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September 15, 2011

IVO Terminates…


Over the years, I’ve invested in all sorts of companies around the world. Some investments have worked, some haven’t. At all times, I try to learn from my mistakes—the more expensive, the more memorable. If you do not learn, you will continue making the same mistakes. Which brings me to a comment from a successful friend, also smarting from Barclays Bank PLC iPath Inverse ... Read More
Categories: Investments
Positions Mentioned:
August 8, 2011

Volatility!!!


I’ll be quick as there’s a lot of stuff to follow today. As long time readers know, I have a short position in Barclays Bank PLC iPath S&P 500 VIX Short-Term Index Futures ETN (VXX: AMEX). It is a product structurally designed to decay to zero. The problem with being short VXX is that from time to time, it spikes substantially. When that happens, even a ... Read More
Categories: Investments
Positions Mentioned:
May 20, 2011

ENERGOLDen…


Accounting is backwards looking—as investors, we have to be forward looking. That said, past numbers are usually a good starting point for estimating future earnings. Numbers only tell you part of the story—the reason why the numbers are how they are, is often much more important than the actual numbers. Unless you can understand the moving pieces involved in the final numbers, you cannot ... Read More
Categories: Investments
Positions Mentioned:
February 3, 2011

Wiluna Did What..?!?


Back in June, I wrote about Apex Minerals’ Wiluna mine (AXM: Australia). At the time, it was a struggling restart of an old underground mine. I felt that after a number of false starts, the company was taking the right steps to finally achieve profitability. The mill was working at half of capacity so the expensive stuff was paid for. The company just needed to get ... Read More
Categories: Investments
Positions Mentioned:
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China this summer, I was a bit disturbed by the bathroom facilities in the rural areas—the communal poo rag had not yet been replaced by toilet paper.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:
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