Investorial

My favourite deep-value fund manager, Irwin Michael of ABC Funds, reflects upon the past month’s correction in commodities and looks forward to the future. Speculators are certainly becoming braver since the last big market crash. Their work is evident in their hasty retreat in the last 2 weeks.

Playing the contrarian, Irwin still believes that there are values away from the hot sector that remain unexploited.

[...] We continue to believe that common shares are the last major asset class to participate in the mid-2000 decade asset price run-up which includes gold, silver, base metals, real estate, art, jewelry and collectibles. In effect, we believe that it is cheaper to drill for oil on Bay or Wall Street versus actually drilling for oil in the ground in Alberta, Texas, the North Sea or the Middle East. [...]

There is also a new picture of Irwin Michael at his work-space that wasn’t there in previous months!

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