Q4 Holdings of Boone Pickens, David Winters and Jim Puplava

Boone Pickens’ recent investment hiccups have been well-publicized. A few months back, Pickens appeared on CNBC and disclosed that he had moved BP Capital almost entirely to cash. As you can see in the spreadsheet view, he wasn’t exaggerating. Still, Pickens did retain and open a few positions:

• Pickens bought new stakes into Chesapeake Energy (CHK) and Peabody Energy (BTU). My preferred shares in Chesapeake are the largest holding in my portfolio (see my portfolio here) and it’s encouraging to see oil man Pickens move into CHK even as he sold off nearly everything else.
• The sell list is too long to detail but his three largest positions post-selloff are Transocean (RIG), Devon Energy (DVN) and Occidental Petroleum (OXY). In fact, Pickens seems to have narrowed his focus exclusively to the energy sector. Gone are infrastructure plays like ABB (ABB), Fluor (FLR), Foster Wheeler (FWLT).

Perhaps it’s unfair of me to lump David Winters of the Wintergreen Fund in with the speculative money managers. He probably just has a broader view of value investing than others. In any case, Winters didn’t make many moves domestically as you can see in the spreadsheet. What you can’t see are his moves in foreign-listed stocks. In fact, his two largest holdings (Japan Tobacco and Jardine Matheson Holdings) do not appear in his SEC filing. Visible highlights include the following:

• No new additions to the Wintergreen portfolio but Winters did divest stakes in EBay (EBAY) and Grupo Televisa (TV).
• Like some other money managers I track (Klarman, Berkowitz, Pabrai), Winters is poking his toe into the financial/asset manager sector. The largest augmented stakes were Franklin Resources (BEN), Goldman Sachs (GS) and Leucadia National (LUK). Clearly, some of the value investing pros think enough dust has cleared that obvious winners are now visible. Guys like Buffett, Pabrai and Winters apparently think that Goldman has the brand, culture and staying power to come out of this financial crisis.

Jim Puplava is a financial advisor and host of a relatively popular financial webcast. I occasionally listen to the guest portion of his program but generally find his rigid ideology (which he mistakenly calls politics) too prominent to listen to his whole show. As such, I don’t know what forecast he’s operating on, but his portfolio activity suggests a batten-down-the-hatches approach. The spreadsheet shows roughly 70 positions exited over Q4.

• As one familiar with Puplava’s outlook would expect, 3 of 4 new positions were energy plays: Enerplus Resource Fund (ERF), Hugoton Royalty Trust (HGT) and Sempra Energy (SRE), which is more of a utility.
• The vast majority of his positions are now gold or energy related.
• It appears Puplava may have given up on his Tyhee investment as the whole stake was divested.

You can also find other managers’ Q4 13F filing spreadsheets here.

Disclosure: Long CHK Preferred D, no position in the rest

Comments

[ROLEXDAYTONA:]

CHK I bought in 1998 or 1999 for like 0.50$, I think it's too late to buy it now.

Feb 19 08:14 AM

[silverharp:]

Puplava hasnt sold his Tyhee Shares. He doesnt have to report them as they are not listed on a US exchange. His position has increased

Feb 19 01:53 PM

[Gonewiththe...:]

Puplava still owns 21.8 millions Tyhee shares and will comment on the subject this coming Saturday.
SEC has changed the rules related to the disclosure of ownership and Tyhee doesn't have to be reported anymore.

Feb 19 03:24 PM

[Ballkan:]

Mr, Davy Bui why don't you check your facts befor you comment on Puplava's holdings.
You should know the SEC pules by now.
Please do your research and report - educate us on the requirements of reportings from the SEC.
That will do a justice to you as help your credibility with some that read your filings on the Net.
Please get the facts on those dam SEC rules.!!!

Feb 19 09:52 PM

[Baires:]

Dear Davy Bui,

Please take a look this list and let me know if you have any questions.


REASONS TO INVEST IN TYHEE (Why you should invest in Tyhee)
(as posted on agoracom.com/ir/Tyhee)

"Reasons" represents various contributions made by many individuals.

(Last updated January 23, 2009)

Before going down this list you may first want to view Tyhee's latest September 2008 BTV video posted on its Webb site, tyhee.com
agoracom.com/ir/Tyhee
Also recommended is Tyhee CEO, Dr. David R. Webb's November 27, 2008 interview with Jim Puplava on Financial Sense News, (Hour 6), www.financialsense.com......

REASONS

1. Tyhee’s “robust” Preliminary Assessment (PA) delivered positive economics of a 3,000 tonnes per day mine for seven years producing 1.1 million ounces of gold at a cost of $384 per ounce with additional potential to expand. The PA calls for a combined open pit and underground operation.

2. As of November 2008, Tyhee's current available cash was $5.25 Million. That's nearly THREE YEARS to go without the need for more financing.

