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I write about emerging and frontier markets in Asia. I now primarily contribute work to Forbes Asia. My most recent work and my complete bio can be found on Forbes Asia's site: If it is easier, you can find my recent work sorted by country on this... More
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  • Mongolia Growth Group 47 comments
    Jun 5, 2011 12:26 PM | about stocks: MNGGF

    For accredited investors, there is a private offering in Canadian dollars for Mongolia Growth Group at 3.51 CDN$ through June 10, 2011, this Friday. Regardless of your ability to participate in the offering, this may create a buying opportunity in a thinly traded stock investing all funds in Mongolia. Van Eck has announced they will be rolling out a Mongolia ETF soon, however, it looks that Van Eck's ETF holdings will largely be companies domiciled outside Mongolia doing business in Mongolia whereas Mongolia Growth Group will be investing all its funds in Mongolia itself.

    The investment philosophy of MNGGF/YAK is briefly to invest in the infrastructure of Mongolia on the thesis that mining in Mongolia is about to boom, and the infrastructure will grow up around it. Investments to-date by the company are in local real estate and insurance.

    The private offering is being done directly by the company. You contact the company via e-mail (details in links below) to state your interest, they'll send you stuff in the mail/e-mail, et cetera. The listing is MNGGF on the pink sheets in the U.S., YAK in Canada. You will find a chart for YAK on but not on

    Mongolia Growth Group's CEO is Harris Kupperman, who runs the closed to new investors hedge fund Praetorian Capital Management LLC (of Florida). 

    The price of MNGGF has sky-rocketed since its debut and come about halfway back to earth. The stock price is elevating on an investment that is primarily cash (still), a management team, and a play on a country at the precipice of an economic boom. There is a lockup for original investors (who are in at less that $1 per share) ending in August which should be a consideration. You are essentially investing in a stock that is really a hedge fund manager running a hedge fund in Mongolia. I've watched this from the beginning and made failed attempts to try to pick up a pull back that is only met by further private placements at higher prices and periodic promotional meetings (they had two in early May in New York and California). Every private placement to-date has been over-subscribed to-date although they did recently lower the price on this offering.

    Mongolian currency itself has appreciated significantly against the dollar in just the last 6 months.

    There is more information at the company website here:

    A two part interview with Harris Kupperman is here:
    Part 1:
    Part 2:;

    Original private placement information at $4 Canadian here:

    June 1 newsletter update which may have far more to do with the lowered offering price than a lack of participation:

    June 2 update to private offering:

    Are you an accredited investor?: Yes, if you meet one of these criteria: a) income greater than $200,000 individually in each of the last two years; b) income greater than $300,000 jointly with spouse in each of the last two years; c) net worth individually or jointly in excess of $1,000,000; d) various possibilities for institutions and private businesses owners which are likely known by those entities;

    Disclosures: I am participating in this offering and avidly follow the work of Mongolia Growth Group's CEO Harris Kupperman and MNGGF board member Bill Fleckenstein. I also own shares in ANMCF, a junior gold miner in Peru, whose CEO is also on the board of Mongolia Growth Group. I also own shares of AQSFF, a company for which Mr. Kupperman is a board member. Prior to participation in this private offering, MNGGF/YAK made up .08% of my investment portfolio. After participation in the private offering, MNGGF/YAK will be 3.59% of my investment portfolio. By comparison, AQSFF is currently 1.23% of my investment holdings and ANMCF is currently .86% of my investment holdings.

    Themes: Mongolia Stocks: MNGGF
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Comments (47)
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  • Very interesting write-up CaY'est. It would have been hard to surface this research lead without your post.
    Many thanks,
    5 Jun 2011, 01:21 PM Reply Like
  • Good article Cay'est!


    You've covered all the right bases with your write-up.


    I look forward to your future efforts!


