“Bull-markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria.”
– Sir John Templeton
Sentiment toward the junior mining sector, particularly in respect to gold and lithium plays, had a tectonic shift earlier this year. After nearly five years of enduring the worst bear market in TSX Venture history, many junior mining stocks have gone parabolic thanks to an uptick in gold, increased uncertainty toward the global economy, the rise of electric vehicles and increased mining M&A activity. Being heavily weighted in the junior resource sector, these stocks have carried the Venture into a booming bull market…
Fortunes were made on the TSX Venture this spring that will change people’s lives… and it was earned, every penny.
You see, late-2014/early-2015 sentiment toward the Venture and junior miners was as bad as it gets. Investors had thrown in the towel. Pundits were calling for the demise of the TSX Venture and liquidity for junior miners had all but disappeared. Ask anyone who attended the 2015 PDAC (world’s largest mining conference held in Toronto every March) about the vibe of the event and they will probably describe it in one word: depressing.
Junior miners and explorers were delisting from the Venture in droves in 2015. It was reported by one financial commentator that the TSX Venture was a ‘Zombie wasteland.’ Some blamed the collapse of junior miners on algorithmic trading and shorters. The truth, however, was that sentiment was at historic lows, and that’s why the Venture collapsed below 500 for the first time in its history this past January. Investors stopped believing in the possibility of buyouts for mineral explorers that made new discoveries; and as a result, volume dried up while valuations collapsed. But we knew this historic bearish sentiment wouldn’t last forever… the more pessimistic people became toward miners, the more optimistic we grew.
We certainly didn’t know when exactly the tide would turn, we just knew it eventually would. And in preparation for this inevitable turnaround, we wrote articles, produced podcasts and committed over 200 hundred hours of research to publish a special Ebook outlining executives who had been involved with publicly traded juniors in the mining, energy and tech sectors (predominantly on the TSX Venture) that were bought out in the past. We wanted to show our subscribers which leaders had made it to the highest level of accomplishment in the startup world: the buyout. And then explain what they were working on presently…
As we’ve always stated, the most valuable asset a junior company has is its management. Our vision with this Ebook was to create a Rolodex you could use as a research tool when looking for opportunities. And best of all, we gave it away for free…
*If you haven’t downloaded our Ebook, click the image above now and get your copy for free
A recent message from a Pinnacle Digest subscriber regarding our exclusive Ebook:
Just finished your book and it is about as exciting as the Vancouver phone directory unless you happen to be interested in investing in small cap miners, then it is fabulous.
A tremendous research job and an absolute must for investing in small caps.
Since management is the core of a company, it is very important to your success to know who is driving the train and how they have done in the past.
This very excellent book collects years of information into a half day read and a necessary reference book to help guide your investing.
Don’t go out without it.
Thanks for this excellent book, I even like the price.
The Ebook was produced in-house by two Canadian small cap veterans, Aaron Hoddinott (Managing Director for Pinnacle Digest) and Alexander Smith (Head of Market Research for Pinnacle Digest).
On March 4th, 2016, Alexander Smith published an article titled, 3 Reasons Gold Bull is Back which outlined a chorus of reasons for the return of the bull market, including:
“1. Technical indicators have turned bullish.
2. ETF inflows are soaring.
3. Negative interest rates have left investors with limited options.”
The GDXJ traded between $27.06 and $28.94 on March 4th and recently hit a high of $42.32 – marking an increase of nearly 50%.
Shortly thereafter, on April 15th, 2016, we released a Pinnacle Podcast titled, Time to believe in this TSX Venture Bull Market?
In respect to the TSX Venture, Aaron Hoddinott explained,
“…my gut instinct is that the rally will go on into the summer; I don’t think we’re going to see a May exodus like we historically have…”
Just over two months later and the Venture has rallied through May and most of June. The index hit a high of 721.91 on June 16th, nearly 100 points higher (approximately 15%) from the Venture’s April 15th low of 625.35.
TSX Venture Ebook: Leading Juniors to Multimillion Dollar Buyouts
All in all, we featured 17 mining executives in our 2015 Ebook published on February 10th, 2015.
