Five percent of gold juniors deliver 90% of the performance - Cook and Rule
- Prospectors who find an unusually good anomaly tend to take it to A-level promoters first, so the people with track records will see better stuff.
- Good people have a history of being able to separate the wheat from the chaff.
- In a bad market, good people can keep a good project without going broke.
- Because of their track record, their cost of capital is lower and they have a better chance of being successful.