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Gerardo Del Real: This is Gerardo Del Real with Outsider Club. Joining me today is the President of Global Market Development and one of the most respected contrarian voices in the junior resource space, Mr. Jeff Phillips. Jeff, how are you this afternoon?

Jeff Phillips: I'm good, Gerardo. Thank you for having me.

Gerardo Del Real: Thank you for taking the time. I mentioned in the intro here that you are one of the most respected junior resource contrarian voices in the space. You've obviously done very well for yourself and many others by taking contrarian positions at opportune times.

There's a note recently, it's a report by Morgan Stanley, which predicted that lithium prices would fall by 45% by 2021. They recommended selling shares of lithium companies. It was interesting to me that they were buying on the note.

I don't have another person who I respect more in this space, and I wanted to get your take on the report. Did you get a chance to review that?

Jeff Phillips: I did read the report briefly, Gerardo. Again, I think there's a lot of assumptions in their report that I don't agree with. They have a number of assumptions about the Chinese providing lithium to the markets. They're really going to be refining lithium, not providing lithium to the markets.

They also, I believe, severely underestimate the time it takes from a development-stage project to see a producing asset, not only building a mine but the processing for that and turning it into a finished product.

When they look out four years, because of the lithium price, the commodity going up so much over the last number of years, obviously there's people out there looking to find lithium. So eventually, the higher prices will bring in more supply. I just think they're really being aggressive and overestimating the time to that supply coming on the market.

As far as your comment that they were buying, what New York Wall Street does, it never ceases to amaze me, and they get away with it for decades and decades in different areas. So it wouldn't surprise me that someone's talking bad about a sector so that they can acquire the sector. You've noticed most of the stocks, the producers, have bounced back quite quickly here, or are starting to bounce back. Same with the explorers and some development companies. I think the move down has ended.

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