January 2014 Edition of The Financial Passage Maker

January 2014

The Financial Passage Maker

The Voyage

1. The Financial Log Book

Some very nice gains have been recorded over the past twelve months; however, precious metals have suffered. In reviewing the holdings in precious metals, I comment on the mining cycle and risk as perceived by various players in the mining industry.

2. View From the Masthead

Many of my best discoveries in recent months have been the result of systems modelling and hierarchy theory. A preliminary sketch is provided along with how the approach was applied to the area of rail safety, especially with regard to tanker cars.

A discussion of investing in “fallen knives” digresses into a brief treatise on the wonders of the west coast of Vancouver Island and aboriginal art.

3. View From the Gun Port

No targets yet within range, although I am continuing with my research in agriculture and the refining of petroleum.

4. Recommended Reading for the Moorings

The Music of Ariel Ramirez – One of Argentina's National Treasures

1. The Financial Log Book

Entity	Initial Price/ Purchase Date	Price 2013-12-31	Gain/Loss year to date %	Gain/Loss Since Purchase %
Central Fund of Canada (CEF.A)	9.77 2007-09-04	14.03	-32.8	43.6
Silver Wheaton (SLW)	12.37 2007-09-04	21.45	-36.8	73.4
Polaris Minerals (PLS)	10.70 2007-06-01	1.8	81.5	-83.2**
Cenovus (CVE)	32.39 2010-07-27	30.4	-4.3	-6.1
Canadian National Railway (CN) *	48.88 2009-04-14	60.56	37.2	151
North West Company (NWF)	16.23 2009-05-07	25.74	19.6	58.6
Powell Industries (POWL)	36.75 2009-11-12	66.99	67.7	82.3
Waterfurnace Renewable Energy (WFI)	28.62 2010-04-12	23.99	77.4	-16.8
ABB (ABB-N)	20.18 2012-12-13	26.56	36	31.6
Oceaneering International (OII-N)	52.95 2012-12-13	78.88	50.8	48.9
Deere & Company (DE)	88.07 2013-01-03	91.33		3.7
Rocky Mountain Dealerships (RME)	11.89 2013-01-03	12.79		7.5
HollyFrontier (HFC)	47.95 2013-01-28	49.69		3.6
Titan Logix (TLA)	1.25 2013-09-11	1.27		1.6
Kelso Technologies Inc. (KLS)	2.20 2013-09-11	3.14		42.7
U.S. Silica Holdings (SLCA)	25.15 2013-09-11	34.11		35.6
Oak Tree Capital Group (OAK)	56.45 2013-10-28	58.84		4.2

*CN split 2 for 1 2013.12.02

** does not reflect impact of follow-on investment @ $.67 per share

Precious Metals and Mining Exploration

It was not a great year for precious metals. I trimmed my positions with SLW and the Central Fund significantly in order to free up cash for other investments which hold the promise of greater gains. It never hurts to take a profit.

One of the reasons for continuing to hold a small position in SLW is its strategy to acquire additional streams of gold and silver – this at a time when prices are depressed and where it can use internal sources of funding and access to a $1 billion credit facility for new purchases. I will leave it to readers to visit Silver Wheaton's website in order to learn more. Even at today's prices for gold and silver, SLW enjoys a positive cash flow.

My reason for maintaining a small position in the Central Fund of Canada is my belief that, at the present time, bullion will be a more solid “investment” than mining equities which are likely to be pounded down disproportionately by souring investor sentiment. The CEF.A is liquid and I can convert my holdings to cash quickly. There remains the potential for a substantial upside – I say this on the basis of previous experience when I invested in precious metals quite heavily when market pundits opined that gold was a relict and a thing unfit for “investment”. My experience of a few ten baggers (with mining juniors) several years ago has confirmed for me that theory and dogma, most often, do not result in fat pocketbooks. I can afford to wait.

The “gold is dead” mantra of recent months is to be ignored. It is the product of talking heads who live in societies which have not experienced major dislocation. Most of the world lives in different circumstances. With an increase in global prosperity, many people in developing countries now have the wherewithal to establish a “store of value” which cannot be devalued, frozen, or otherwise stolen by government.