    5 Jun 2011, 04:10 PM Reply Like
  • Hmmmm that seems to be a high pps for such an early stage company... If the stock stays at 4, I would think there would be significant pressure to sell shares bought for under 1 when that lockbox opens in August.


    Do you think its the Rio JV that is driving investor interest? I did not see an explanation of the JV ... is capital expected to come in from that?


    Thanks for the Insta C!
    5 Jun 2011, 04:55 PM Reply Like
  • Author’s reply » FPA... Thank you for the note.


    The Rio JV with Ivanhoe is one among many things happening. There is lot more going on with coal and copper mining in Mongolia, not to mention smaller bits of gold, uranium, et cetera. Some other more very lengthy responses...


    1) In 2006 Mongolia put an excess profits tax on mining companies that collapsed the mining industry there. In 2009, they lifted the tax, and companies came back in.


    2) Various large deposits that did not have license to mine until recently, have been green-lighted by the gov't.


    3) But, actually, I'm just citing information from here, so maybe I should just let you read words from the CEO himself:
    *Blog 1 by Harris Kupperman before he started MNGGF- adventuresincapitalism...
    *Blog 2 by Harris Kupperman before he started MNGGF- adventuresincapitalism...
    *Blog 3 by Harris Kupperman before he started MNGGF- adventuresincapitalism...
    *Blog 4 by Harris Kupperman before he started MNGGF- adventuresincapitalism...
    *Blog 5 by Harris Kupperman before he started MNGGF- adventuresincapitalism...
    *Blog 6 by Harris Kupperman before he started MNGGF- adventuresincapitalism...


    4) It should be noted:
    *- Lara Crigger of Hard Assets Investor writing that Mongolia would be the next big thing on September 1, 2009:
    *- The Mad Hedge Fund Trader "The Next Big Asian Play is in Mongolia" instablog September 9, 2009:
    *- September 17, 2010, CLSA - a French research outfit that is known per a recent New York Times article for hiring Wall Street analysts that get fired for doing analysis (i.e. saying people should sell companies) - pointed to Mongolia as noted in this article by Macro Man:
    *- And John Polomny recently traveled to Mongolia and has written several articles on the country:
    * March 6, 2011 Instablog before his travels, "Mongolia, Are We at the Investing Tipping Point?":
    * April 28, 2011 Instablog after visting Mongolia:


    5) That's just a bit of what I can dig up on Seeking Alpha. John Polomny has also written about MNGGF in his newsletter, but that is a subscriber service, so I don't feel its proper to publish what he has said here. ($49.95 per year for a newsletter 2 times per month. No access to prior newsletters when you subscribe. Last time I checked there is a 3 month free trial available.)


    6) There is a huge "democratization of the hedge fund" factor here. Subscribers to Bill Fleckenstein's website and followers of Harris Kupperman's website include a few folks who I am sure have access to hedge funds, but far more who do not. Suddenly, there is a publicly traded Mongolia fund that will do business much like a hedge fund run by one known hedge fund manager with another known hedge fund manager on its board of directors. (If you subscribe to Bill Fleckenstein's daily newsletter for $120/year, you get complete access to his archives as well.)


    7) What other companies are publicly traded and are run somewhat like hedge funds? Berkshire Hathaway, various entities of John Fredriksen (which aren't unified), Sprott Resources, Pinetree Capital... and I'm drawing a blank on any more (but I have a 10pm movie to get to niggling at me). Is Mongolia Growth Group going to be like Berkshire Hathaway? No way. Is it going to be like Pinetree? No. Its an unknown. The point is there are limited opportunities to invest this way.


    8) The Mongolian Tugrik (their currency) is appreciating well against the dollar. So the value of funds supplied to MNGGF is currently going up even prior to being invested in anything once exchanged into local currency. If I did this right, this is a 2 year chart of the Tugrik's appreciation against the dollar (although I may have it backwards as I was simply shocked that Yahoo had quotes on the Mongolian Tugrik):


    9) Local mining companies are doing well. The Tavan Tolgoi mining company (the biggest company on the illiquid Mongolian stock exchange) is currently paying an 18% dividend.


