SSR Mining proves the exception.
SSR Mining (NASDAQ:SSRM) (TSE:SSO) announced its quarterly results after the market closed on Tuesday, February 27th. The company reported $0.59 earnings per share (EPS) for the previous quarter, beating the consensus estimate of $0.36 EPS by $0.23. During the same quarter in the prior year, the company posted $0.12 earnings per share.
SSRM opened down -3.4%.
They say that misery loves company.
PDAC starts on Sunday in Toronto.
This year, there are 30,000 attendees expected to arrive from 130+ countries, including 1,100 exhibitors and 700 speakers. It’s always a big deal for the minerals exploration, mining and metals industry. I have been attending for almost 50 years. This year, I have an unexpected hospital date with a urologist on Friday, so I do not know for sure if I will make it. Like every miner, however, I am an optimist, so look for my reports.
The Big Six Canadian Banks are Reporting Earnings This Week.
Four have so far reported and three of these have beaten earnings estimates. Only Bank of Montreal (BMO) has been a disappointment.
If I have enough time, I will prepare an analysis of all six later this week.
Canada’s top-rated energy analyst continues to favor the Oil & Gas industry.
ericnuttall (@Eric Nuttall) posted: The 2024 WTI strip is now $75.72. At $75WTI we estimate several Canadian midcaps to be trading near 15% free cashflow yields. To us, that is attractive. Sentiment remains awful and explaining the degree of pessimism is getting increasingly hard: demand is fine, US shale growth is… https://x.com/ericnuttall/status/1762505497691767212?s=51&t=wbu6KdG0NVYrOJCOTt2-Cw
ericnuttall (@Eric Nuttall) posted: The 2024 WTI strip is now $75.72. At $75WTI we estimate several Canadian midcaps to be trading near 15% free cashflow yields. To us, that is attractive. Sentiment remains awful and explaining the degree of pessimism is getting increasingly hard: demand is fine, US shale growth is…
Art Berman’s renewables vs. fossil fuels argument.
Art Berman is a must-read for me.
Best Information thanks for sharing with us
$BYND Beyond meat up 100% on earnings. This is not something you chase. This is how blown up accts happen. #yolo meme stocksStay away
New podcast is outHamilton Ferrari Era #147 (Feb 27)$RACE$CARTMAG 7
“Is Hyperscale Nexus A Cartel Front Buying Nvidia GPUs?” some investigative journalism
For your reading pleasure $CART Instacart is a redo of kozmo.com on a global scale
ValPal just posted an update on InPlay Oil (IPOOF).
Tickers I’ve nvr heard of; Recursion Pharmaceuticals $RXRX and Nano-X Imaging $NNOX both owned by Nvidia.
Warren Buffett Sees Casino Fever & No Bargains Podcast #146 (Feb 26) Berkshire Hathaway Annual Shareholder letter not mincing words https://nyugrad.substack.com/p/warren-buffett-sees-casino-fever
An observation on Gold. Looks like it may break up. Depending on many factors obviously. But while most majors are under performing the metal, $WPM is stronger than it’s peers on price performance in USD. I will discuss it on my next podcast
Interesting 2-minute video of Peter Megaw Ph.D discusses hole 96 on the Carangas deposit; New Pacific Metals.https://x.com/NewPacific_/status/1762170069566489055?s=20
JUST IN: NANCY PELOSI ADDED PANW TO HER PORTFOLIO
She bought ~$1M in call options of the $200 strike expiring in Jan 2025 *She has already made over $1M on the $NVDA call options
Is the market broken?
At a time when the major equity market indexes in the US and several other countries are at all-time highs, it’s perplexing to see that over 56% of the Russell 2000 small-cap stocks are down in price over 12 months.
Did you know that about 20% of the Russell 2000 index has suffered a loss of -33% over the past year? More than 15% have seen a drop of over -40%, and over 10% have plummeted by more than -50%.
These figures are alarming when you consider that the government says the economy is doing well and employment is at record highs. It’s a widely accepted fact that Small and Medium Enterprises (SMEs), represented by these small-cap stocks, are the backbone of employment. If investors are shunning these stocks, could a wave of layoffs be on the horizon?
A robust economy is contingent on a healthy stock market, not a dysfunctional one. Therefore, these trends raise the question: Is the market broken? Alternatively, is the economy soon to collapse?
Correlation of the US 10-year Treasury Yield and Crude Oil and the Yen
Jim Bianco @biancoresearch posted on X/Twitter:
He could have added the US 10-year Treasury Yield and Gold.