I will not hesitate to speculate once again in precious metals ... but not now. At present, the industry is being hard hit by declining commodity prices and rising costs. As a result, companies are changing their operations: ore bodies are being high graded; projects are being abandoned and exploration is being cut back significantly. Investors are discouraged, especially those who have seen their holdings reduced by more than half during the past year. The management indiscretions of hormonally overloaded executives with a major disregard for risk are exacting a major hit to the share prices of former market darlings.

While researching the mining cycle, I came across a wonderful source of information, Minex Consulting: http://minexconsulting.com/index.html
It's principal, Richard Schodde, has a rare ability to present information through the use of compelling graphics. You can access many of his papers by clicking on the “publications” button on the above-noted web site. It is one of the best of breed: substantive, insightful and comprehensible. The man knows his craft.

One of the most interesting presentations addresses the state of exploration in Canada and throughout the world. It's entitled, The rising importance of Junior Explorers ... and the key challenges they face going forward. Here is the link: http://www.minexconsulting.com/publications/R%20Schodde%20Quebec%20Conf%20Nov%202013%20FINAL.pdf

Mr. Schodde makes several interesting observations, among them:

• the rising importance of juniors in the mine finding game;
• changes in exploration technology and its impact over the past century;
• the impact of rising material/labour costs in curtailing activity on the ground (i.e. it's more expensive and, with a reduced rate of discovery, there is generally less “bang for the buck” on investments in exploration ... he also compares rate of return on exploration expenditures in various countries ... while Australia may be located at the bottom of the world, it's returns from exploration expenditures sit on top;
• the notable reduction in mineral reserves in Canada over the past 30 years;
• the importance of Tier One (the mega finds) and the reduced rate at which they are being discovered in Canada;
• the concentration of major discoveries in only a few geographic areas of the globe;
• the relationship between commodities prices and exploration activity .... he really does a fine job with this; and,
• the trend for larger companies to take over mine development (not surprising given their need to replenish reserves).

I will continue to monitor the exploration cycle closely. I will pay special attention to the following:

• the advent of new technologies and geological theories which could be game changers;
• companies helmed by wise managers with great track records (it is no accident that some are “luckier” than others);
• companies with operations which could be ramped up quickly without the addition of significant capital expenditures in order to meet increased market demand; and,
• initiatives in countries where business risk is relatively low (e.g. I consider taxes, regulatory regimes, political stability, the administration of the rule of law etc.).

I will likely focus on Australia and Canada and will monitor some of the larger mining properties where further exploration could yield major benefits. (If I had been smarter years ago, I would have latched onto a company in Red Lake, Ontario which expanded its reserves significantly.)

Every year, I make it a point to read the Fraser Institute's annual Survey of Mining Companies. The survey takes the “pulse” of participants in the mining industry and their take on the viability of mining exploration and development in most jurisdictions in the world. I usually skim the report quickly to get a general snapshot and then concentrate on the narratives near the end of the report. This year's survey re-enforced my view to focus on Canada, the U.S. and Australia as well as Nordic countries. The survey is available here: http://www.fraserinstitute.org/uploadedFiles/fraser-ca/Content/research-news/research/publications/mining-survey-2012-2013.pdf

Investing in Fallen Knives - Waterfurnace and Polaris

The stocks of these companies have performed wonderfully well over the past year.

I am now above water with WFI given the impact of my follow-on investments and accumulated dividends. I do have several worries:

• the high payout ratio for dividends, especially given the recent trend for sales figures. It may be difficult for the company to maintain its dividends at current levels;
  
• moribund sales figures - the recovery of the company will be slowed by the likelihood that natural gas prices in North America will not rise much over the next five years. In light of this, there is little incentive for homeowners to invest in energy efficient technologies such as geothermal heating and cooling.
  
• Waterfurnace has invested heavily in a joint venture in China, and I worry that the company may not have the size and leverage to resist “expropriation” by Chinese interests as has occurred with some joint mining ventures and other small enterprises seeking to establish footholds in the Chinese market.
  

I am a bit more comfortable with Polaris Minerals. It is a long-term play. There are two main drivers which will favour the company in the long run: the difficulty in bringing new supplies of high quality aggregate on line for key markets along the Pacific coast; and, the cost advantage PLS has with its deep-water loading facility and the cheapness of water-borne transportation in comparison with other modes. In other words, the economically viable market area for Polaris' products is much greater than for most other quarries. Regulatory strictures in coastal areas will make it very difficult to start up equivalent ventures.