For some context, on February 10, 2015, the Venture closed at 691.04. On Friday, the TSXV closed at 715.36 – an approximate 3.6% gain in that 15-month period. On February 10, 2015, the TSX closed at 15,112.52; and on Friday it closed trading at 13901.77 – an approximate 8% decline in that 15-month period…
The lesson for small cap investors from this Ebook is to be prepared for a change in sentiment – the most important driver behind valuations in the junior resource space. More so than even a major discovery, the sentiment of the investing populous is the predominant influence for the market. And to be in ahead of a major sentiment shift like the one we’ve recently witnessed (TSX Venture is the best performing index in the world in 2016 after being among the worst for four consecutive years) is critical to your investing success.
Below is a list of the mining leaders we highlighted in our Ebook and where some of their related companies/stocks are at as of this past week. Click here to download your copy of the Ebook to access the entire list of executives and related companies.
*Some company valuations and stock prices are not current as of today (June 19, 2016). Figures are in Canadian dollars unless indicated otherwise.
Paul Parisotto – the first executive in the mining chapter of our Ebook
Mr. Paul Parisotto was the CEO of Arizona Star when it was bought out by Barrick Gold in a deal worth approximately $773 million in 2007. He was, at the time our Ebook went to publication, President, CEO, CFO and Director for Chantrell Ventures Corporation (CV.H:TSXV).
On February 10th 2015, Chantrell traded for $0.08 per share and had a market cap of roughly $1.49 million. Today, the market cap has more than doubled to approximately $3.26 million as its shares have risen to $0.175.
Clive Johnson, Founded Bema Gold, which was taken over by Kinross in a deal worth approximately $3.3 billion in early 2007…
At the time of our Ebook publication, Mr. Clive Johnson was the President, Director and CEO of B2Gold (BTO:TSX). In February of 2015, its shares traded for $2.22 per share. B2Gold’s shares traded to a high of $3.06 this past week before closing at $2.86.
Sean Roosen, previously Chairman of Osisko, is now Chairman of Falco Resources
He became a mining legend in 2014 when Osisko Mining Corp. was bought out in a friendly joint deal with Yamana and Agnico in a transaction valued at approximately $3.9 billion. He was Chairman of Osisko at the time.
At the time our Ebook was published, Roosen was the Chairman of Falco Resources (FPC:TSXV), which traded for $0.56 on February 10th, 2015. Its shares have more than doubled in value since then, closing at $1.19 on Friday. The company’s market cap also more than doubled, from approximately $52.7 million to roughly $130 million.
We also highlighted Roosen’s role as Chairman and CEO of Osisko Gold Royalties (OR:TSX) which moved from a price of $15.92 on February 10th, 2015 to a high of $17.10 this past Thursday (closed at $16.63 on Friday).
Michael Gunning, former CEO of Hathor, bought out by Rio Tinto
As the past President & CEO of Hathor Exploration (HAT:TSX), he rose to prominence after the company was bought out in 2012 by Rio Tinto in a deal worth approximately US$642 million.
Back in February of last year, he was the President, CEO, Chairman and Director of Alpha Exploration (AEX:TSXV), which had a market cap of roughly $3.46 million. The company entered into a plan of arrangement with Lakeland Resources to merge as one company now known as ALX Uranium Corp.
Robert Friedland may be Canada’s most famous mining icon and billionaire
Friedland’s list of accomplishments is long. In 1996, in a deal worth approximately $4.3 billion, Inco Limited acquired his company, Diamond Fields Resources. $4.3 billion is a lot of money today, never mind 20 years ago.
Friedland is the Executive Chairman and founder of Ivanhoe Mines (IVN:TSX). The company had a market cap of approximately $486.14 million and was trading at $0.70 in February of 2015. Currently, Ivanhoe has an approximate market cap of $754.3 million. Its shares closed trading on Friday at $0.96.
Andre Gaumond, former CEO of Virginia Gold Mines
Gaumond and his team discovered the Éléonore gold deposit that led to the approximate US$420 million acquisition of Virginia Gold Mines by Goldcorp (G:TSX) in 2005.
He then became the President and CEO of Virginia Mines (VGQ:TSX). In November 2014, it was reported that Virginia Mines and Osisko Gold Royalties would be merging. At the time of our publication, Gaumond’s role was President and CEO of Virginia Mines (VGQ:TSX). Virginia ultimately merged with Osisko Gold Royalties.
