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  • You Have Probably Managed Your Money Better Than Leucadia Has Done With Is Assets [View article]
    "Is the investment banking...permanently impaired"
    Doesn't look so impaired over at JPM, Goldman and Morgan Stanley!!
    Aug 18, 2015. 09:22 AM | Likes Like |Link to Comment
  • Arcos Dorados bounces off of 52-week lows [View news story]
    "nothing will change"
    the thing is the business has been growing quite nicely in local currency. Is this really a management issue?
    Aug 18, 2015. 09:18 AM | Likes Like |Link to Comment
  • While Gold Is Getting Ugly, Randgold Is Rolling In Profits [View article]
    Best of breed. I am curious why so many gravitate to AEM and GG which are debt laden. If I want a debt laden miner all go with Anglogold where you are paying far far less per/oz than AEM of GG.
    Aug 18, 2015. 09:09 AM | Likes Like |Link to Comment
  • Which Gold Stock Looks Best? [View article]
    My approach is to put most of my capital into GOLD, which is by far the best manged player that remains profitable at 1000 gold and debt free. I put a smaller amount behing AngloGold which is by far the least expensive most underappreciated player and was recently credit enhaned by selling mine to NEM. People talk about AUY being cheap at $1.75 but AU has only a somewhat larger EV and a ridiculously larger gold footprint. THis basket puts geoplolitical risk aside as I think that has not been the factor that has mattered for the group outside of Kinross (russia). In fact having a positive geopolitcal footprint could hurt (say USA) as costs are not falling like they are in locations with emerging marekt currencies.
    El Macho Deep
    Aug 5, 2015. 02:30 PM | 4 Likes Like |Link to Comment
  • Is Arcos Dorados Rightly Undervalued? [View article]
    This is a bet on Woods Stanton. Also ask: what are you paying per franchise? What is the NORMALIZED profit and FCF from each franchise? IS that a good deal? Is the balance sheet ok for tough times.
    Aug 5, 2015. 10:41 AM | Likes Like |Link to Comment
  • Monsanto: Cheap Doesn't Always Mean Cheap [View article]
    Monsanto's prsentation flags earnings at $5.75 to $6.00 That's under 20x.
    Aug 3, 2015. 11:10 PM | Likes Like |Link to Comment
  • Yamana Gold: Investors Should Avoid This Stock Despite Certain Positives [View article]
    Yamana recently completed a secondary offering to enhance its balance sheet. Plus its debt is largely due a long, long time from now with limited near term maturities. At what point are investors overstating the b/sheet risk?
    Jul 17, 2015. 01:21 PM | 4 Likes Like |Link to Comment
  • Mid-Year Gold Watch: Yamana Gold Edition [View article]
    The Osisko deal was paid partly with SHARES at much higher prices and CASH some of which was clawed back at secondary offering over $4. Osisko is not the problem as evidenced by the good sentiment over at AEM (which has better b/sheet and much better management sure). The sentiment is just real bad. I haven't nibbled because I see AU as the cheaper way to play levered miners and see GG, AEM, GOLD as the ones to own longterm based on franchise quality, management and b/sheet.
    Jul 9, 2015. 10:23 AM | Likes Like |Link to Comment
  • What Is Keeping Up Agnico Eagle Mines? [View article]
    AEM partly paid shares for Malartic so did they really overpay?
    Jul 6, 2015. 04:04 PM | Likes Like |Link to Comment
  • Why Cameco's Recent Drop Looks Like A Buying Opportunity [View article]
    This is a good opportunity in the current eggregiously priced market IMO for the patient. You all need to know that new cacacity that comes on will make long term contracts with Cameco supply. "Spot" uranium is not the key driver of this business as nuclear plants can't fool around.
    Jun 25, 2015. 12:57 PM | Likes Like |Link to Comment
  • Newmont Vs. AngloGold: Balance Sheet Differences Key To Futures [View article]
    And keep in mind those AISC cost figures don't include the $50+ per ounce financing costs.
    Isn't this what the sale of CC&V was about? IT is almost like your article as written without taking into account the $1bn sale and implications. NEM has 4x the market cap of AU and more debt due mainly to *perception* of balance sheet risk at AU. THe facts now who AU has a whole lot less net debt than NEM and is in a position to refi. I would consider long AU/short NEM.
    Jun 22, 2015. 02:46 PM | Likes Like |Link to Comment
  • Newmont Vs. AngloGold: Balance Sheet Differences Key To Futures [View article]
    "But it is a stretch to say the balance sheets are similar. Go to Morningstar and look at the maturities and yield's on Newmont's debt."

    This is an astute response and is why commentator in barrons last year said something like "NEM has a big boy b/sheet.'

    However, let us agree that AU and NEM has a similar footprint in OZ they generrate a year. Yet in your own chart NEm has more gross debt BEFORE the sale of CC&V! So nem is more indebeted by a long way than AU on debt/ounces.

    To the extent that AU has poor terms and structure vs. NEM that is true, but perhaps an opporunity post CC&V. Certainly CC&V will go along way to helping AU extinguish its highest cost debt and refi. One thing you have to consider is that AU operates in places with depreciating currencies. CC&V is a $ based asset and better in the hands of nem which has a nearby footprint. In sum I do not think the balance sheet advantage @ nem is a material factor anymore vs. AU. Furthermore if you really want a gold stock with a good balance sheet check Randgold.
    Jun 20, 2015. 11:10 AM | Likes Like |Link to Comment
  • Newmont Vs. AngloGold: Balance Sheet Differences Key To Futures [View article]
    AU was/is selling at a rock bottom depressed value and just got massively credit enhanced. The debt to market cap for aU was so high because market cap was so low. Take a look out the ounces(and grades!) AU puts out vs. NEM and then look at the market caps and figure it out. AU is a bargain and has similar b/sheet to NEM post the sale. It's also reducing costs quite quickly. IMO NEM is full valued while AU is a bargain and market has massively underreacted to the implications of the sale of CC&V.
    Jun 19, 2015. 12:17 PM | Likes Like |Link to Comment
  • There Are Way Too Many Gold Companies In The World [View article]
    This article is well intentioned but unhelpful from an investment standpoint.
    Jun 10, 2015. 02:29 PM | 7 Likes Like |Link to Comment
  • Is Gold Finally Scraping Bottom? [View article]
    "1913 to ..."

    Yes, gold is a good store of value through long periods of time. But that does not make for an investment thesis! Fiat currency is not designed to be durable through time, it is transactional. Many important gold stocks are hitting fresh new lows eg., GG, AUY.
    Jun 10, 2015. 02:20 PM | Likes Like |Link to Comment