Roger III

Fannie's Peter Niculescu: Teflon Executive

May I suggest you go to FNM's website and do a search to download the 'Rudman Report' This was an external third party scathing report of FNM's accounting malaise from the 2004-2005 debacle. Everything you need to about Mr. Niculescu is in there.

Hedging Gold's Volatility

Two strats I like to employ are to go long specific gold company leaders and short the laggards. Worked well with long agnico, short newmont. Another is to play the gold / gold stock ratio. Currently, best to be long gdx, short gld with a .5 dollar hedge ratio.

Valuing Mining Stocks: In Defense of Net Asset Value

Very good article, only problem I have is to arrive at a proper discount rate for an NAV calc. Use CAPM? This can very much make or break the calc. Personally, I feel more comfortable using real option pricing theory to value a project. I believe the folks over at HSBC do a fine job using this methodology.