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" ... We understand the appeal of the de rigueur stocks but not the prices being paid. And, we appreciate the reluctance to own the miners but not the unwillingness to do so at any price, especially at current prices. As a preview, this column argues that risk is the possibility that an investment produces losses; that latent value is the possibility, even probability, that an investment produces gains; and that the common stocks of many mining companies are laden with latent value while the risks are overstated and diversifiable. ... "