    10) As mentioned in Harris Kupperman's articles above, there are plans to build railways to China. Rail transport is a cheap competitive advantage as noted in this recent article by John Petersen:


    11) The stock did have one day when there was a huge downdraft after it went over $6. It went down over 33% in a day, and some folks didn't know why (paraphrasing John Templeton: because it did). Truly, when the stock rockets that much, someone - possibly a whale of an investor - will take profits.


    12) I think there are a lot of long term investors here. The company is very early stage. I can't predict what will happen in August which is why I mention it. It could be a huge event that creates a buying opportunity at lower prices, and I would buy at that opportunity. However, the early investors may be disciplined and selling only portions of their positions and maintaining there core, and may not rock the boat so significantly. Its not knowable.


    14) (yes, I skipped that other number) I truly would prefer that I bought this stock heavily earlier. It surprised me. I was taking time to study it and think about it (as anyone should). In the meantime, it went up... a lot. Now, there is an offering and I have a choice to participate in the offering or try to wait for a lower price. However, I know the management team because I have followed them for years. And I realize, what I didn't realize when the company was launched and traded at exponents of its cash value (at which time I unfortunately opposed investing on the principal that paying X times the cash value for a company with no assets was silly). But, the value of the company needs to assessed as: cash + management + opportunity. Does that equal $4? I don't know. It will depend on management's ability to flourish and endure in both bad and good times. I bought a stock that was Bill Fleckenstein's worst call ever and I've made far more money following his advice than I've lost, but I've seen his great, his amazing and his worst; and I know Bill Fleckenstein usually arrives to investment ideas early. I have read that Harris Kupperman started buying Energold at above $5 in 2008 and rode it down to its nadir at around 50 cents buying more along the way, and is still with it and very happy and confident with this holding that's now in the mid $4 range. So... if you ask someone like me who has followed these guys a while and seen both good picks and bad picks by them, how much would I value the opportunity to turn some of my money over to them and invest with them? I would put a high value on that when I think about it that way - more than $4. If it was a diversified company beyond one country, I'd probably put 25% of my money with them without blinking, but that is not the case here, and a single country comes with the political risk that any single country would, no matter which country. Is a hedge fund manager managing a fund investing in a country with a nascent mining industry, huge mining resources, and proximity with easy transport to China worth $4? Is it worth $4 if there's another hedge fund manager on the board who co-attends promotional meetings for investors (as Bill Fleckenstein did for the meetings in May)? I am investing at this juncture but I certainly can concur with your points that there will likely be downward pressure on the stock price in the future. I absolutely do not know the future... and only time will tell the answers.
    5 Jun 2011, 09:49 PM Reply Like
  • CaY'est: Greetings. Thanks for the intel.
    7 Jun 2011, 10:14 AM Reply Like
  • Author’s reply » Greetings all. After 4 1/2 hours driving from Charlottesville to Baltimore for our doctor's appointment, I have a weak internet connection. A friend forwarded me this update that the joint venture between IVN and RIO is ahead of schedule in Mongolia:{7b505090-0d89-4113-b...


    I am long IVN, and will buy RIO one of these days when I have cash to spare, if ever. Can't access my account here, but think IVN is about .6% of my holdings.


    Back through DC traffic from this visit to Reagan. Gotta go...
    7 Jun 2011, 02:19 PM Reply Like
  • Author’s reply » Ah... fixing bad link at Reagan... sorry...
    7 Jun 2011, 06:15 PM Reply Like
  • Author’s reply » Some general Mongolia info streams...


