The Fund was down 18 bps in April. The main positive contributors were tobacco and Japanese equities and short-end interest rate receivers. These gains were more than offset however by the pullback in the US dollar. We continue to maintain a long equity risk exposure through companies least exposed to the business cycle, whilst favouring…
After twelve years of continued price appreciation, precious metals have taken a bit of a bath this year, and to the despair of many… In a year during which the US government raised its debt ceiling, surpassing $16 trillion, and with the US Federal Reserve becoming even more aggressive with their quantitative easing program and…
David Einhorn President, Greenlight Capital, Inc. The Fed’s Jelly Donut Policy A Jelly Donut is a yummy mid-afternoon energy boost. Two Jelly Donuts are an indulgent breakfast. Three Jelly Donuts may induce a tummy ache. Six Jelly Donuts — that’s an eating disorder. Twelve Jelly Donuts is fraternity pledge hazing. My point is that you…
Below are a few para’s from legendary investor Seth Klarman that seem prescient to us with regards to some of our mining picks of late – ABG, KAZ, LMI and pretty much any gold miner you wish to mention… When the market moves against you but you are firm in your fundamentals, it can be…
Suleiman Kerimov Well, the final countdown begins for a near certain re-tabling of a takeover offer by the 3 oligarchs looking to steal (sorry, take private) ENRC and so end the hapless saga that has been the company’s listing experience… This weekend there were conflicting stories out from both the Telegraph and Sunday Times, with…
I think that I would have to confess that I have learned more about the markets and trading in the past year, than in the past twenty. Certainly having a couple of books published in the past year has helped gather my personal store of knowledge, but an advantage of writing about the markets…
Courtesy of Edison Investment Research – Gulfsands has successfully diversified its business away from Syria and now operates in Morocco, Tunisia and Colombia. We increase our 2014 RENAV to 121p per share (453p unrisked) driven by the valuation of its highly prospective Fés permit, expected to drill in H214 (30p risked, 325p unrisked). Our valuation…
The Dow is up 16.8% year-to-date, ranking ninth over the past 100 years. The Dow has had 63 positive days so far this year. Only two other years have had more than that, and one other year has tied that. The Dow has lost 1% or more during a single session only twice so far…
Hedge funds are usually referred to as the “king of all investments”. In reality, only a few fund managers have actually produced consistent stellar performances over the last two decades. however. The best portfolio managers have produced a whopping 20% to 30% gains on average per years, whereas as a whole, the hedge fund…
1. Black Tuesday October 29th 1929 The Dow Jones industrial average plummeted by 11% and 16 million shares were traded on one day. That was a record in itself. It took until 1954 for the average to get back to the pre-crash figure. There was a knock-on effect even back then and Canada lost 50% of…