Further, Polaris owns the Eagle Rock Quarry Project, a significant prospect with high quality aggregates and deep-water access. Although environmental permitting has expired recently, I figure that the operation can be ramped up reasonably quickly when market conditions improve. You can read access the 2005 technical report here: http://www.polarmin.com/assets/downloads/1293527794eagle-tech-report.pdf

If you visit Vancouver Island, Alberni Inlet (Eagle Rock fronts on the inlet) and Barkley Sound are not to be missed. We still remark on a wonderful day-long cruise we took several years ago from Port Alberni to Bamfield on the Pacific coast. Eagles soared overhead, and it was common to see seals feeding on migrating salmon and black bears poking about along the shoreline. Moreover, the scenery of this fiord-like channel was magnificent.

The cruise takes place on a working boat which loads and unloads cargoes from various stops along the route – everything from toilets and washing machines for lumber camps to sacks of freshly caught oysters for town. Here are the details: http://www.ladyrosemarine.com/index.html

If you are adventurous, you can rent kayaks and paddle around the Broken Islands – one of the real beauty spots on the west coast of Vancouver Island.
If you visit Port Alberni, make sure to continue your journey by land to the Pacific Rim National Park. While the seashore is spectacular, I think that the rainforest there is far more interesting. Only after visiting it did my appreciation awaken for the work of Emily Carr, one of our national treasures. Click on the following links for more information:

http://www.pc.gc.ca/pn-np/bc/pacificrim/natcul/natcul1.aspx#recipe
http://en.wikipedia.org/wiki/Emily_Carr

A visit to the Pacific Rim National Park would not be complete without a stay at the Wickaninnish Inn. It is a great base from which you can explore the Park and nearby Tofino. Without a doubt, the Inn is one of Canada's “special” hotels: architecture and rooms which capture the essence of the coastal environment, great service, a restaurant which could hold its own anywhere, and a hotel where the transition from one's room to the pristine beach and back again is magical. It's expensive – but well worth the tariff.
http://www.wickinn.com/

This is one of the best areas in Canada (my opinion) to view wildlife. The following web site depicts the range of opportunities which are available: http://www.tourismtofino.com/activities

One of the highlights of Tofino is its art galleries. The Himwitsa Native Art Gallery, First Nations owned and operated, is one of the best. Resist the urge to buy nicknacks and go with more substantive pieces – either carved masks or some of the beautifully-crafted jewelry. http://www.himwitsa.com/Shopping/default.htm

Another notable gallery, the Eagle Aerie Gallery, features the work of Henry Roy Vickers. http://www.royhenryvickers.com/artist

First Nations art now reflects the tension between the past and the present. Life-ways have changed immeasurably since European contact. The following article provides a sensitive portrayal of this transition. http://seattletimes.com/html/pacificnw/2022305265_1208coverrobertdavidsonxml.html?cmpid=2628



Oil and Gas

U.S. Silica Holdings (SLCA) has performed nicely. The following synopsis of the company is excellent:
http://seekingalpha.com/article/1827892-strengthen-your-portfolio-with-u-s-silica-potential-double-in-12-18-months

While my analysis of the company incorporated elements of the above-noted approach in the later stages, I used a different approach to identify the opportunity. See View From the Masthead.

Powell Industries (POWL)

The company's performance over the past two years has been stellar. The company has negligible long-term debt. It is cash rich. Earnings growth has been excellent.

It gets even better: on November 4, the company announced the commencement of a quarterly dividend of $0.25 – about 1.5 percent. If you take the time to review a chart of the price action since the original purchase, you will see that patience has won out. The dividend represents a 2.7 percent yield on the original purchase price of $36.75.

Kelso Technologies (KLS)

The company continues to make significant progress. Kelso was prescient in developing a product line to meet the demand for safer tanker cars. It has taken decisive steps to ramp up production of its offerings, most notably with a self-financed 44,000 square foot facility in Bonham, Texas. The production facility, scheduled for completion in mid 2014, is within easy reach of major tanker car manufacturers.
The company's investor presentation is interesting, especially pages 10 and 11 which address market opportunities and the process by which new technologies are adopted by the rail industry. (I read it for the first time in preparing this commentary.) http://www.kelsotech.com/sites/default/files/Kelso%20Corporate%20Presentation%202013%20Nov.pdf

Kelso has seasoned management with deep experience in key facets of the company's business – no coterie of ivory tower MBA clones here! The company is going through the process of listing on a major American exchange, in which case, it has the potential to spark yet more investor interest. Further, a few more analysts have started following KLS. I figure that the company has yet more room to grow but penetrating the dispersed market for trucking applications will likely be far more challenging than its foray into the rail car manufacturing industry.