    1) Mongolia Business News (from the Business Council of Mongolia)


    2) Mongolia Blogspot, daily postings all about Mongolia: mongoliaeconomy.blogsp.../


    2a) recent postings on oil company Petro Matad -


    2b) recent posting on Mongolian gov't giving every Mongolian 538 shares in Tavan Tolgoi coal mine (the biggest publicly traded company in Mongolia which currently pays an 18% yield) as motivation for the public to get behind the gov't's push to expand mining in the country -


    3) Links to four brokerage houses in Mongolia (BDSec, Frontier, ResCap and Eurasia) for info and/or opening an account:
    10 Jun 2011, 10:37 PM Reply Like
  • Author’s reply » Another article about Tavan Tolgoi, et cetera. Goldman Sachs and Deutsche Bank on the IPO team in Mongolia.
    14 Jun 2011, 08:31 AM Reply Like
  • Author’s reply » New interview with Harris Kupperman: "I never set out to be the CEO of anything... I realized that it was selfish to ask my friends to invest and then tell them that I was going to charge them fees, so I told them that I would take no compensation of any kind... Nothing. No stock options. No salary. No bonus. No performance allocation. Nothing. I’m fully aligned with my shareholders. Over the decade and change that I have invested in the markets, I have been frustrated to learn that the CEO always does better than his shareholders. I find this practice disgusting and now that I am on the other side of the table, it would be hypocritical of me to then do the exact same thing that I have criticized for all these years. I own 20% of this company. If the company does well, I will do fine personally. My partner in this venture, Jordan Calonego sees things the same way."


    Full interview:
    15 Jun 2011, 05:56 PM Reply Like
  • Author’s reply » Great background piece in the WSJ on Mongolia:
    27 Jun 2011, 02:50 PM Reply Like
  • Original investors are in at a dollar. Why would you pay 4 times that just to get Kupperman's management. You will need annual returns of nearly 50% for 4 years to get to a point where there 36M raised is worth the 9 digit market cap it currently sports. Please note that this penny stock is already worth more than 2% of the countries GDP. I dare anyone to find a similar situation in the world. Mongolia real estate will appreciate but sustained 50% year over years defies any bubble ever seen.
    30 Jun 2011, 09:19 PM Reply Like
  • Author’s reply » Bazooooka is making valid points here questioning the risk of this investment (always a good thing to do). I addressed this question significantly in the 14 point comment above. I will only add the following pros and cons on Mongolia Growth Group to Bazooooka and my own comments as far as near-term risks:


    1) The following series of dates on Mongolia Growth Group's media release page - - 5/24/2011 (offering at CDN$4), 6/2/2011 (offering at CDN$3.51 to raise up to $20,000,000), 6/23/2011 ($17,099,572 raised in offering).


    2) The 2nd to last paragraph by CEO Harris Kupperman in the May investor newsletter:


    3) The June newsletter which clarifies what actions the company has taken with capital to date in both the real estate market and the insurance market (in which they are at this time "the best capitalized insurance company in Mongolia") .


    4) The end of the lock-up period for initial investors in August is a valid consideration - no question.
    3 Jul 2011, 01:18 AM Reply Like
  • Lockup expires in a month or so. Do you think some will be tempted to take profits?


    30 Jun 2011, 09:20 PM Reply Like
  • That is the norm in these situations. Now the question becomes who will be buying and how much?
    1 Jul 2011, 02:13 PM Reply Like
  • Author’s reply » For those interested, here is a blog on opening a brokerage account in Mongolia:


    For those who have not seen it, here is a link to an article I wrote on investing in Mongolia with a list of U.S. traded stocks:
    3 Jul 2011, 01:22 AM Reply Like
  • Author’s reply » Three parter here form the folks at Capitalist Exploits, who are friends with MNGGF.PK CEO Harris Kupperman:


    1) "This will be the Richest Place in the World Per Capita in 10 Years”


    2) A Mongolian Capitalist – Part I (of interview with Harris Kupperman)


    3) A Mongolian Capitalist – Part II (of interview with Harris Kupperman)
    5 Jul 2011, 05:27 PM Reply Like
  • Jon, Springer: Greetings. With the Chinese economy showing signs of stress and a real estate bubble an order of magnitude larger than the recent U.S. bubble: What impact will any calamitous events in China have on the Mongolian economy and more specifically on this investment group?
    5 Jul 2011, 05:58 PM Reply Like
  • Author’s reply » Greetings Robert,


    Its 30 minutes past midnight where I am, and I'm fading fast but may not have internet again until Thursday, so I'll take a few cracks at your very good query.


