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He Who Laughs Last... 07-27-15

They say the one that laughs last laughs best. We feel this timeless adage will apply to the weakest part of the market—commodities and hard assets. We believe that the losses that we experienced during the first and second quarters will be a prelude to large gains in the period ahead. We do not believe a new bull run will necessarily start in the third or fourth quarter. Read more about He Who Laughs Last... 07-27-15

The Taxman Knocks 07-20-15

Shares of this silver streamer sold off sharply after the company announced that it received a proposal letter from the Canada Revenue Agency—the Canadian equivalent of the IRS—stating the tax agency’s intention to reassess Silver Wheaton’s tax status. The CRA says the company’s taxable income for the 2005-2010 period should increase by more than C$700 million (roughly U.S. $538 million at the current foreign exchange rate). Read more about The Taxman Knocks 07-20-15

Separate Short Term and Long Term

One of our most important rules in recommending the sale or purchase of a stock after surprising news is to focus on how it affects the stock’s long-term potential. Admittedly in this world everyone (including us) competes in the short term. Sometimes our definition of long term is a little shorter than we’d like. Read more about Separate Short Term and Long Term

Aftermath of Greek Referendum 07-06-15

Handicapping the import of the “no” vote in the Greek referendum is a little like trying to pick the winner of the 2020 Kentucky Derby, but as long as all other pundits are trying we will give a go. In the broadest stroke it should mean that Greece will move politically and economically much closer to the East. Read more about Aftermath of Greek Referendum 07-06-15

How Far West is East? 06-29-15

The deteriorating situation in Greece raises major questions not just about its future but also about the make-up of the entire world. To us,  the biggest question is: how far west is east? Read more about How Far West is East? 06-29-15