The growth of the North American economy is heavily reliant on the Oil & Gas industry.
The energy policies of Biden and Trudeau, which impose restrictions on the Oil & Gas sector, are fundamentally misguided.
A post by zerohedge (@zerohedge) quotes Warren Buffett on the unavoidable escalation in energy costs:
“Once the situation stabilizes, the energy requirements of America and the resulting capital expenditure will be astonishing.”
Friendly reminder I have a 20% off ending in a few hours for my substack.
Comes out to 40 cents per day. And most business use newspapers, journals, newsletters, and other similar publications can be a tax deductible expense in most cases 👍
Hardest hitting excerpts for me:At Berkshire, we particularly favor the rare enterprise that can deploy additional capital at high returns in the future. Owning only one of these companies – and simply sitting tight – can deliver wealth almost beyond measure. Even heirs to such a holding can – ugh! – sometimes live a lifetime of leisure.Berkshire’s ability to immediately respond to market seizures with both huge sums and certainty of performance may offer us an occasional large-scale opportunity.Though the stock market is massively larger than it was in our early years, today’s active participants are neither more emotionally stable nor better taught than when I was in school. For whatever reasons, markets now exhibit far more casino-like behavior than they did when I was young.The casino now resides in many homes and daily tempts the occupants. One fact of financial life should never be forgotten.Wall Street – to use the term in its figurative sense – would like its customers to make money, but what truly causes its denizens’ juices to flow is feverish activity. At such times, whatever foolishness can be marketed will be vigorously marketed – not by everyone but always by someone.Occasionally, the scene turns ugly. The politicians then become enraged; the most flagrant perpetrators of misdeeds slip away, rich and unpunished; and your friend next door becomes bewildered, poorer and sometimes vengeful. Money, he learns, has trumped morality.One investment rule at Berkshire has not and will not change: Never risk permanent loss of capital. Thanks to the American tailwind and the power of compound interest, the arena in which we operate has been – and will be – rewarding if you make a couple of good decisions during a lifetime and avoid serious mistakes. “– Warren Buffetthttps://berkshirehathaway.com/2023ar/2023ar.pdf
Revisiting M2 Analysis
Years ago, conversations around M2 held as much prominence and intensity as today’s discussions on employment statistics and Federal Reserve policy decisions. I sense a resurgence of the M2 focus.
GameofTrades_ (@Game of Trades) posted: ALERT: M2 is contracting at the deepest levels since 1960This level was last seen during the Great DepressionThe M2 money supply is a crucial indicator of economic activityM2 represents the total amount of money in circulationAs the M2 money supply expands, it indicates… https://x.com/gameoftrades_/status/1761050834018988523?s=51&t=wbu6KdG0NVYrOJCOTt2-Cw
GameofTrades_ (@Game of Trades) posted: ALERT: M2 is contracting at the deepest levels since 1960
This level was last seen during the Great Depression
The M2 money supply is a crucial indicator of economic activity
M2 represents the total amount of money in circulation
As the M2 money supply expands, it indicates…
The monetary base still consists of Cash and coin (in the public’s hands + cash in vaults) and reserves held by banks. So-called “high-powered” money.
The money multiplier determines to what extent the money supply (be it M1, M2 or M3 which is no longer reported) might go to.
The formula used is monetary base x money multiplier.
Times have changed.
The Fed has held the Required Reserve Ratio at zero since 2020 which would appear to be very expansionary; given the emergence of alt payment systems venmo, paypal, cashapp, etc, plus money siphoned into crypto. I don’t think people have a preference for holding cash anymore; a contractionary factor could be Fed selling of USTs; also the prudence of commercial banks (don’t lend too much even though they legally can).
Podcast EP 145 Rocky XII (Feb 23) We have all seen this movie before
Gave BillCara and Maverick Investors a big shout out
I discuss why it is so important to either grade your financial advisor or learn to manage your own wealth. Tap into wealth gap as well. 12k people every day turn 65 in America! They control majority of the wealth.
Jesus. Berkshire website looks like a DOS based bbs message board created on Commodore 64, to be consumed by a baud modem! So gangster. What is your excuse for not creating content today?
Berkshire Hathaway Inc.’s 2023 Annual Report to the shareholders will beposted on the Internet on Saturday, February 24, 2024, at approximately 8:00 a.m. eastern timehttps://www.berkshirehathaway.com/
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