3. As of January 22, 2009, Tyhee’s resource, in all categories, amounted to nearly 2.1 million ounces of gold. Given that Tyhee’s geology is “Archean”, the potential exists for even more ore bodies at greater depth than has yet been explored.

4. On January 22, 2009, Tyhee made a major new discovery of high grade ore at Clan Lake and Goodwin Lake represents the most significant new discovery of gold mineralization in the Yellowknife area since the mid 1980’s. And, suggests a much higher resource potential from these properties that are within an economic distance of a proposed central mill at the nearby Yellowknife Gold Project.


5. Tyhee's share price is cheaper, relative to those of its peers.

6. Over the previous five years, Tyhee has added between 200,000 to 250,000 gold ounces per year to its resource at a cost of about $25 per ounce. That may be the lowest cost for gold exploration in Canada. And this could possibly go even lower with the potential for higher grades.

7. Tyhee is well underway in accomplishing many of the components of a Pre-feasibility study or Feasibility study. Although no official announcement has yet been made as to which study will be contracted out to independent engineers for completion.

8. The Yellowknife area has proven to be rich in gold. Historically, nearly 13 million ounces of it have already been mined from mines that have a geology which is essenially the same as that found in those properties now being developed by Tyhee.

9. EXCELLENT AND RAPID RESPONSES TO INVESTOR QUESTIONS. Dr. Webb, has consistently, quickly and comprehensively responded to investor’s emails and phone calls in a thorough manner that’d be hard to match by any other CEO of most any other company, in the precious metal sector, or in any other.

10. Tyhee's Board of Directors and management combined, have had major roles in bringing over a DOZEN mines into production:

Roger Sylvestre was a director of, and Dave Webb a consultant to (and later president) Mongolia Gold when they built the Bumbat Mine in Mongolia. (Unfortunately, the government expropriated the production and took over the mine).

Dave Webb owned the small Mon Mine, and operated during construction in the NWT (privately).

Dave also wrote the qualifying report for Fortune Minerals Limited for their acquisition of the Nico Project in the NWT (an advanced stage IOCG project [post feasibility] at the permitting stage.) This was the first report to recognize the bulk-mineable potential of the property.

Lorne Anderson was CFO of Glamis Gold when they built the Glamis Mine, Rand mine and acquired and expanded the Marigold and Pinsent Mines

Bill Burton was a senior engineer, engineering manager, mine manager, manager of mining, of Echo Bay Mines when they built:

Contact Lake Mine (Port Radium)

Lupin Mine

McCoy Mine

Cove Mine

Kettle River

Round Mountain

Or significantly expanded the Alaska Juneau Mine

Bill also was (and is) COO of Western Canadian Coal when they built the three mines of the Wolverine Project

Hugh Wilson and Denis Taschuk were part of Echo Bay Mines.

Doug Levesque and Rod McKay were involved and managed the Seabee and developed the Santoy Mines for Claude Resources

11. Proven resources may be worth more than total Market Cap makes this a fairly safe play. Tyhee has Measured, Indicated and Inferred. Its ratios are exceedingly good with a substantial component in the M and I categories.

12. Tyhee had three drills operating this past winter, it shut down one in March, another one in August, with lots of core to go yet.

13. Drilling beside legacy holes which previously proved up a mineable resource but not 43-101 compliant has the potential to add a significant amount to Tyhee’s resources.

14. Dr. Webb, Tyhee's CEO and President, is frugal and thrifty. (If he was from Brooklyn we'd say he was cheap.) And, he has a reputation for being ethical. President

15. Dr. David R. Webb did his Ph.D. on the geology of the Yellowknife (YK) region, i.e., invested life’s work here, i.e., foremost expert on the geology of YK region.

16. Close to year round road from Yellowknife (YK) to south and can make ice road from YK to mine. Large Airport in nearby in YK. 90 km from all-weather road, cheap winter road access, all-weather landing strip on property.

17. Mining friendly town, in a mining friendly province/territory in a mining friendly Country.

18. Permitting is well underway.

19. 43-101 compliant resource documentation of about 1.8 million gold ounces which, given Tyhee’s track record, suggest significant resource growth by the day.

20. During each year over the last 5 years, Tyhee has added between 200,000 ounces and 250,000 gold ounces to its resource.

21. Drilling at Big Sky hit encouraging but not gang-buster results. There has been a shift in expenditures to Clan and Goodwin Lakes. Results have been exceptional on Clan, and very encouraging on Goodwin Lake as well.

22.. THE GOLDRANGE: If you ever go up to visit the mine, you get the opportunity to get drunk and dance with the locals at the GOLDRANGE, where miner's have been getting hammered, getting in fights and getting tossed out of for decades!

23. Tyhee has TUNGSTEN to possibly add to the bottom line.

24. There’s the strong likelihood of a District of Open Pits, they should more economical mines in the Yellowknife Project, as well as multiple mining centres including underground mines as well.

