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A Comment -- General Comments From an Expert (A Commentary)
COMMENT
Gold: Was outperforming the market until the 4th week in September. Margin clerks got control of the market and sold everything off. That forced gold liquidation and a flight to safety in the US$. Gold market was the only one that didn't break down. It held the 200-week moving average. Has now started to outperform the market for the last few weeks.
COMMENT
Gold: Stock market is pricing in deflation and stocks are going down. Conversely, governments are printing money like crazy trying to stem it. Eventually velocity of money will start to increase on a hugely accelerated monetary base and voilà you have monetary inflation and gold should go up. He just doesn't know when that is. Over 1 or 2 years you could do very well.
BUY
Bonds: You can get some good use now and he prefers corporates. One example is Shaw Communication, which gives you almost 7% with 6 years left. Great balance sheet and family owned.
Bruce Campbell (1)Owned
COMMENT
Short Selling: Great opportunity for Shorts. In the last 5 years, shorting was a nightmare because of takeover rumours that ruined your Shorts. Now you're able to make money. You have to be careful because you can be offside by 10% or 20% in a hurry because of volatility. Pair trades should work because it is such a beta market.
COMMENT
Buy & Hold Strategy: Last 6 months brought about a change in valuation parameters. Thinks we will go back to an environment of a Rotation of Values. If this happens, Buy & Hold will not work anymore and will have profound implications for how people view the stock market. You will trade based on PE, Price to Book, etc. ratios. Dividends will be very important.
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