    1) I am adding this to a list of questions I'm working with to do an article or articles on the risks of investing in Mongolia in general (i.e. not specific to any particular stock).


    2) I think its reasonable to expect the Chinese economy to have growing pains. Excepting when Central Bankers constantly intervene to prop up markets, downturns and hiccups are normal parts of growth and the business cycle. I expect China will hit problematic patches.


    3) I am reminded of Harris Kupperman's comment in AskKuppy on 5/21/2011. See the last Q & A on that date for the details. He basically implied, somewhat tongue in cheek, that the Chinese may need to rebuild some things.


    4) I think a significant downturn in China will likely rattle global markets and certainly shake up Mongolia markets significantly. Long-term however, the global population is growing non-stop, and coal and copper are things people need for every day life. If a problem in China had significant knock-on market effects in Mongolia, I would probably view that as a buying opportunity if I was wise enough to have the cash on hand to take advantage of it.


    5) I'll have some better clarity on the Mongolia side of things after I get some work done on the risk article(s) and then after I go to Mongolia in September. Please keep the questions coming.
    5 Jul 2011, 06:51 PM Reply Like
  • Jon, Springer: Greetings. Thanks for the intel and do get some shut eye. Best of luck on your adventures.
    6 Jul 2011, 09:45 AM Reply Like
  • Author’s reply » Current MNGGF presentation:


    Someone else thought the page titled "Future MGG Plans" was notable, so I'm noting it here:
    "Evaluating multiple opportunities in financial services
    Researching various industries to enter
    Potential partnerships like our insurance venture
    Looking at unlocking value in publicly traded Mongolian Stock Exchange companies"


    Keep in mind, August 9 is the date for a big lock-up to end. But, also keep in mind the Management Philosophy page of the presentation states, "No founding management salaries or options" and "Our only upside is by creating shareholder value; increasing the intrinsic value of the company on a per share basis" and "Management intends to subscribe for additional shares in future capital raises"


    Drove 22 hours the last two days and am behind. A bit tired and will have to catch up on things over the weekend before/after I have fun losing my voice at the Frontier Days rodeo Friday and Saturday in Cheyenne, Wyoming.


    Thanks to those still following this blog, any comments or questions would be greatly appreciated.
    29 Jul 2011, 02:17 AM Reply Like
  • You're going to have to "come back to work to rest up"!


    I like the fact that management is aligning themselves perfectly with shareholders - unusual.


    29 Jul 2011, 07:56 AM Reply Like
  • Author’s reply » Keep in mind, August 9 is the date for a big lock-up to end - just a reminder in the midst of the mayhem.
    7 Aug 2011, 02:08 AM Reply Like
  • Author’s reply » Two days free from the lock up - nothing below $4.99 and no unusual volume... yet.
    10 Aug 2011, 11:41 PM Reply Like
  • Author’s reply » 11:15 a.m., August 17
    Just an FYI... highest daily volume since the lockup ended is today (as of now). Also, price has dropped below $4.99 for the first time since the lockup ended. Just a note to watch the price for those still watching this space.
    17 Aug 2011, 11:19 AM Reply Like
  • I'm still here - need to make some dry powder and it won't be right away it looks like. Hope I don't miss it entirely!


