General Thoughts

A Few More General Thoughts on the Miners

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I’ve received a lot of emails about the posts I did regarding my thoughts on the precious metal miners. As I mentioned in one of the posts, that industry is one that contains many passionate opinions, on both the bull and the bear side. I have received many questions regarding my opinions on the commodities themselves (gold and silver)… of which I really don’t have one, and also questions about Fed policy among other things… I really didn’t get too […]

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I Like Cheap Stocks-Gold Miners Thoughts Part 3

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I didn’t think I’d be writing three posts about mining stocks (I never thought I’d write one post about them actually), but I’ve spent some time looking at them, and have invested small positions in a bunch of them, so here we are… They are cheap stocks, and I love cheap stocks. In part 1 I talked about how hated the mining stocks are (always a good thing), and in part 2 I described some general thoughts on investing in […]

Investment Philosophy

Some Thoughts on Cheap Stocks-Gold Miners Thoughts Part 2

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In my last post I began writing down some thoughts on gold and why I think that generally speaking, there are some undervalued stocks in the group. Today I’ll talk some more about mining stocks, and how I categorize them. First, Some Thoughts on Cheap Stocks It’s important to remember that some stocks, even if the business has few/no competitive advantages, can still offer an investor a large margin of safety and potential outsized returns at the right price. Ben […]

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Investing in Undervalued Themes-Gold Miners Thesis Part 1

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A few weeks back I wrote a post discussing some general areas where you might be able to find some undervalued ideas. I always approach investing from a bottom up perspective, meaning I’m looking for businesses that have undervalued assets or high free cash flow relative to the stock price. I’m trying to find ideas where if I were buying the whole company, I would be satisfied that the assets and/or free cash flow (i.e. owner earnings) would provide me […]

Investment Philosophy

Steven Romick Interview

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Steven Romick is an outstanding investor with a long history of beating the market in the FPA Crescent Fund. Romick is an absolute value investor with a broad investment mandate. He invests in a variety of asset classes including stocks and bonds, but also alternative assets such as farmland and real estate. Romick is a smart guy, and you can learn a lot by reading his letters and watching his interviews. He’s different from most value investors because he willing […]

Investment Quotes

Buffett on Farmland & Exxon Mobil vs. Gold

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Gold and silver prices are crashing this morning and I was reading some news on my Twitter feed I noticed someone link to a post at Ivanhoff.com called Warren Buffett on Gold. Ivanhoff had a nice summary from Buffett’s 2011 Berkshire Shareholder Letter that contains one of my favorite description of gold’s value and how to think about the investment case for the yellow metal. Here is Buffett on how you should think about gold: “Today the world’s gold stock […]