The $933 million dollar man – Michael Kenyon
In 2002, Michael Kenyon co-founded and became President and CEO of Canico Resource Corp. (CNI:TSX), which was acquired by Companhia Vale do Rio Doce (Vale) in 2005 in a deal worth approximately $933 million.
Currently, Mr. Kenyon is the Chairman and a director for Detour Gold (DGC:TSX). In February of 2015, Detour Gold had a market cap of roughly $1.97 billion and a share price of $12.51.
Detour Gold’s share price has been on an impressive run, trading to a recent high of $32.81 (closed Friday at $30.03). Its market cap has ballooned to roughly $5.2 billion.
Ronald L. Parratt led AuEx Ventures through to acqusition
Parratt was the co-founder and President of AuEx Ventures (TSX:XAU). The company was acquired by Fronteer Gold (FRG:TSX) in a deal worth approximately $280 million.
Mr. Parratt is the Executive Chairman and a director for Renaissance Gold (REN:TSX). As of February 10, 2015, the company had a market cap of roughly $8.69 million and a share price of $0.28. Renaissance closed on Friday at $0.375 per share and had a market cap of approximately $11.98 million.
Trevor Schultz’s buyout by Crew Gold
Schultz is the past President and CEO of Guinor Gold (GNR:TSX), which was bought out by Crew Gold Corporation (CRU:TSX) in a deal worth approximately $328 million in 2005.
Schultz moved to become the Executive director of operations for Centamin PLC (CEE:TSX) which traded at $1.30 in February of last year and had a market cap of roughly $1.5 billion. On Friday, its share price closed trading at $2.07, and the company had a market cap of roughly $2.34 billion.
Peter Bernier’s history with Richfield and Prosper
Peter Bernier is the previous Founder, President and CEO of Richfield Ventures (RVC:TSXV). The company was bought out by New Gold in a deal that valued Richfield at approximately $550 million.
In our Ebook we highlighted Mr. Bernier’s role as President, Chairman and CEO of Prosper Gold Corp (PGX:TSXV). At the time of publication, in February of 2015, the company had roughly a $3.42 million market cap and share price of $0.11. Its share price hit a high of $0.36 in April of this year and closed at $0.25 this past week. Its market cap sits at approximately $8.8 million.
Ivan Bebek dominates with Auryn Resources
Ivan Bebek is the former President, CEO and co-founder of Cayden Resources, which was acquired by Agnico Eagle for approximately $205 million in September of 2014.
In our Ebook, we highlighted Mr. Bebek’s role as co-founder and Director of Auryn Resources (AUG:TSXV). At the time of publication, Auryn traded for $1.28 per share and had a market cap of roughly $38.57 million.
On Friday, Auryn Resources closed trading at $2.63 per share, giving it a market cap of roughly $152.9 million.
Marc Prefontaine past success with Grayd Resource
Marc Prefontaine is the former President and CEO of Grayd Resource, a company bought out by Agnico Eagle (AEM: TSX) in a deal worth approximately $275 million.
In February of 2015, Prefontaine was a director for Santa Cruz Silver (SCZ:TSXV). Back then, the company had a market cap of roughly $36.74 million and a share price of $0.355. This past Thursday, its shares traded as high as $0.495 before closing the week at $0.395.
Paul Matysek: buyout King
Paul Matysek was also featured in our Ebook. As CEO, he led Goldrock Mines to its recently announced buyout in early-June.
Matysek was the previous CEO of Energy Metals Corp, which was sold to SXR Uranium One in 2007 for roughly $1.6 billion. Following that he was the President and CEO of Potash One, which was bought out for $4.50 per share in a deal worth approximately $434 million in 2010.
Our Ebook highlighted Matysek’s role as President and CEO of Goldrock Mines Corp. (GRM:TSXV). At the time of publication, Goldrock had a market cap of approximately $25.6 million and was valued at $0.285 per share. Goldrock has been in the media of late because it is the latest acquisition target on the TSX Venture.
Fortuna Silver Mines agreed on June 7th, 2016, to acquire all the issued and outstanding shares of Goldrock in a deal valued at approximately $129 million. Goldrock’s share price hit a high of $1.18 this past week and closed at $1.05.