    17 Aug 2011, 11:52 AM Reply Like
  • Jon: I may have missed something here. I recall that the Mongolia Growth Group was seeking minimum $100K investments, which put me out of the picture after my home purchase two months ago.
    17 Aug 2011, 11:58 AM Reply Like
  • Author’s reply » 11,257,923 shares were created in a private placement on April 8, 2011 - priced at $1.32. Their 4 month lock-up expired August 9, 2011, and they're free to trade as MNGFF in the U.S. or there's a YAK listing in Canada.



    Thus, there are a heck of a lot more shares suddenly available to be traded on the open market if there are sellers... and buyers.


    I don't know how far the selling pressure will take the price down eventually. Until today, the price was holding above $4.99 despite market turbulence.


    And, keep in mind, that $1.32 price is still above our ground floor investors (and board members) in Summus, the company from which this originated:


    Anyway... John Polomny's recent newsletter expected a lot more volatility in the MNGGF price than we've seen so far... and so did I... but maybe its developing slowly... or maybe folks are primarily just holding on for the long term (which I would if I was in at $1.32 - geez... I will now go kick myself again for missing that).


    On the other hand... as the CEO and COO's only compensation is the stock they own, at a certain level they may accumulate shares again (to maintain/rebuild their percentage of ownership)... but no clue where that line would be...


    And... I'm pretty sure there will be another private placement... for which there probably is the goal of it being higher than the last private placement (at CDN$3.51)... which doesn't mean the price won't drop below that offering price at some point... but it certainly is some motivation for it not to.


    The CEO, COO, and board members, all believe that Mongolia will be one of the best performing markets in the world for the next 10 years as best I can tell... so there isn't much reason for them, or folks who believe in them, to sell at these levels... but other personal and investing situations can always intervene.


    One other thing I'm thinking about is there's a lot of institutional and mutual fund money that can't invest in stocks below $5... which is a nice lid on the price... for now...


    Winding comment, I know... but wanted to give y'all everything I could think of that might be relevant here.
    17 Aug 2011, 12:23 PM Reply Like
  • Thanks, Jon! That clears some things up. Looks like the best deal was the private offering, as always is the case. I did recall that compensation was not an issue; impressive.


    So would you, if this stock pulls back add here, or buy more ETAK, after it pulls back? My powder's thin right now.


    (I know you already have a GTC in on ETAK)
    17 Aug 2011, 12:49 PM Reply Like
  • Author’s reply » At $4.9x and up, I would only nibble to see what a "market order" does (call it research), but I wouldn't be a true buyer. I bought a lot in the private placement at CDN$3.51, and its a position that's about 5% of my portfolio now.


    a- I have contemplated participating in the next private offering (if and when there is one) if possible - my powder is thin as well, and I am mindful of diversification... as well as country risk... I'll know better after my trip there.


    b- The price has got to get below $4.15 or so for me to think about adding more to my core position here meaningfully... and I think that's still high... I need to diversify.


    c- The price situation I think we should be watching for is if a major holder has to dump shares because of financial issues elsewhere, then there could be a buying opportunity... but that could pass quickly. Something like what happened from May 2 to May 3 is what's being watched for: although that one led to better prices for almost 2 months.


    ETAK... I would have to multiply my current position by about 33 times to equal my position in MNGGF... so for diversification, I should be adding to ETAK first...
    17 Aug 2011, 01:11 PM Reply Like
  • Author’s reply » And I'll add... this is a pretty unique situation. Management's only compensation is stock. The company is new. The country its investing in is just getting off the ground into capitalism. Most of the early investors are people who follow the blogs of the CEO or one of the board members or one of the CEO's friends' blogs loyally... these are folks who go to Casey conferences and believe in Jim Grant... as well as some being other hedge fund managers...


