Course 409: Hard-Asset Stocks
Has Barrick Capitalized on Its Natural Endowments?
In this course
1 Introduction
2 Has Barrick Capitalized on Its Natural Endowments?
3 What about Growth?
4 What Has Company Performance Meant to Shareholders?
5 Has It Delivered the Diversification Benefits of a Hard-Asset Stock?
6 What Does It Cost?
7 Conclusion: Appraising the Asset

Barrick has consistently been more profitable than the average gold-mining company, with returns on shareholders' investment (ROEs) generally in the industry's top half. And the composition of those returns is especially encouraging. Barrick has built its returns on profits--not financial leverage, which increases the risk of a balance-sheet blowup when times are tough.

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