One day, the golf club pro was approached by one of the older club members, who said, “Hey there! I will bet you a thousand dollars I can beat you in a round of golf today. No handicapping either, a straight shot-to-shot competition, all you need to do is give me two “Gotchas”.” The club pro readily agreed, no matter that he didn’t really understand what a gotcha was. So on the first tee, just as the pro was addressing the ball and about to hit his drive, the old guy came up behind him and whacked him hard between the legs with a 5 iron, shouting GOTCHA! as he did so.
Come the end of the round and the old guy won. The pro had played terribly and his pals wanted to know what had gone wrong and how he’d lost $1,000. After all, they said, he only had two Gotchas and he’d already used one on the very first tee. To which the pro explained, “Yeah, but you try playing a round of golf waiting for the second gotcha.” End of cheesy golf yarn.
I was asked about Turquoise Hill (TRQ) (TRQ.to) on Twitter this morning and the first thing that came to mind was that golf joke. The problem with Mongolia is that they agree on a contract, promise with all hands on all sacred books that the deal is set in stone, pretend that they are willing to enter into long-term, mutually beneficial deals and then, when circumstances suit the country, its congress will turn around and insist that the mining company re-negotiate the deal (else be thrown out). I don’t see why I should expose my cash to the whims and fancies of non-serious Asian country that farks miners around, changes rules and moves goalposts on a regular basis and without a care in the world. I have enough on my plate trying to keep up with the shenanigans played by LatAm politicos, why complicate life further?