Lac

"It was time for Peter Munk to write one of his memos to colleagues. Munk wrote similar memoranda earlier for Consgold and later for the Trizec and Lac opportunities. It is his pattern of operation when he has made up his mind on any major acquisition or other strategic initiatives, but still needs to persuade and convince “his people.” On important issues it is required discipline to put the fundamental reasoning plus all the risks, versus rewards, into a written form. It helps people to think about the proposal, and it can be used years after the deal to review the thinking and check the assumptions."

"Gerry Schwartz and Anthony and those guys look at six deals a week! I hate deals. When I do deals, it upsets me, makes me nervous. I always feel that I’m going to make a mistake. I do them to attain my strategic objectives. It sometimes takes a few deals to get there. But I never do a deal per se. I hate it! It’s a totally different mentality. Yes, I did Lac, but God save me from another Lac. And yet I'll do one next year again— maybe because I have to—for getting Barrick in position. But its a different mindset. Their business is to look at deals, like investment bankers. Gerry’s background was as an investment banker. Anthony had some time at First Boston, the investment bankers. I like people like Bill Birchall and Greg Wilkins and Bob Smith, who have run a business for twenty or thirty years and build permanent entities and value for their shareholders. Different mentality."

"a earlier for Consgold and later for the Trizec and Lac opportunities. It is his pattern of operation when he has made up his mind on any major acquisition or other strategic initiatives, but still needs to persuade and convince “his peo- ple.” On important issues it is required discipline to put the funda- mental reasoning plus all the risks, versus rewards, into a written form. It helps people to think about the proposal, and it can be used ye"