YTD Portfolio Results & Market Commentary

THE ENLIGHTENED-AMERICAN PORTFOLIO SPREADSHEET Enlightened-American Portfolio: +7.2% through August 1st, 2011 (my actual IRR, including cash balance) DJIA: +4.8% Nasdaq: +3.5% S&P 500: +2.3% DJ Wilshire 5000: +2.2% Russell 2000 (smallcap): +1.2% I must admit some pleasure at walking away from the portfolio for a month only to return to YTD results showing us outperforming [...]

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Is Gold Roller-Coaster A Safe Ride?

Last week, I closed my Yamana Gold (AUY) April 2011 $13 covered call position at $0.22 per contract with the stock trading at $12.80, near its strike price. By week’s end, AUY traded up to $13.30, justifying the trade for the time being. I initially opened this position at $0.47 late last year so a [...]

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Gold The Antidote To Delusions Of Market Stability

Last week’s action reinforces my analogy of the financial markets being more akin to car-driving than roller-coasters. Most people drive recklessly far more often than they should but get away with it most of the time. With the market, an unrelenting stream of up days fostered an illusion of stability. It becomes clearer that these [...]

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Market Themes Beginning To Emerge

Following on last post’s observation of the implications of an economic recovery taking hold, I present readers with a trio of intriguing stories from the Wall Street Journal. First, EOG Resources (EOG) announced a change in focus as it seeks to apply new horizontal drilling techniques to search for oil. Despite the company’s assertion that [...]

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John Paulson & Martin Whitman Q4 2009 Portfolio Tracking

Scanning the 13F-HR SEC filing of Paulson and Co. suggests John Paulson employs an active trading strategy. Readers can best view Paulson’s moves in spreadsheet format but some broader themes do emerge: Similar to some of the other money managers already profiled (Berkowitz, Klarman), Paulson is bullish in the financial sector, as evidenced by sizable [...]

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Portfolio -2.3% YTD Through January

THE ENLIGHTENED-AMERICAN PORTFOLIO SPREADSHEET Enlightened-American Portfolio: -2.3% through Jan, 2010 (my actual IRR, including cash balance) DJIA: -3.5% Nasdaq: -5.4% S&P 500: -3.7% DJ Wilshire 5000: -3.5% Russell 2000 (smallcap): -5.1% Our portfolio outpaced all major indices thus far out of the gate in 2010. As always, this outperformance can not be attributed to any [...]

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