Dundee Corporation | A Race to the Bottom

Dundee Corporation (TSE: DC.A) is a Toronto based diversified holding company with investments in wealth management, resources, agriculture and real estate. Dundee Corporation is a public Canadian independent holding company, listed on the Toronto Stock Exchange under the symbol DC.A. Under the leadership of its founder, Ned Goodman, Dundee Corporation had enjoyed an illustrious history of … Continue reading Dundee Corporation | A Race to the Bottom

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Profile: Aperam

Thesis Special situation: Spin-off Timeframe: 12-18 months Expected return: 50% total (33% assuming 18 month duration) The company APERAM came into existence when ArcelorMittal spun-off their stainless steel operations. Aperam is the 6th biggest stainless steel producer in the world, the 2nd largest in Europe and the largest stainless and specialty steel producer in South … Continue reading Profile: Aperam

Nugget: Jeremy Grantham Quarterly Letter – Resource Limitations 2

Read the complete letter (Grantham July 2011-1) "The Devil and the Farmer The Devil, disguised as an innocent agent of a large agricultural company, arrives at a typical Midwestern farm. He has come to suggest to the farmer that he engage in more aggressive farming, and he comes, as usual, with a contract. The contract, … Continue reading Nugget: Jeremy Grantham Quarterly Letter – Resource Limitations 2

Jeremy Grantham on Commodities

This is from Jeremy Grantham´s letter to shareholders for the first quarter of 2011: This is an amazing picture and it is absolutely not a reflection of general investment euphoria. Global stocks are pricey but well withinnormal ranges, and housing is mixed. But commodities are collectively worse than equities (S&P 500) were in theU.S. in … Continue reading Jeremy Grantham on Commodities