Investing through the prism of a “successful business owner” requires the right combination of temperament and behavior. Specifically, success requires, no, demands, the temperament to view booming stock prices as increasing risk and crushing stock price declines as increasing opportunity. Many professional and lay investors profess to possess a contrarian element to their investment behavior and attitude, but far fewer are able to repeatedly execute when the chips of extreme fear or greed are on the table. Furthermore, successful stock market investing requires the preparation and execution of a marathoner, not a At Wedgewood we attempt to amplify this “business owner” edge through significantly higher conviction by means of a focused portfolio of just twenty stocks. 2q_letter
Upon return, I will post my Yamana valuation. There seems to be little interest in the miners–a great sign for contrarians.
Why gold? Perhaps this gentleman from the 1800s, John Witherspoon, knows what we will learn in the future–that fiat money is a failure.
A great read: An Essay on Money by Witherspoon