Ever since I started buying gold in 2003, people have been concocting stories about why it’s a bad investment and why every pullback is indicative of the top. None of these stories has had much merit, but they all need to at least be explored. The latest thesis goes something like this: gold is a bubble driven by investment demand. Jewelry demand is in ... Read More

Like most investors, I spent the weekend watching television trying to make sense of events in Egypt. First I tried American news networks, but quickly tired of them. Anyone care that a guy swallowed a quarter? Will Charlie Sheen survive rehab? If you want to know what’s going on anywhere in the Middle East, you tune into Al Jazeera’s English webcast. I watched slightly ... Read More

What happens when a commodity goes up in price? They produce more of it. What happens when it goes up way beyond the cost of production?They produce a even more of it. What then happens to the price? There will be a whole lot of disappointed longs. As I went through my commodity charts this weekend, I was surprised at just how strong these ... Read More

This summer, I found myself in the small town of Ross, where the largest gold nugget in New Zealand was discovered.  I went to the famous stream where it was found, felt a stroke of good luck and rented a pan and shovel. Almost immediately, I saw little flakes of gold. I couldn’t believe my luck. Within 20 minutes, I found a little clunker ... Read More

What if you tried to corner a market, but no one believed you?  What if they didn’t think you had the competence to pull it off? Or the gumption? What if they didn’t think you had the capital to actually do it? What if you talked a big game, but then came up short? That sure would be a disaster for anyone who had ... Read More

Two weeks ago, as the fate of Europe hung in the balance; I got a witty email from a friend. “What’s the difference between Ireland and Iceland?” The answer: “Two years and a letter” “LOL, ROFL …!” I responded. In case it isn’t clear, two years ago Iceland collapsed and ironically, there is only a single letter of difference in their names. Then I ... Read More

A funny thing happened while I was in Asia—cotton made new all time highs. I’m a big believer in watching what assets are at new highs as new highs always tell you an interesting story. What sectors are booming? What’s popular as an investment? What associated industries should be doing well, or hurting? You always have to ask yourself those questions.  All time highs ... Read More

As we come into the homestretch of yet another dismal political season, I thought it would be helpful to remember a simpler time, a time when politicians promised only two things; beer and babes. Naturally, I’m talking about the election for fraternity president. It was my first taste of true politics. Sure, we had middle-school student council elections, but we always knew those were ... Read More

A few years back, on a trip to some Third World nation, I remember asking a successful businessman why more small businesses are not public. His response was sublime. “I keep two sets of books—one for the government and a real one for myself. I am not showing anyone the real books. If I have shareholders, what will I show them? I will never ... Read More