Tim McElvaine ranks among my all-time favorite value money managers. His just posted his "We Are Here" letter for the quarter ended June 30 (you can get it going here).
McElvaine reports not owning any gold, unlike yours truly. He's owned gold mining stocks in the past, but thinks owning gold today is too much "investing with the crowd." I think there's more to gold than that, but agree with him about the gold advertising on TV. What's more, I suspect many gold dealers on TV are ripping people off with outrageous fees and the like. Many but not all. That said, Tim lives in Canada and the gold-as-insurance play applies much more to those of us in the US. Though my last point on this particular subject is the most important one: McElvaine is the real deal and way, way, way smarter than I'll ever be.
One area we have in common is small caps -- even micro caps. My recent purchases include Geeknet (LNUX), Unifi Inc. (UFI) and XETA Technologies, all of which qualify as micro caps. McElvaine points out these types of stocks increases volatility. Very true and something anyone in that area must understand. And have a strong stomach for at times.
Be sure to read the linked report. And if you've never done so before, take the time to read the other reports listed on the McElvaine Investment Management site.
McElvaine reports not owning any gold, unlike yours truly. He's owned gold mining stocks in the past, but thinks owning gold today is too much "investing with the crowd." I think there's more to gold than that, but agree with him about the gold advertising on TV. What's more, I suspect many gold dealers on TV are ripping people off with outrageous fees and the like. Many but not all. That said, Tim lives in Canada and the gold-as-insurance play applies much more to those of us in the US. Though my last point on this particular subject is the most important one: McElvaine is the real deal and way, way, way smarter than I'll ever be.
One area we have in common is small caps -- even micro caps. My recent purchases include Geeknet (LNUX), Unifi Inc. (UFI) and XETA Technologies, all of which qualify as micro caps. McElvaine points out these types of stocks increases volatility. Very true and something anyone in that area must understand. And have a strong stomach for at times.
Be sure to read the linked report. And if you've never done so before, take the time to read the other reports listed on the McElvaine Investment Management site.
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