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

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

Mining is a very difficult business. As an investor, it is even tougher. Most mining companies trade at roughly fair value. Even the cheap ones are rarely cheap enough to interest me. The thing about mining is that when something goes wrong, you can lose everything. To compensate for this risk, I only want mining plays with five-fold upside or better based on current ... Read More