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January 9, 2011

What Happens When 4 Billion People Decide To Use Toilet Paper???


When I was in China this summer, I was a bit disturbed by the bathroom facilities in the rural areas—the communal poo rag had not yet been replaced by toilet paper. Even in tourist locations like the Great Wall, the restrooms had a rag attached to the wall to be used for wiping your ass. I had to ask our tour guide for confirmation ... Read More
Categories: Investments
Positions Mentioned:
December 29, 2010

2010 Year End Position Updates


It’s time for the year end position review. As you can see, it’s been a good year for the home team. My strategy of focusing on a small handful of companies has once again paid off with a lot of winners.  I would have liked to have made more investments, but you can only work with what the market gives you. Throughout the year, ... Read More
Categories: Investments
Positions Mentioned:
December 5, 2010

Energold “Bought Deal” Financing


After the close on December 2nd, Energold (EGD: Canada) announced that it had entered into a “bought deal” financing with a syndicate of underwriters to raise CAD $15 million. The terms are a unit at $3.70 with a 2 year half warrant at $4.50 that is callable at $5.25. I had no idea that such a financing was imminent and was shocked to hear ... Read More
Categories: Investments
Positions Mentioned:
November 19, 2010

A Way To “Play” Mongolia?


I apologize in advance that it will take some legwork to buy shares in BDSec. Some of this is a repeat for frequent readers of this site, but I want to put all the information in one place. I have finally found a way to get some exposure to Mongolia. Finally…. BDSec JSC (BDS MO Bloomberg Ticker) is the largest brokerage firm in Mongolia. It ... Read More
Categories: Investments
Positions Mentioned:
October 12, 2010

All GROWn Up


Three months ago, I bought shares of US Global Investors (GROW: Nasdaq). At the time, the shares were trading for little more than adjusted book value and about twelve times run rate earnings. If you striped out the adjusted book, the shares traded for a low single digit multiple on earnings. Clearly this was a cheap valuation. Furthermore, the company pays a two cent ... Read More
Categories: Investments
Positions Mentioned:
September 14, 2010

Position Updates (September 14, 2010)


I spent the last week going over my positions and finding out what I’ve missed while on the road. Since I’ve gone over this exercise, I might as well share the results. You can see the full list at Positions Mentioned. The last position update was on June 23, 2010. AAG.v   Price At Mention   $0.56      Current Price $0.87     Change   +55.36% Since I first wrote about ... Read More
Categories: Investments
Positions Mentioned:
July 18, 2010

Invicta


There are only two times when you can make large multiples on your money in mining (three if you want to roll the dice on exploration). The first of these is a situation where there was a failed production start-up and the company now trades for a good deal less than was spent to build it. The other time you can make large multiples on your ... Read More
Categories: Investments
Positions Mentioned:
June 28, 2010

Index Fund Shopping Day


Billions of dollars are invested in index funds. The index funds follow strict guidelines on what companies can and cannot be included in the index. These funds are rebalanced from time to time. When the guidelines say it’s time to sell—they sell. Index funds have grown to be so large that they move markets when they need to get out. It’s mechanical and sometimes ... Read More
Categories: Investments
Positions Mentioned:
June 23, 2010

Position Updates (June 23, 2010)


Every once in a while, it is useful to go over what has changed amongst the positions I have mentioned. I want to make one thing clear. This is a diary of my investing. This isn’t a list of recommendations for playing along at home. These are not recommendations to do anything. AXM.ax I have nothing to add. To the best of my knowlege, ... Read More
Categories: Investments
Positions Mentioned:
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