    In other words, original ownership hands are pretty strong and most have already known the CEO for a while by way of his blog or personally know him... and the first two words out of the CEO's friends' mouths when they describe him every time is an emphasizing adjective and "smart"


    I don't know how much the price will go down... and I don't know who is waiting to buy at what price if it does... but 11 million shares coming on line that are 3 1/2 baggers hasn't created much volatility yet...
    17 Aug 2011, 01:24 PM Reply Like
  • Author’s reply » Someone abandoned their limit order... MNGGF at $4.616... at the open... 8300 shares traded in the first 3 minutes
    18 Aug 2011, 09:34 AM Reply Like
  • Author’s reply » August MNGGF newsletter:


    - positive outlook on Mongolian economy
    - insurance company receiving inquires/business although their marketing campaign has not commenced
    - real property purchases continue at a good pace
    30 Aug 2011, 02:29 PM Reply Like
  • Jon, Springer: Greetings. Thanks for the update. I may open a position in (MNGGF) in November.
    30 Aug 2011, 02:35 PM Reply Like
  • Author’s reply » Greetings Robert Ferguson,


    I will have a lot more information on MNGGF in the next few weeks. I will be in Mongolia Sept 11 to 23. In Mongolia, I will be staying in one of MNGGF's properties and will meet with management.
    30 Aug 2011, 02:43 PM Reply Like
  • Excellent have a great trip. I'm looking forward to your observations. Thanks.
    30 Aug 2011, 04:37 PM Reply Like
  • Ditto, and I wish I had your frequent flyer miles! Looking forward to learning what you learn. Incredible that this space has a Mongolian informed representatitve! I'd bet half of American citizens if asked where Mongolia is would answer that it's somewhere in California.
    30 Aug 2011, 06:31 PM Reply Like
  • Unless they were crossword puzzle aficionados, because the capitol of Mongolia is frequently a crossword question.


    Thanks for the informative blog here on Mongolia.
    31 Aug 2011, 11:53 AM Reply Like
  • Maya: Greetings. You mean Mongolia isn't in CA? It must be in NJ then because every where else is Peoria right? LOL.
    31 Aug 2011, 01:42 PM Reply Like
  • Only taken a brief look, but why on earth would you pay almost two times book for this stock?! If you want to have some of the best long term investors (Leucadia, Einhorn, Loeb, Barrack, even Buffet if that's your thing, etc.) invest your money, you can buy at 1.0 to 1.5 times book. I like the potential for Mongolia, but there's no way I'd pay that kind of premium! Origo Partners plc (OPP:LN) is a far better choice - a larger company, a primary focus on Mongolia and trading at 0.92 times book.
    31 Aug 2011, 02:21 PM Reply Like
  • Wexboy: Greetings. I don't consider stocks as overly expensive with a P/E under 10. Potential earnings are key and those you mention are far to large to be investing in startups unless they get special terms for their investments which you or I would not get.
    31 Aug 2011, 03:01 PM Reply Like
  • Have a good and profitable trip to Mongolia,would be awaiting your comments about the country and MNGGF.PK.
    1 Sep 2011, 09:52 AM Reply Like
  • Author’s reply » Here is an article about Mongolia Growth Group (MNGGF.PK) by someone other than myself; and it got the editor's pick seal of approval (rightfully so):
    1 Sep 2011, 04:42 PM Reply Like
  • Author’s reply » MNGGF announced employee options today:


    By the by... it has been mentioned in a chat room that there are plans to move the Canadian listing up to the Toronto Stock Exchange, for what its worth.
    7 Sep 2011, 01:26 PM Reply Like
  • Author’s reply » First national ad (in Mongolia) for MNGGF's insurance company launched 15 September, YouTube video is here (with English translation below it - you have to click to expand open the translation):


    Working on finding a publication route for articles from trip to Mongolia. More data forthcoming as jet lag wanes.
    29 Sep 2011, 03:51 PM Reply Like
  • WB, Jon! Looking forward to "finding" your findings!
    29 Sep 2011, 03:58 PM Reply Like
  • Jon, Springer: Greetings. Thanks for your hard work in this area. My apologies for being remiss in answering my mail.
    30 Sep 2011, 04:40 PM Reply Like
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