25. Big boys like Eric Sprott of Sprott Asset Management, Jim Puplava of Puplava Financial Fund are invested in Tyhee.

26. When I last looked, Tyhee was still located in CANADA!!!

27. And, you got conservative, trusty, oĺ dependable Dave Webb ( and Roger Sylvestre) running the operation but, at the same time, Dave listens hard to Dr. Leanne Baker, Puplava, Frank Barbera and others for advice. And, Tyhee has an exceptionally experienced board of directors.

28. Convenient hydro power supply next to Big Sky and there’s the possibility that power lines could be put in to the Yellowknife Gold Project (YPG) (check Preliminary Assessment for hydro power options to YGP.) Note that right of way runs right over Clan Lake AND Goodwin Lake.

29. Diamond mines have a secondary winter road route which is Tyhee’s winter road route. Their standards and requirements for construction are much higher than Tyhee’s. Tyhee will have free use when the diamond group installs this route.

30. Don't underestimate how important it is to note that it can be estimated that more than half of TDC's shares are in solid hands, like Pulplava and Sprott. This is one of the reasons we haven't seen the stock evaporate like many others have during big stock slides or drops in the POG. Surely, price has enjoyed some movement but it has been relatively stable compared to many juniors.

31. Goodwin Lake results show excellent BLUE SKY POTENTIAL.

32. Some, all or more of Clan Lake’s historic 600,000 oz resource may be brought into the M&I 43-101 compliant resource category. Fingers crossed. However the historic resource was calculated in a non-compliant way so now Tyhee essentially considers this project to be starting from scratch.

33. The nearly quarter million ounces that have been added annually from drilling could be now more likely be starting to come from the Clan Lake and Goodwin Lake Properties. Recent results from Clan Lake are the most encouraging.

34. Another very positive aspect of Tyhee’s PA is that its energy costs are well in hand and ways to reduce it are presented (hydro power). These have abilities to reduce costs (for example hydropower at $0.14 vs $0.35 per kwhr) by 25% or more, while critics have focused on potential increases in costs of 3 to 5%.

35. Mineralization in all deposits is still open for expansion.

36. Much or all of the Yellowknife ore is in basic (not acidic), less toxic material and that this rock is fortunately, more easily milled than the less crushable rock found in other gold mines.

37. Geologist, George Zapata Blake gives Tyhee a VERY STRONG BUY recommendation. Listen at minute 16:30... George has been around the block a few times. He sees things differently than most.

commoditywatch.podbean.../

38. Dave Webb Answers More Questions From Our Cambridge House List Oct 4-5, 2008

(I have paraphrased his answers)

1. Why don't Tyhee insiders own more TDC.V?

Dave said he owns more than 1,000,000 shares which he paid, on the average $0.50/share. He suggested that since he hadn’t been paid while at Tyhee from 1998 to 2001, and is still paid less than the senior consultants, if he had been paid he would own more.

2. It has been said that when insiders own less than 10% of the company, it shows lack of confidence. Do you agree?

Dave said he does not agree.


3. Will Tyhee initiate a Feasibility Study? When? How much would it cost? How long would it take, worse case, best case?

When appropriate, it might. At that point Tyhee would seek bids…. It could be omitted, or take 18 months.

4. What news and when is expected for the remaining of this year?

More drill results, resource estimates, progress on permits. Tyhee’s drill results come out every 6 to 8 weeks. On its August 12th News Release (S9, R12) it said Tyhee expects a revision of the Ormsby resource to be completed within 60 days. Quarterly financials will also be released.

5. After how long of a prolonged PM sector downturn will it make it likely that Tyhee would be acquired or do a JV? Which would you prefer if a long term poor economy forces you to abandon your goal of being an independent miner?

Dave said he didn’t have any idea and that he’d prefer to be bought out for a bagillion (I paraphrase) dollars.

6. Will your Tungsten be a significant benefit to the bottom line?

It could make a contribution, but probably not a significant one.


7. What action is or will be taken to stop suspected illegal bashing of Tyhee?

Dave said Tyhee will take all action that is necessary.

8. What's the most likely obstacle that would hinder or prevent Tyhee from going into production?

His answer: Gold below $500 per ounce, money, permits

39. And on a lighter note...

It has been speculated, by at least one astute observer, that there are tiny little elves who leave large gold nuggets in Dave Webb's socks at night when he sleeps in his tent at Yellowknife. Over 30+ years now, these elves have delivered a resource of 6+M ounces, and over the past 7 or 8 years or so, Dave Webb has been trying to figure out a way to bury all this gold in the ground and recover through a mining operation so people won't think he's crazy, because he knows they'll never, EVER believe him about the elves.

Feb 20 07:58 AM

[silver-bullet:]

Hello Baires,

I hope you didn't bet the farm on Tyhee. It's only 1 mining stock out of thousands out there.

I picked up 1,000 shares of Tyhee at 10 cents/share; and guess what.... I am prepared to loose all $100 dollars if Tyhee goes under. How much did you put down on the betting pool?

Remember, greed can, and always kills you.

Regards.

Mar 08 05:24 PM