 Good day, fellow investors. Two days ago I made a video about silver and discussed the supply, demand, outlook, everything about the metal and the sector. And we found that the risk isn't that big but the reward given potential crazy things in monetary policy, silver as a hedge, looks very very tempting. And I said that I would really like to see how can I get exposure to the metal through miners or the actual metal hold the actual metal. And then I said, okay, I will look deeper into the sector. Now I want to show you, okay, when I find an interesting sector, what's the process I go through to really dig into it and find interesting things to watch, not really to invest, just to watch for now. So I'll go through the silver sector, the silver mining sector and show you how I do research. I simply take all the stocks in the sector, yes, all of them, and I go through each one of them. After I pass the whole sector, I have a very, very good idea, a much better idea about the sector. This is what I did for gold for China and you have seen a lot of winners when I did that. So every few months I analyze in depth a sector and that gives me much more knowledge about it, much more perspective on how to invest and whether to invest. And this time I want to share you the silver idea. I think it's very interesting and I think you will learn a lot and you will see more about the process of what I'm doing when investing. So I'll be going through each silver miner. I personally will look for low risk, high potential upside in investments as that's my investing style and that is what has done pretty well for me in the past. But I will discuss also the risk reward for each miner. So if you can take more risk, you will find high risk, high reward investments or if you're defensive, you will understand the risks of investing in those investments that look safe but have limited upside. So let's immediately start with the first miner and each day I will try to put one video about a silver miner, just an outlook to show you what do I see, what do I look and which one will I go in depth into research and on that in depth research probably it will be 10 miners or 5 miners from those I will decide which ones I will really watch, which ones I like from a long-term perspective or from a value perspective or from a low risk, high potential return perspective and those ones will be the ones that I might invest in in the next 10-20 years. We are talking life cycle investments on this channel. So let's immediately start with the first one which is Silver Wheaton. It's a gold silver streaming company but it's on the top of the silver miners ETF and that's a great way to start to look at a whole sector through an ETF which holds practically everything in the sector. Let's go. Silver Wheaton, Precious Metals is a streaming company investing various projects around the world already mentioned in some videos gets 50% of its revenue from gold and around 48% from silver so it is a diversified play, a diversified hedge. There is also dividend yield of 1.82% which is always nice when holding such hedges. The 5-year full production forecast is positive, they expect stability from 2017 to 2020 but there is the potential for the upside if some, if gold and silver prices increase and new projects ramp up. What is the company saying about itself is that it is extremely undervalued, the price to earnings ratio, the price to cash flows, the price to net asset value, those fundamentals metrics are much lower comparing to Franco Nevada and Royal Gold, other two streaming companies. So if you look at the cost that Silver Wheaton has, Wheaton Precious Metals sorry, you will see that the average cost is $4.71 per silver ounce and $400 per gold ounce which makes them resilient to whatever happens in the silver market. However, there are always risks and the cheapness of the stock is not for nothing. There are two main risks, the first risk is the Canadian Revenue Agency issue because the Canadian Revenue Agency says that Wheaton Precious Metals hasn't been paying taxes on their profits that they get and they should pay those profits in Canada. And the second issue is the San Dimas mine issue that has been sold to First Majestic, more about that when we discuss First Majestic but it's also questionable whether that, which is a big part of the revenue of Wheaton, will those issues be solved by the new owner or it will be again a dump like it was with Primero in the last year. So let's dig more into that and then at the end we'll conclude with the reward and the risk. So the Canadian Revenue Agency says this that it has interest and penalties and taxes of $333 million from 2005 to 2010. Then it has to still do research from 2011 to 2013 that would add another $300 million. Altogether, Wheaton could be facing a bill of $1.4 billion, Smallwood is the CEO of Wheaton by the end of 2017 and in addition to that it could have other broad further implications for the streaming companies. So $1.4 billion plus further lower profits because all the future profits would be taxed too at a higher rate would imply a big big hit for all the silver streaming gold miners and especially silver Wheaton. What's the issue here? They get the gold and silver as an interest payment on then their upfront investment. If they sell that gold and silver when they get it and they pay taxes in some countries where the profit is much much lower is that the Canadian they should that be taxed in Canada or should they just pay taxes in that country and that's it because the money comes from Canada. So you can ask you can understand it as a loan to that country but the loan originates from Canada or you can understand it oh it's a separate issue in a separate country. The Canadian revenue tax knows much better the Canadian taxes than me so I will leave it to them. The risk as you have seen is $1.7 billion now and a huge hit later on all the profits. So that's one risk. The second risk in the San Dima mine which has been in trouble, primary mining has been acquired by First Majestic then they are now negotiating the revenue stream deal and Wheaton owns some stock, has gotten some stocks of First Majestic so it's a very complicated situation but at the end if they manage to ramp up the mine then it will be good but that's also a risk. So two huge risks if you look at silver Wheaton, Wheaton Pressions metals, I keep calling it by the old name. So that's the risk reward of the situation. Let's compare it to the others. This is what I have researched from now so the undervalued is questionable streamer for Wheaton precious metals. The risks are Canadian tax and San Dima production. This table will get bigger and bigger with time as we cover more and more interesting miners. So minor one down 100 to go when we finish will be masters of the silver market and we'll be able to if there are some, that's always a question I'm not into rush to invest into anything, if there are some we'll be able to identify the best risk reward investments in the field. Thank you for watching, look forward to your comments and I'll see you in the next video.