Investing in Oil and Gas – The Big Picture

I read voraciously and, over time, have gained a respect for a few observers of the energy scene. One of them is Kurt Cobb who writes a blog entitled, Resource Insights. One of his most interesting entries is, 7 things everyone knows about energy which just ain't so. I recommend it highly. The often-hyped advent of energy independence and abundant oil and gas ignores some fundamental realities. http://resourceinsights.blogspot.ca/2013/12/7-things-everyone-knows-about-energy.html

For some time, I have been interested in the price of natural gas. Many contend that the advent of fracking will continue to depress the price of natural gas. Over the longer term, I have some doubts about this commonly held view.

I am currently exploring ways to profit from investments in natural gas producers/distributers but things are still at a very early stage. ONEOK (NYSE:OKE) is one prospect. I have the view that natural gas prices may change as North American LNG export terminals come on line and subject domestic prices to the influence of international pricing regimes.

For the time being, I will maintain some core positions in Canadian oil sands producers and some well-managed companies which provide services and products to the gas and oil patch.

2.   View From the Masthead

Using Hierarchy Theory to Identify Investment Opportunities

I was first exposed to hierarchy theory during a period of intensive research preparatory to undertaking a major effort to understand the structure, composition and function of “settled landscapes”. Unfortunately, the research program was stillborn as a result of significant budget cuts on the part of the provincial government. However, the learning was not forgotten and after a period of “creative dreaming” that I decided to apply the method to investing.

In my search for potential investments, I take a top down approach by identifying strategic themes and then drilling down to find companies which are well positioned to profit from market demand. In adopting this approach, I have been greatly influenced by “hierarchy theory”. 

To simply things greatly, hierarchy theory contends that high order processes set the parameters for the processes of things which are “lower down” in the system. For example, the harsh climate of the arctic precludes the cultivation of rice. You can read about hierarchy theory here:
http://openlandscapes.zalf.de/openlandscapeswiki_glossaries/Ecosystem%20Theories%20-%20The%20Hierarchy%20Theory%20in%20Ecology.aspx
http://www.isss.org/hierarchy.htm

There are many types of hierarchies: social organizations, economic systems, ecological systems and so on. All can be modelled in a way that describes key elements of the systems and the inter-relationships between components. In my use of the approach for investment purposes, I am particularly interested in identifying the components of systems and the inter-relationships between them – also how higher order elements can limit or create opportunities for entities which are lower in the hierarchy.

For example, in developing a systems model for the oil and gas system (which I selected for study due to the world's insatiable demand for high density, portable sources of energy), I identified the transportation of petroleum products as a sub-theme. Using mind mapping software (several apps are readily available from Google) I modelled the sub-theme and identified government regulation and railways as some of the components. 

In the model, government regulators were higher in the hierarchical order than carriers and manufacturers in the sense that they could exercise controls or set limits to the activities of lower order entities. 

In the belief that regulators would invoke more stringent controls for rail safety due to the recent spate of highly publicized train derailments, I expanded the model to explore the “rail safety system”. Once I had identified various components of the rail safety system (e.g. tank car components, signals/communication etc.), I started to look for sound companies which were well-positioned to profit by meeting the market demand. 

As a result, I invested in Trinity Industries, Kelso Technologies, and Titan Logistics. A side benefit was that I was also exposed to SLCA as I modelled the fracking system and its needs for transportation. As Forrest's mom opined, “Life is like a box of chocolates ....”

It took a few months of work and a lot of thinking. I consulted trade publications, reports/papers by industry associations, government reports, local/regional newspapers/journals in areas where equipment manufacturers were present, job listings, conference proceedings and participant lists, and the like. Only then did I start look for potential companies. Only then did I start to screen the companies on the basis of some key metrics:

• healthy balance sheets (preferably companies with no long-term debt);
  
• “winning” or superior technologies ready to go;
  
• products which satisfied a real need – preferably one that was in the early stages of the demand cycle;
  
• great management with “muddy boots”; and,
  
• staff with strong connections to the sectors served by their company.
  