We also highlighted Matysek’s role as a director of Nevada Copper (NCU:TSX), which at the time of publication had a market cap of approximately $109.4 million and a share price of $1.36. Its market cap has been virtually cut in half since, down to roughly $54.6 million. Its share price settled at $0.62 Friday. Needless to say, copper has not been a hot commodity in recent years.
David Hottman still grinding away with Orestone Mining
David Hottman was the Founder of Nevada Pacific Gold (NPG:TSXV), which was acquired by US Gold (UXG: TSX, AMEX) in 2007.
As a director, President and CEO of Orestone Mining Corp. (ORS:TSXV), the company had an approximate $188,000 market cap and $0.005 share price in February of 2015. Today, Orestone has roughly a $566,000 market cap and last traded for $0.015 per share.
Dale Corman: from Western Silver to Wester Copper and Gold
Corman is the former CEO and Chairman of Western Silver Corp., which was bought out by Glamis Gold (GLG:TSX) in a deal worth approximately $1.2 billion in 2006.
As the Chairman, CEO and director of Western Copper and Gold (WRN:TSX) in February of 2015, his company’s market cap was roughly $56.5 million; and its share price was $0.60. Western Copper has seen its market cap increase to approximately $90 million and its shares closed on Friday at $0.97.
Ewan Downie: from Wolfden Resources to Premiere Gold
Downie’s most prolific role involved founding the original Wolfden Resources. This is why we featured him in our Ebook…
Wolfden was acquired by Zinifex Limited in a deal worth approximately $363 million in 2007.
Our Ebook featured Downie in two roles: CEO, President and director for Premiere Gold Mines (PG:TSX) and Chairman of the Board and Director for the new Wolfden Resources Corp. (WLF:TSXV).
In February of 2015, Premier had a market cap of roughly $372 million and a share price of $2.34. Today, it has a market cap around $608 million and last traded for $3.33. It hit a high of $3.80 in April.
Wolfden had a market cap of $11 million and a share price of $0.165 per share in February of 2015. On Friday, its market cap was about $14 million and its shares last traded for $0.19.
Anthony Walsh finds success with NovaGold and Sabina
Anthony Walsh is the previous President and CEO of Miramar Mining (MAE:TSX), which was acquired by Newmont (NEM:NYSE) in a deal worth approximately $1.5 billion in late-2007.
In February of 2015, we highlighted Walsh’s role as a director with Quaterra Resources (QTA:TSXV), which had a market cap of roughly $9.67 million and a share price of $0.05 at the time. After touching $0.14 per share last summer, the stock has declined and closed trading this past week at $0.06.
We also highlighted in our Ebook Walsh’s role as a director of NovaGold (NG:TSX), which in February of 2015 had a market cap of roughly $1.59 billion and a share price of $4.99. Its shares closed trading on Friday at $8.16 and the company has a market cap of approximately $2.61 billion.
The third and final company Walsh was involved with that we highlighted at the time of our Ebook publication was Sabina Gold & Silver (SBB:TSX). It had a market cap of roughly $86.34 million and a share price of $0.445 in February of 2015. Sabina recently traded to a high of $1.87 and closed trading on Friday at $1.06. Its market cap sits at approximately $233 million.
Patrick Anderson’s focus on Dalradian Resources
Patrick Anderson is the former director, President, Chief Executive Officer and co-founder of Aurelian Resources Inc. The company was acquired by Kinross Gold (K:TSX) in 2008 in a deal worth approximately $1.2 billion.
We highlighted Anderson’s role as CEO of Dalradian Resources (DNA:TSX) which had a market cap of roughly $141.66 million and a share price of $1.01 back in February of 2015.
Dalradian Resources hit a high of $1.32 back in April, but closed trading on Friday at $1.00.
Tagliamonte dominates with Belo Sun Mining in 2016
Peter Tagliamonte is the former Vice President, Operations and Chief Operating Officer of Desert Sun Mining Corp. (DSM:TSX). Desert Sun was bought out buy Yamana back in 2006.
We highlighted Tagliamonte’s role as the President and CEO of Belo Sun Mining (BSX:TSX) back in February of 2015. At the time of our Ebook release, the company’s shares traded for $0.19 and it had a market cap of roughly $50.5 million.
Belo Sun last traded for $0.835 (after hitting $1.04 in early May), and has witnessed its market cap increase to roughly $319.7 million.
