August 1, 2010

Escape From Finance Thinking

I just spent a week canoeing with my father. When you share a canoe, you get to talk about all sorts of things. I always try to keep my father involved in my investment thinking. He’s a great resource because he has good business sense, yet has never been involved in the investment world. He once told me a great story about when he ... Read More
Categories: General
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July 18, 2010


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
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July 13, 2010


On Saturday, I went to the Red Bull Flugtag in Miami. This is an event where teams construct powerless planes and then try to ‘fly’ them off a ramp into the bay. Like most things in Miami, the planes are big on flair and short on actual substance—engineering or otherwise. Let’s just say that most of the planes flopped over the side of the ... Read More
Categories: General
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July 9, 2010

Just A Little Patience….

Let’s face it. Running a business is difficult. Nothing ever goes as planned. There are surprises. Things rarely happen on time or on budget. You need to be a realist about this. If you invest in a company and it doesn’t work out right away—you aren’t always wrong. Sometimes things just take time. I cannot emphasize this enough. Many of my best winners took ... Read More
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July 2, 2010

The Macro Trumps All Else

When I read Security Analysis, the investment bible by Graham and Dodd, I am transported to a past era when investment life was easier. You could focus your energies on finding companies trading at less than fair value. You focused on the balance sheet and the income statement. The economy was static. It grew a few percent a year and economic life was rather uneventful. ... Read More
Categories: Comments On Events
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