Today’s Wall Street Journal has no less than three articles spotlighting gold’s brief ascent to the $1,000 level. More accurately, the three articles explicitly and implicitly suggest investors stay away from the yellow metal: Taking Down the Golden Barrickades [$] Gold Loses Barrick Benefit — After a Buying Spree, Firm Ends Its Hedging Program [$] Technically [...]
View the spreadsheet containing all disclosures for my complete equity portfolio, including initial entry points, YTD returns, total returns, etc. through August 31, 2009. THE ENLIGHTENED-AMERICAN PORTFOLIO SPREADSHEET Enlightened-American Portfolio: +23.7% YTD (my actual IRR, which lags the equal-weighted returns) DJIA: +8.2% Nasdaq: +27.4% S&P 500: +13.0% DJ WIlshire 5000: +15.4% Russell 2000 (smallcap): +14.5% [...]
Today’s Financial Times features an amusing John Dizard piece which captures much of my sentiment on gold, a sentiment that can be summed up as intensely pragmatic and completely unimpressed with any supposed intrinsic value the metal may contain. After poking a little at gold bugs, Dizard makes the immensely sensible recommendation to hold off [...]
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: +2.5% YTD (including dividends) DJIA: -8.8% Nasdaq: -6.4% S&P 500: -8.6% DJ WIlshire 5000: -8.3% Russell 2000 (smallcap): -11.2% For the first time since I started [...]
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 [...]
