Money of Mine Finding Alpha Where Others Fold with Muddy Waters’ Darren McLean
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Jul 22, 2025 Darren McLean, a Canadian resource fund manager at Muddy Waters Capital, dives into the fascinating world of mining investments. He shares his passion for uncovering undervalued stocks and unique opportunities in single-asset plays. The conversation covers exciting success stories like Champion Iron, GT Gold, and Filo, revealing the importance of curiosity and contrarian thinking. McLean emphasizes the challenges of short selling and his dream to build a mining company, underlining that the key to success lies in strong technical teams and ethical practices.
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Intense Drill Hole Analysis Pays Off
- Darren McLean spent years studying every drill hole news release daily to spot undervalued mining projects.
- This intense diligence allowed him to recognize hidden value and make early, profitable investments.
Less Competition Creates Opportunity
- Mining sector now has less capital competition but also fewer opportunities due to less drilling and aging investors.
- This creates a unique chance for nimble investors with patience and conviction to gain alpha.
Follower Capital Dominates Mining
- Most capital in mining follows strong, deep-pocketed leaders rather than independent asset qualification.
- Money seeks safety behind credible leaders who can finance projects through tough periods.