I did not get into exhaustive over-analysis as I considered that many other considerations were of secondary importance. For example, it is difficult the analyze a company's prospects on the basis of past performance when its future depends on new products in its sales pipeline.

Without getting into too much detail, I find that the approach is very applicable (and effective) in the investment world for a variety of reasons:

• The upper level trends (e.g. increased demand for food due to population growth) are usually slow moving and sustained for many years. These trends, if exploited well, can lead to long-term gains for “buy and hold” type investments.
  
• Using the hierarchy approach, it is possible to build systems models to describe how the upper level trends are expressed in lower orders of the system. For example, one might wish to explore climate change in terms of the spatial expression of its impact and then to develop spatial/ecological models for agriculture at the regional level. The models could be refined by expanding on various components to estimate the likely consequences for various forms of agriculture and subsequent responses of agricultural practices to these stresses. From there, one could progress to investigating the socio-economic response, including potential business opportunities.
  
• The approach provides a framework for disciplined (often quantitative) investigations that often unearth “surprises” which may be missed by more haphazard approaches.
  
• Since upper level trends are slow moving, investors can take the time to learn and think before acting precipitously.
  
• I have discovered that I do not get too concerned about short to intermediate fluctuations in the prices of stocks of companies I have purchased using this methodology. If one identifies a long-term trend and does one's homework diligently by selecting companies which are well-positioned to exploit the trend, I believe that the longer term “drivers” will win out over time. This is why, for example, that I have managed my position with Polaris Minerals and Waterfurnace in the way I have and why I have established my positions in the petroleum transportation sector.
  
• The approach provides a structured framework for learning, understanding and appreciating one's world – things which surpass pecuniary rewards.
  

3.   View From the Gun Port

Conversion of $Cdn to $US
I subscribe to a financial blog entitled, Canadian Couch Potato – Your Complete Guide to Index Investing. It provides a lot of useful information, even if you are not inclined to invest in indices.
http://canadiancouchpotato.com

One of the recent entries is interesting, especially if you want to convert Canadian $ to American $ without incurring high transaction costs. The technique is called, Norbert's Gambit. You can use the technique with on-line brokerages, but note that the procedure varies slightly among brokerages. To learn more, click on the following link. Make sure to read the reader comments:
http://canadiancouchpotato.com/2013/12/03/norberts-gambit-the-complete-guide/



4. Readings for the Moorings

A Great Book on Value Investing and Thoughts About the Current "Market Action"

I have been reading a rather remarkable book on value investing: Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioural Errors by Wesley R. Gray and Tobias E. Carlisle: Wiley Finance, December 2012. Quantitative Value

It is one of the "best of breed" in the line of investment writing. It is a pleasure to read a work of this quality. The prose is concise. Arguments are developed in a logical manner, supported by the judicious use of footnotes. I especially like the thoughtful tenor of the book and its approach to addressing many of the issues which I have faced in my investment voyage e.g. paralysis through over-analysis; checklists to assist with more disciplined decision-making; the efficacy of various metrics as indicators of future performance, etc.

The philosophical foundations of the book's approach are outlined here on Mr. Carlisle's website: Greenbackd

I would be remiss not to include the website authored by Mr. Gray. It is also substantial: Turnkey Analyst

I have subscribed to their blogs.

The authors advocate a mechanistic, bottom up value approach to overcome behavioural biases on the part of investors. Their thesis is powerful - to the point where I will change my approach in two ways:

• segmenting my portfolio to include a subset which takes the mechanistic Quantitative Value approach (there's nothing like having money on the line to provide a focus to one's work); and,
• changing my top down strategic approach by incorporating some of the value analytics in the winnowing out process once I have locked onto a strategic investment theme (e.g. rail safety).

Why?

In a recent analysis of my losing investments, I attributed losses to the following:

• inadequate research e.g. some managers had shady backgrounds; others were incompetent; others were more interested in looting than growing a business;
• investing in an "idea" as opposed to a solid business; and,
• holding onto a position with the hope that things would get better - in the absence of a compelling fundamental rationale to do so (this was the biggest mistake).

