Monthly Archives: November 2017

OUR OCTOBER RESULTS

Our weighted average return in October was +1.5%, bringing our year-to-date net return to +15.68%.

Last month, equity markets traded up strongly and US corporate earnings continued to show impressive growth – most notably from the information technology (+22% EPS growth in Q3) and energy sectors (+156% EPS growth in Q3). According to Goldman Sachs “S&P 500 earnings grew by 7% in 3Q, the latest piece in a mosaic showing an extremely healthy operating environment for US corporates.” Furthermore, “S&P 500 earnings grew two percentage points faster than expected by consensus in 3Q. 51% of companies reported positive EPS surprises, in line with the first two quarters of 2017 and above the 15-year average of 47%.”

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On Nickel and the Battery Revolution

If you have been reading this blog, you will have understood that we quite like the prospects of base metals and base metals miners (Because You Know I’m All About That Base, ‘Bout That Base, Base Metals…).

Here is a nice primer on nickel’s not-so-know role in electric vehicles: Nickel: The Secret Driver of the Battery Revolution

Here is some more info on how analysts have been upgrading their pricing forecasts:
https://www.bloomberg.com/news/articles/2017-10-31/nickel-is-next-for-electric-car-boom-as-trafigura-turns-bullish

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