xamax
xamax's picture

Sorry but this is  a comment of a rare stupidity.It seems that you criticize per definition what is not mainstream. There can be plenty of reasons why Eric Sprott hired Marc, for example the development of the asia business or the great network of Marc.

I suggest that you continue to trade your stupid chinese solar stocks and give us a break us with your stupid comments on, yes, wise moves.          

Tue, 01/19/2010 - 18:12 | 198719 jswede
jswede's picture

good thing those of us who follow Sprott, Rosie and Hussman have Leo to keep us in check.

Tue, 01/19/2010 - 18:47 | 198762 Gold...Bitches
Gold...Bitches's picture

Yeah, I guess having a guy who called the 600'ish low on the S&P and told people to buy right before it went up to 1,000 is horrible to have around.  Its called looking at what is going on and trading to make money off it.  He's not a permabear or a permabull.  He just likes making money.

Tue, 01/19/2010 - 19:11 | 198787 Anonymous
Anonymous's picture

Leo,

JMO, but I don't believe that Marc really thinks like anybody. He may agree with this one issue, but that's probably because the data is pretty conclusive and undebatable. I'm pretty sure that there will be plenty of discussions around that board table throughout the future.

Incidentally, I really like your posts.

Tue, 01/19/2010 - 20:16 | 198845 Gordon_Gekko
Gordon_Gekko's picture

It's way better than having an MSM programmed zombie with a peanut for brains WHO IS WRONG ALL THE GODDAMN TIME(cough, cough...Leo...cough, cough), not that I agree with your characterization of Mr. Sprott and Faber thinking "exactly" like each other. I would definitely place more emphasis on somebody having a track record of making the right calls than them being "different". If you just want different, you might as well have Bernanke on your board. Just having somebody with a "different" point of view for the sake of it is IDIOCY.

Wed, 01/20/2010 - 00:17 | 199001 Anonymous
Anonymous's picture

Wait. Are we really having the guy that maxed out his credit cards to buy gold and then intentionally defaulted on such credit cards giving investment advice to Leo (you know, the Leo that successfully called the last six weeks)?

Wed, 01/20/2010 - 00:08 | 198997 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

uhhh.........no.

Tue, 01/19/2010 - 17:48 | 198685 BorisTheBlade
BorisTheBlade's picture

Oh wow, good for them.

Tue, 01/19/2010 - 17:48 | 198686 CB
CB's picture

he'll bring a whole new level of bear love to Sprott.

Tue, 01/19/2010 - 17:54 | 198691 carbonmutant
carbonmutant's picture

I'm a fan of the Marc Faber school of central banking.

 "I don't think it is the responsibility of a central bank to look after the economy. The job of Central banks is protect the integrity of money." -Marc Faber

Wed, 01/20/2010 - 05:24 | 199146 ToNYC
ToNYC's picture

Central Banks protect the integrity of money by calibrating the money supply to real growth plus 2-3%. After Paul Volcker, the FED made Kool-Aid instead of Lemonade. Outsourcing the Middle Class made the paper traders fabulously rich..like bad bacteria on a good system. Cold turkey on the synthetic flavors and sugar, my Rx. Not dead yet..there is always hope for a living system.

Tue, 01/19/2010 - 18:02 | 198702 AN0NYM0US
AN0NYM0US's picture

 Gluskin (Sprott's local competitor) picked up a high profile bear in Rosenberg. As only a director Faber is a lot cheaper yet very high profile and adds a much needed independent to his cozy six person board made up for the most part of  insiders along with some billionaire customers.

 

http://www.sprottinc.com/AboutSprott/BoardOfDirectors.aspx

Tue, 01/19/2010 - 18:59 | 198777 lynnybee
lynnybee's picture

....... what a team ! both are great people.

Tue, 01/19/2010 - 21:30 | 198908 Anonymous
Anonymous's picture

Just because Sprott went on record doesn't make him right.
His conclusion was dead wrong and many people who can't
blog know it. Faber is ok a little wacky though you don't
get the moniker Dr Doom for nothing. Non event in my view.
Strictly done for show Faber is so busy he won't be
chatting it up with the guy every day. I repeat Sprott
is just jockeying for the massive pension assets here
in the US down an asset class MBS. Every hedge fund out
there is making high profile hires in EM today was Jasper
head of EM trading for Goldman now EM portfolio mgr for
Moore Capital. Louis Bacon Moore is a very smart guy.

Tue, 01/19/2010 - 22:31 | 198946 Anonymous
Anonymous's picture

You don't want a board of director who thinks exactly like you.

Yes, clearly they haven't learned anything from the American financial institutions over the last decade.

Wed, 01/20/2010 - 00:06 | 198996 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Marc Faber is a machine sent back in time to save the world...well, at least his voice sounds like a machine.

 

Wed, 01/20/2010 - 00:45 | 199023 Apocalypse Now
Apocalypse Now's picture

He is one of my favorite independent thinkers on the market and gives more detailed calls than Jim Rogers.  He tells it like he sees it without sugar coating, and he is one of us.  I always listen to his latest interviews, the only thing I could instruct him on is to chop the pony tail.  I was hoping Faber would open up his own hedge fund, but will invest in Sprott now.

Wed, 01/20/2010 - 09:55 | 199220 MiningJunkie
MiningJunkie's picture

I am a Faber subscriber and his monthly is simply superb. Sprott has been short everything for ever but Marc went long last March.

 

Good addition for SAM.

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