We have reviewed 3 of our current positions in the past week, adding to one, selling another whilst remaining patient on the third. For full details click below.
We have become desensitised to just how extraordinary the current macro environment is. The move by the ECB to further push rates down the negative yield curve (now -0.4%) was not even plausible in the economic text book I studied at university. Maintain cash, vigilance and an exposure to gold in these uncertain times.
Hold Crown Resorts Limited (CWN)
When we bought into CWN, our interests were firmly aligned with those of CPH PL (aka Packer). Now we find ourselves in the unusual position of owning shares in CWN but being on the opposite side of the table as Packer attempts to line up a private equity bid. The Chinese tourists keep increasing though, so for now we hold.
Lock In Profits Mineral Resources Limited (MIN)
We are somewhat torn on this call as we rate the MIN management team highly. On a longer time horizon, this superb management team will no doubt create greater value in the coming months and years. But short term the share price has rallied 75% in a month and we suspect that this is overbought.