Mark O’Dea working on Pilot Gold after True Gold buyout
While Mark O’Dea was CEO of Fronteer Gold (FRG:TSX) (FRG:AMEX) in 2011, it was acquired by the world’s second largest miner, Newmont Mining (NEM:NYSE), in a deal worth approximately $2.3 billion.
After highlighting this acquisition in our Ebook, we explained his role as Chairman for Pilot Gold (PLG:TSX) and Executive Chairman for True Gold (TGM:TSXV). At the time of our February, 2015, Ebook release, Pilot Gold traded for $1.05 and had a market cap of roughly $112.6 million. Pilot Gold closed trading on Friday at $0.75. Its market cap sits at approximately $94 million.
True Gold, which had a market cap of approximately $81.76 million on February 10, 2015 and a share price of $0.205, had a strong year following…
Just over 1 year after our Ebook release, on March 4, 2016, it was announced True Gold would be acquired by Endeavour Mining for share consideration representing a value of about C$0.57 per True Gold common share. This valued the company’s total equity at approximately $240 million on a fully diluted in-the-money basis.
Gary Cope’s performance with Orex Minerals
Gary Cope was featured in our exclusive Ebook after successfully acting as President and Chief Executive Officer of Orko Silver (OK:TSXV) when it was acquired by Coeur d’Alene Mines (CDE:NYSE) in a deal valued at approximately $384 million in 2013.
We featured Orex Minerals (REX:TSXV) in our Ebook, which Mr. Cope serves as President for.
In February of 2015, the company had a market cap of roughly $30.5 million and a share price of $0.30. Fast-forward to today and the company has a market cap of approximately $81.96 million. Its shares closed on Friday at $0.74.
Gregory Gibson’s track record since 2012
Gregory Gibson is the former President and CEO of Trelawney Mining (TRR:TSXV), which was acquired by IMG Gold in a deal worth approximately $608 million in 2012.
We featured two of Greg Gibson’s companies in our February 2015 Ebook: San Gold (SGR:TSX), which he was the CEO for; and Kerr Mines (KER:TSX) which he serves as President & CEO. San Gold had an approximate $14.94 million market cap and a $0.04 share price in February of 2015.
San Gold ended up selling its assets to secured creditors, ultimately filing for bankruptcy in June of 2015. Nobody bats 1000 in this game, and this should serve as a reminder that while the gains in this sector can be phenomenal, they do not come without significant risk.
Kerr Mines had an approximate market cap of $15.66 million and share price of $0.13 on February 10, 2015. It last traded for $0.06 and has a market cap of roughly $7.7 million.
Ronald N. Little leads African exploration plays
Little has spent the last 20 years focused on African projects and was the founder of Orezone Resources Inc., a company that developed Essakane, the largest gold mine in Burkina Faso; and it was taken over by IAMGOLD in 2009 in a deal worth $350M.
His new company, Orezone Gold Corp. (ORE:TSX), for which he serves as President and CEO, had a market cap of approximately $52.63 million and a share price of $0.55 in February of last year. The company’s market cap now sits at roughly $142.6 million; its shares closed trading on Friday at $1.12.
Ken Stowe’s focus in 2016
Ken Stowe’s past success involves being President and CEO of Northgate Minerals (NGX:TSX), a company purchased by AuRico Gold (AUQ:TSX) in a deal worth approximately $1.46 billion in late-2011.
At the time of our Ebook publication, we highlighted three roles filled by Mr. Ken Stowe: Director for Zenyatta Ventures (ZEN:TSXV), HudBay Minerals (HBM:TSX), and Alamos Gold Inc. (AGI:TSX).
At the time, Zenyatta Ventures’ market cap sat at roughly $77.85 million and its share price was $1.40. Since then, its market cap has been nearly cut in half to roughly $39.48 million. Its share price closed this week at $0.71.
HudBay Minerals, the second company Stowe was associated with that we chose to feature has decreased in value since as well. Its market cap has declined from approximately $2.3 billion on February 10, 2015 to roughly $1.51 billion. Its share price has declined from $9.85 in February of last year to $6.44 as of Friday’s close.
Alamos Gold, the third and final deal we highlighted Stowe’s involvement with, is a different story. Its market cap has risen from approximately $900.4 million on February 10, 2015 to roughly $2.67 billion on Friday. Its share price is up from $7.07 to $10.09 in that time as well.
