Before discussing the current CW on oil prices, I’d like to direct readers to a previous commentary I posted back in July 2007: Goldilocks’ Housing Porridge Still Too Cold Please keep in mind back then, 10-year interest rates were hovering around 5% and the prevailing theme of the financial media asserted the most likely outcome [...]
See part 1 (Freeport McMoran FCX) here. Northgate Minerals also had a rough Q3: Gold production of 64.6k oz au fell 28% below projections. Copper production @ 9.2M lbs was 41.3% lower than forecasted a quarter earlier. While their flagship Kemess mine was the main culprit due to some operational issues (now resolved), all three [...]
Beware to those who ignore historical market cylicality. I made two late-cycle investments in stocks heavily associated with copper and am paying for it now. While I hardly bought in at the top, being early doesn’t feel much different from being wrong. Unlike my previous blow-up with American Capital (ACAS), I do not believe the [...]
Bill Gross’ latest investment outlook allows me to flatter myself and wonder if… ahem … great minds think alike (don’t I wish). But seriously, his latest commentary hits directly on a couple of topics I have been pondering myself for some time. More on this topic (What's this?) Eddie Lampert Recommended Reading Added to ValueWalk [...]
Click here to view the spreadsheet containing all disclosures for my complete equity portfolio, including initial entry points, YTD returns, total returns, etc. THE ENLIGHTENED-AMERICAN PORTFOLIO SPREADSHEET Enlightened-American Portfolio: -18.1% YTD (including dividends) DJIA: -33.4% Nasdaq: -42.1% S&P 500: -39.0% DJ WIlshire 5000: -39.6% Russell 2000 (smallcap): -38.2% The portfolio sagged ever lower, finishing November down [...]
