Tim McElvaine has posted his Q3 note to investors in his McElvaine Investment Trust on his site. You can go here to access it.
Among the interesting bits include his discussion on why he's not invested in gold or gold-related assets. He feels it is too much a play on emotion. Tim is way smarter than me, so I may end up with substantial egg on myself due to my large gold position.
That said, I think gold has been going up because the value of paper currencies have been going down -- gold is now seen as money, in other words. And gold stocks can be a way to play this with leverage.
Then again, with Tim up in Canada, and the Canadian dollar in much better shape than the US dollar, there may be no need for him to get into gold in any meaningful way (though I know gold bugs may disagree).
Other interesting stuff: McElvaine is practically fully invested with just 4% in cash. He's only got 4% in the US. And he's starting to get back into Japan in a meaningful way. Most of his portfolio is in Canada -- especially Canadian small-caps -- with 72% of assets north of the border.
McElvaine has virtually all of his net worth invested in his Trust. And Peter Cundill is the single largest investor in it.