| Purchase Date | Price 2013-09-13 |
Gain/Loss
year to date % |
Gain/Loss Since Purchase % |
|
|---|---|---|---|---|
Central
Fund of Canada (CEF.A)
|
9.77
2007-09-04
|
15.4
|
-26.2
|
57.6
|
Silver
Wheaton
(SLW)
|
12.37
2007-09-04
|
25.56
|
-27.8
|
106.3
|
| Polaris Minerals (PLS) |
10.70
2007-06-01
|
1.59
|
59
|
-85.1
|
| MEG Energy
(MEG) |
44.19
2010-12-29
|
35.07
|
15.2
|
-20.6
|
| Cenovus (CVE) |
32.39
2010-07-27
|
30.55
|
-6.2
|
-5.7
|
| Canadian National Railway (CN) |
48.88
2009-04-14
|
101.28
|
13.1
|
109.9
|
| World Fuel Services (INT) |
34.10 *
2009-04-14
|
SOLD
|
||
| North West Company (NWF) |
16.23
2009-05-07
|
23.02
|
6.6
|
41.8
|
| Powell Industries (POWL) |
36.75
2009-11-12
|
58.51
|
40.9
|
59.2
|
| Waterfurnace Renewable Energy (WFI) |
28.62
2010-04-12
|
21.5
|
55.2
|
-24.9
|
| Orbite Aluminae (ORT.A) |
3.24
2011-03-28
|
SOLD
|
||
| ABB (ABB-N) |
20.18
2012-12-13
|
22.91
|
17.5
|
13.5
|
| Oceaneering International
(OII-N) |
52.95
2012-12-13
|
82.25
|
56.3
|
55.3
|
| Deere & Company (DE) |
88.07
2013-01-03
|
82.49
|
-5.2
|
-6.3
|
| Rocky Mountain Dealerships (RME) |
11.89
2013-01-03
|
11.46
|
-2.3
|
-3.7
|
| HollyFrontier (HFC) |
47.95
2013-01-28
|
42.04
|
-8.1
|
-12.3
|
| Titan Logix (TLA) |
1.25
2013-09-11
|
1.28
|
2.5
|
2.4
|
| Kelso Technologies Inc. (KLS) |
2.20
2013-09-11
|
2.07
|
-5.8
|
-5.9
|
| U.S. Silica Holdings (SLCA) |
25.15
2013-09-11
|
25.07
|
-0.3
|
-0.3
|
Precious Metals
The last six months have not been pretty and prices have been volatile. To my mind, traders seem to be confused. On the one hand, some predict further declines with the thought that interest rates will continue at low levels and that with the rebound in the economy, other investments will be more attractive. On the other hand, fears of easing by the Fed, the very feeble condition of some economies, and increased instability in the Middle East have prompted some to lay away a stash of precious metals with the thought that gold will shine again in dark days. I have no opinion and will maintain my current position. In previous notes, I mentioned that I reduced my positions somewhat in consideration of other investment opportunities and a desire to enjoy some of my gains.
Oil
The tar sands companies are marking time, but I think that better days are ahead for a variety of reasons:
- costs of production are more or less known (fewer surprises these days as experience has worked out many of the bugs in the technology)
- an infrastructure is rapidly developing to move bitumen to a greater variety of markets, meaning that producers will likely get a higher price for their product: rail transport has expanded tremendously; a variety of pipelines will ultimately be completed (west-east line in Canada and the Keystone in the U.S) - I am less optimistic about proposals to move bitumen across the Rocky Mountains and, in fact, do not support them as the environmental risks are far too high ... and besides, why should we ship unrefined product which has a relatively low return yet a very high environmental risk?
Holly Frontier has been punished by a narrowing of the spread, but it is a fine company. I will bide my time and enjoy the dividends.
Rail
CN continues to light up the portfolio. Some recent investments along the theme of "rail safety" have promise. I have spread my bets and will likely add a few more positions over time.
-------------------------------
Note that the performance of individual equities is not an accurate measure of the performance of the portfolio as the weightings of investments in various companies varies widely. The differential in investments is largely a matter of risk management. I tend to invest lesser amounts in smaller, more speculative ventures and more in well managed companies which have records of steadily increasing dividend payments.
I don't tend to get bothered by declines in stock prices if I believe that the fundamental reasons for the original purchases remain unchanged. An example is Waterfurnace (WFI) which was punished when the housing market tanked. It's recent performance has been spectacular and the temporary dip in the share price has been offset somewhat by a nice flow of dividends. Company management continued and even expand its R&D activity and also took measures to build its market share. Powell Industries (POWL) has a somewhat similar story in that it has rebounded nicely with the beginnings of economic recovery. Infrastructure will be required in good times and bad, just sometimes more and sometimes less - over time things will even out and good companies such as Powell will do just fine.
My foray into smaller companies reflects a more active interest in investing on my part. After a brief hiatus and some time to reflect, I decided that I liked the intellectual challenge of investing - that it was a good use of my time. Some people like woodworking; some like flying model aircraft and so on. I find that investing incents me to learn more about the world around me. Each day is a new day of learning ... but on my terms ... and that is indeed precious.
Passwords
Accepted wisdom is NOT to use one's surname or given name as a password. Well ... in Hawaii it actually might be good practice, especially if your maiden name is "Worth".
BBC announcers are quite good, but this guy is really good. Password
Accepted wisdom is NOT to use one's surname or given name as a password. Well ... in Hawaii it actually might be good practice, especially if your maiden name is "Worth".
BBC announcers are quite good, but this guy is really good. Password
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