Brian Maher works on Peruvian Precious Metals
Brian Maher was the President and CEO of Prodigy Gold (PDG:TSXV), which was acquired by Argonaut Gold (AR:TSX) in a deal worth approximately $341 million in late-2012.
His role in February of 2015 was President, CEO and director for Peruvian Precious Metals Corp. (PPX:TSXV).
As of February 10, 2015, the company had an approximate market cap of $20.44 million and a share price of $0.12. Since then, its market cap has dropped to roughly $11.32 million, while its share price has declined to $0.045.
Kerry Knoll: Stonegate and Darnley Bay Resources
Kerry Knoll is next up and was the Co-Founder of Blue Pearl Mining, which acquired Thompson Creek Metals in 2006 in a deal worth approximately US$575 million.
We highlighted two companies Knoll was involved with in February of 2015: Stonegate Agricom (ST:TSX) for which Knoll serves as a Director; and Darnley Bay Resources (DBL:TSXV), which he serves as Chairman.
Stonegate had an approximate $4.86 million market cap at the time and a $0.025 share price. Its shares closed trading this week at $0.02. The company’s market cap sits at roughly $6.8 million.
Darnley Bay had a market cap of approximately $2.25 million and a share price of $0.06 in February of last year. Today, its market cap sits at roughly $5.55 million and its shares last traded for $0.105 (Darnley hit $0.17 in late-May of this year).
Dave Copeland drives Rathdowney Resources forward
Copeland warranted being featured in our Ebook after he successfully led Continental Minerals Corp. (KMK:TSXV) as its CEO through to acquisition in late-2010/early 2011 by China’s Jinchuan Group in a deal worth approximately $431 million.
We highlighted his role as Chairman and Director for Rathdowney Resources (RTH:TSXV) in our exclusive Ebook.
On February 10, 2015, Rathdowney had a market cap of around $34.8 million and a share price of $0.295. On Friday, Rathdowney closed at $0.255 per share and had a market cap of roughly $30.1 million.
Richard P. Clark and Orca Gold
Clark’s past successes include being the CEO of Red Back Mining (RBI:TSX), which was bought out by Kinross in late-2010 in a deal worth approximately $7.1 billion.
In February of 2015, we highlighted Clark’s role as Chairman and director for Orca Gold Inc. (ORG:TSXV). Back then, its market cap sat around $45.11 million and its shares traded for $0.42. On Friday, the company’s share price closed at $0.31. Its market cap sits at approximately $33.3 million.
Lukas Lundin: a resource legend
Lukas Lundin is one of the mining industry’s titans and has been directly and indirectly involved in many buyouts. For this obvious reason, it’s worth paying close attention to the deals he works on. In February of 2015, we chose to highlight Lundin Gold (LUG:TSX), which he serves as Chairman and Director for.
At the time, Lundin Gold had a market cap of approximately $404.7 million and its shares traded for $4.00. As of Friday, its market cap stood at roughly $569 million and its share price $5.62.
Michael Carrick and RTG Mining
Michael Carrick was the last mining executive we featured in the mining chapter of our Ebook. His past success included being President and CEO of CGA Mining (CGA:TSX), which was bought by B2Gold (BTG:TSX) in a deal worth approximately $1.1 billion in late-2012.
We chose to feature Carrick’s role as Chairman of RTG Mining (RTG:TSX) in our Ebook. As of February 10, 2015, the company had a market cap of roughly $79.5 million and a share price of $0.71. Its market cap sits at approximately $79.2 million today; and its shares last traded for $0.59.
TSX & TSX Venture buyouts: Wrapping Up
Good things happen for juniors when money flows into their treasuries. And as investors, it is important we stay ahead of that capital…
Work while others are tired, uninterested or jumping on the latest bandwagon trend…
Back in 2013 most investors wanted to buy into oil plays – the time to buy those was in 2011. In 2014 marijuana stocks were all the rage, yet many savvy investors were already vested by late-2013. And in 2015 investors flocked to healthcare and tech – the time to get involved there was 2013 and 2014. In 2016 it has been gold and lithium juniors, and the ideal time to get involved with these plays was in Q4, 2015…
We are diligently working to get ahead of the next shift in investor sentiment. That’s how fortunes are made in the small cap space.
All the best with your investments,
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