To address these behaviours, I will take a more mechanistic approach for part of my portfolio and learn the method by investing real money over a period of at least three years. I find that the only way to learn an approach is by having real money on the line and I have confidence that the method advanced in the Quantitative Approach has substance to justify a change to the methodology for part of my portfolios. This marks a major change from my exclusive top-down approach.

I will also incorporate elements of the checklist which figures largely in the Quantitative Value book as part of my top down strategic approach.

If anything, I have learned not to rush impetuously into making investment decisions. I learned that the "market" will always be there and not to sacrifice my reasoned judgement when tempted by a "siren" stock that beckons to my pocketbook.

Thoughts on the Direction of the Market

There is evidence that a rising tide lifts all boats ... but does this apply in today's market? Carlisle's blog has a fascinating piece by Vitaliy Katsenelson which, among other things, would suggest not to invest in broad market indices. Here is a synopsis of Katsenelson's thesis. I share his view.

http://greenbackd.com/2013/05/13/how-earnings-grow-while-pe-ratios-contract-in-sideways-markets-vitaliy-katsenelsons-presentation-to-the-las-vegas-value-investing-congress/

The man's work is well worth reading. Among other things, he has penned The Little Book of Sideways Markets. It is on my reading list. When I first encountered Katsenelson's writings several years ago, I was a bit sceptical about his thesis, but I have changed my view over the past year. As a result, I have pared down my portfolios somewhat and have increasingly favoured dividend-paying stocks. Although I have invested in a few smaller, riskier propositions recently, I have limited my stakes and have made an effort to buy companies with sound financials and good management.

The Music of Ariel Ramirez - A National Treasure of Argentina

A few years ago while on a visit to Argentina, I was introduced to the music of Ariel Ramirez, one of Argentina's treasures. We bought a few CDs and listened to them often while staying in our apartment in La Recoleta, an upscale neighbourhood of Buenos Aires which still maintains the heady atmosphere and refined architecture of the boom times when the phrase, "rich as an Argentinian" was still operative. The music of Ramirez captures the essence of those times.

I bought a raft of piano music by Ramirez and have been exploring it over the past year. Only then did the true depth of his genius emerge for me. You can read about him here: Ariel Ramirez

Better yet, sample some of his music. I am especially fond of Alfonsina y el Mar, a tribute to Alfonsina Storni, a Swiss-born Argentine poet who drowned herself off the beach at Mar de Plata in 1937 following emotional difficulties and a diagnosis of breast cancer. The music is very emotive.
The best approach is to start with this rather sentimental version which also contains an English translation of the work.

Alfonsina y el Mar

With this experience, turn to this version which features the master himself and Mercedes Sosa, one of Argentina's greatest vocalists. Together, these musicians capture the essence of Alfonsina, a balance between deep sentimentality and the discipline of a written score ... and greater for all of that. The poor sound quality of the clip detracts only in a small measure to the greatness of their performance.

Mercedes and Ariel together

One of Ramirez' greatest achievements is his Misa Criolla. The music flows through the living spaces of many Argentinians during the Christmas season and for a good reason .... It's magnificent. A discography is readily available over the Internet and in the Wikipedia entry at the start of this entry.

Purpose of the Newsletter

The Financial Passage Maker provides ideas for people interested in building wealth. It is aimed at thinking people who have decided to take on personal responsibility for their financial well-being.

The newsletter is issued more or less quarterly, a reflection of the fact that good investment ideas are not all that plentiful ... certainly not sufficient to justify a monthly or bi-weekly report. All ideas presented in this newsletter are ones that I have invested in personally. I am not interested in filling space with observations on stocks I do not own. I eat my own cooking.

The Financial Passage Maker chronicles the messy process of building the equity portion of a financial portfolio. I hope that it will provide some useful insights and enable readers to think critically for themselves. As in all things, however, the path to financial well-being takes consistent effort coupled with humility and a knowledge of self. This can only be developed through practice over many years.

The Financial Passage Maker chronicles my voyage in the investment world. In no way do I recommend that you base your personal investment decisions on the contents of the newsletter unless you are prepared either to consult a financial adviser qualified in your area of interest or undertake due diligence on the basis of your own research - or both. Remember, in the final analysis, you are responsible for your own financial well-being. Would you have it any other way?

The Financial Passage Maker can also be accessed here where posts are added on a more frequent basis:

http://finanacialpassagemaker.blogspot.ca