As I've noted in earlier posts, I'm currently short gold. That trade has worked against me so far. Like most value investors, I'm wrong before I'm (hopefully) right. I have added to my position today as gold has reached a new high.
Wednesday, April 20, 2011
Stubbed My Toe On A Gold Bar - Feeling Some Pain
As I've noted in earlier posts, I'm currently short gold. That trade has worked against me so far. Like most value investors, I'm wrong before I'm (hopefully) right. I have added to my position today as gold has reached a new high.
Friday, April 15, 2011
Adding To BRK
Well, it looks like BRK has sold off more than I expected. I try to resist making short term market calls, as my track record for calling short term events is poor. I'm using this "unscheduled" pull-back as an opportunity. I added to my position, this week, by 14% @ $80.70. BRK is now my 2nd largest holding with a 9.5% weighting.
Wednesday, April 13, 2011
Trimming The Metals
Nothwithstanding the latest little pull-back, the markets have done very well over the last year or so. As I noted in another post http://valuevestor.blogspot.com/2011/01/time-to-add-risk-hmmm-not-sure-about.html
it's time to be price sensitive as not to overpay for a stocks. Most stocks are fully priced. There are areas of value, as there always are in any market, but the choices are fewer. It's also important to sell companies that have reached their intrinsic value. Many resources stocks, particularily the metals have reached full value, give or take a few percentage points. The NAV's aren't providing the margin of safety they did 2 years ago. I don't see NAV's moving much higher from here. Over the next few weeks I will be looking closely at my major metal/mining holdings and reviewing my intrinsic value estimates and likely trimming some positions. I do hold shares of a mid-tier Canadian miner ( LUN.TO ) that is involved in a potential take-over, so I'll move slow on that one. A big premium buyer could emerge.
The soft commodity stocks still have room to run. I'll continue to hold oil and oil service stocks for now.
I'm turning a little more defensive and plan to raise the cash component in my portfolio.
it's time to be price sensitive as not to overpay for a stocks. Most stocks are fully priced. There are areas of value, as there always are in any market, but the choices are fewer. It's also important to sell companies that have reached their intrinsic value. Many resources stocks, particularily the metals have reached full value, give or take a few percentage points. The NAV's aren't providing the margin of safety they did 2 years ago. I don't see NAV's moving much higher from here. Over the next few weeks I will be looking closely at my major metal/mining holdings and reviewing my intrinsic value estimates and likely trimming some positions. I do hold shares of a mid-tier Canadian miner ( LUN.TO ) that is involved in a potential take-over, so I'll move slow on that one. A big premium buyer could emerge.
The soft commodity stocks still have room to run. I'll continue to hold oil and oil service stocks for now.
I'm turning a little more defensive and plan to raise the cash component in my portfolio.
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