thowed

Always been my problem with Gold Miners - so many disappointments over the years. But no doubt that if you get the timing right (I can't) then there will be some aggressive profits to be made.

The GLD ETF started in late 2004 - and basically over 20 years, it is basically neck and neck with SPY (though in a different pattern). So it has been a pretty awesome diversifier for that period. I get it's not for everyone, especially the smart people here, but if I was doing a basic 60/40 tracker portfolio for someone, I would make 20 of the 40 gold, no problem. I think it also depends what country you're in. The US$ has held up pretty well over time, but apart from the Swiss Franc, the long-term exchange rate charts against Gold are quite something. However it's not impossible to imagine that in the next year or so it gets to a 2011 excitement level, and then comes back down for a while.

I pitched it on here a few months ago! It's been doing OK!

I think it's necessary to do some proper research before investing in Uranium - there are various nuances not immediately apparent (as with most investments...). e.g. Two prices: Spot Market and Term Market. e.g. 'Russian' price vs 'US' price. (I may be wrong, but I think that Sprott Uranium is US, and Yellow Cake is Russian/Kazakh.) I'm just a tourist, so this may all be wrong, but just a heads up.

Oil Royalties in last 2 weeks: top-up on TPL, LB and PSK (but part swap: sold BSM to fund).

Yeah, I mean investing in your home country is always going to be a good place to start, as you know the ins & outs, politically, better. It's funny hearing a bunch of Americans saying negative stuff about Europe and getting some of it wrong, which is probably about the same as all the negative stuff we say about America, some of which we also get wrong. But it feels like some of you are saying Europe is on a par with China governance-wise, which is clearly a nonsense. Sure European stockmarkets are not nearly as dynamic as they used to be, but there are still some magnificent companies about. I think this topic has run its course, there were some interesting points, but the simple answer to the title is 'No'.

This applies to a lot in life.

I agree that unelected EU bureaucrats can be a pain. However I am also pro interoperability. It just makes things easier. (This is a generalisation - I'm not into interoperability if it weakens security, creates lower quality standards etc.).

Yep, it's fun watching. New series is one of the best, I think, not quite as silly as some of the others. Already had Rebel Ridge on my list, so thanks for the extra tip.

Obviously they don't have to, but personally for extra tight corporate governance, I'd like to see a note issued explaining why he's made such a big sale. Otherwise it just creates speculation that something is wrong. Not ideal.

+1. Really great to hear from an insider. That's hilarious it was Ackman, and vintage Buffett-speak 'fins showing'.

@mananainvesting There's a massive thread here!

@Eldad Am with you on Terravest. Teqnion is in my too-hard pile, or tbh I don't believe in the management - feels like too much Buffett-esque platitude style over substance. Lumine I am also with you, though fear I may have bought at too high a price - but fingers crossed!

Largest adds this year have been FFH and TVK, though I only initiated them last year. They were both companies I felt were quality at a reasonable valuation. I've bought small bits of the highest quality companies that I love but are indefensibly expensive. From things like CSU, I've learned that a basket of companies like this should do well, despite the punchy price, but still find it hard to buy them.

Thanks. Not as cheap as it was, but if they keep on firing as they have been, hopefully buying today will work out over time.

FFH and TVK top-ups.

Bond yields going down on bad economic data? Concerns that Fed won't be cutting rates quickly enough. Think that was it.

Thanks. Separately, UMG has been very disappointing. I mean, I get that these big drops can happen, & it's a concentrated portfolio. But I still think that the concentration of UMG was insane - and felt like it was purely because he screwed up the SPAC. I feel like for portfolio management purposes he could have sold a little every quarter and signalled it was for concentration purposes. i'm sure there's a smarter way to do it, but along those lines. Apart from that no complaints - well, apart from wishing he'd shut up on Twitter.

@Gregmal Curious to know if you did buy this, would you swap your PSH for it, or have both? Just trying to get a sense of what US-based PSH holders might do. It's quite fascinating - I don't know how hard it is for US people to own PSH tax-wise, and how the combination of that + different fee structure will affect the relative discounts of the two funds.

Albini - what a guy. Used to listen to Atomizer a fair bit - things like Kerosene still hold up - intense! And he produced a few of my favourite albums. Good to find some indie people on CoBF - I suspected general tastes were more conservative. However I must confess I could never get into the Smiths.

Wow - that's crazy. It boggles the mind how much faith people are putting into AI, not thinking about the blatant errors. If you think how much nonsense there is already on the internet, and then that this is training AI, it's no wonder. God help us all...

I have just sold my last tranche of a China Mid-Cap Growth fund, so the market's probably ready to rip now!

Can't believe how cheap it is, though I'm rusty on it, so don't know how affected by all the deals they've done this is. Maybe they're better now, but I've generally steered clear as the Keswicks have generally been a family that don't seem to care about shareholders, just themselves, which I find problematic in a family holding co. But maybe new generation are taking over & improving things.

@valueventures Sorry for late reply. I don't know CRH so well - but much more Global than BLDR for starters. Thanks for pointing out - I should do more work for comparison.

Neil Young is a musical hero - the amount of stuff he's done! I like to imagine he'd have got on with Charlie Munger - both free-thinking & occasional curmudgeons! Have been recently listening again to one of my favourite grunge-era bands, The Jesus Lizard. Incredible live act in their day. One of their best songs was called Boilermaker, though it was years more before I discovered what it meant (not a thing in the UK!) cc. @boilermaker75