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Strategies & Market Trends : Ride the Tiger with CD
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To: LoneClone who wrote (60180)8/30/2006 5:52:04 PM
From: zoo york  Read Replies (2) of 312908
 
Hi LC!

I am contrarian all to hell, so PMI looks very good to me. I reviewed the numbers yesterday evening and put the stock back on my watchlist because it looks great fundamentally. If I have one reservation, it is that I may be out of sync with the market at this point. My picks are heavily weighted towards those that are juniors with current production, or soon to be in production, and I favour the ones that have strong cash balances to work with. Unfortunately, MR. MARKET is not buying into that strategy. All the new producers are doomed to wander the wilderness for a quarter or two before the institutional money wants any part of the story, and without momo, the retail schmucks tend to stay away too. So the moral of the story is:

1) you cannot argue with the market
2) looking for the security of cash balances and cash flow generation in a producer is NOT going to generate short term market performance
3) buying low and selling high still works but you better have patience to pull the strategy off

I am a value investor, so I am willing to ride out a choppy market if I have confidence in the long term (I do) and if I suspect that the market will eventually get around to looking for more substance and security of a strong balance sheet once a few more of the hot explorers find out they have nothing but air in the pipeline. And therefore, PMI looks very good going forward.

cheers!

COACH247
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