I recently met with a friend of mine, a West Coast venture capitalist.

He was very early on this. He's made a lot of money on this and so on.

I cornered him at a cocktail party and I said "Now listen, I want you to explain to me what this really is."

"Well you know, ok, it’s a controlled deal and these miners. And there’s only so many of them."

And I said, "How about the guys behind this?"

"Well you know nobody… well we think we know who he is."

I just… you know this…

Actually back in the… back in the South Sea Bubble, which is one of the great speculations.

And there's a book by a guy named Mackay.

It's a classic book. But he describes in there the South Sea Bubble, which was one of the great speculations.

And this one guy comes out. And he puts an ad in the paper.

He said "Great discovery, wonderful investment, but I won't tell you the details."

And a lot of suckers in London invested in this.

And the last line was "This guy collected all the money, closed up, left for the continent that evening, never to be heard of again."

I'm just very suspicious of things that are not transparent.

If I can’t understand it, I don’t want to invest in it.