Benjamin begins by discusses the Oyu Tolgoi copper and gold mine. While he likes it, he thinks the Mongolian government will nationalize it bit by bit, because they can. He says that, while it’s a good project, he would rather invest somewhere that has a more stable regulatory environment. Benjamin then talks about the Pebble copper and gold project in Bristol Bay, Alaska. Benjamin sees this as the cheapest call option on copper available in the world, but that it is not economic in the current political environment. He also does not like the water management issues that are involved with the project, given the location. Overall, Benjamin thinks there was a level of arrogance in trying to get the Pebble project done, which is one of the reasons why he thinks it didn't work this time around.