gfp

GLD and physical gold are taxed as collectibles at high rates. Why wouldn't somebody who wanted to short gold just short the highly liquid futures contracts on the nymex? There are even mini sized contracts at nymex and cme now if the contract size is too large for you. My advice - don't short gold. Work on company valuations where you have some edge (hopefully). There are much easier and safer ways to make money than identifying the biggest bull market of the decade and trying to short it. Just ask the owners of 10 year yield calls who thought they were making the trade of their lifetimes. Bull markets end in speculative frenzy. Prices usually become pretty stupid at the end when your cabbie is buying (houses/tech stocks/gold/bond funds)... Most people own zero gold, so the bull market has a long ways to go.

Hi, I'm pretty new on this board. On the topic Pabrai mentioned of a basket approach to Japanese companies, I have an investment in a wisdomtree small cap dividend weighted fund, ticker DFJ that some might wish to check out.

Regarding the post below - The reason it traded above 26 was because of a large circulation email to generally unsophisticated investors - sent by an Agora Inc. subsidiary, Stansberry & Associates. This company was the reason for many of the sudden spikes in the series A pref. To see a similar effect by the same publishing house, look at TPL in mid August. (I'm new here on this board, happy to see such high quality information here) "Good timing. I chickened out and sold all of mine at 25.40. Did not think people would be crazy enough to bid it any higher. Still don't get why people paid over 26 to take the risk of a highly probable 4% absolute (i.e. not annualised) loss just for the prospect of getting an 8% annual yield. Another nail in the coffin of Efficient Markets, I guess."