Death By Gold Mining: NYSSA Ben Graham Annual Conference In-Depth Notes

Detailed notes of Alissa Corcoran of Kopernik Global Investors & Doug Noland of Mcalvany Wealth Management from the NYSSA Ben Graham annual conference which took place on Wednesday June 27th 2018 in New York stay tuned for much more. Right now we have about tons of pages of notes from the full day conference featuring Rich Pzena, Murray Stahl,Thomas A. Russo, Jason Karp, Christopher C. Davis, Jim Grant and many others. [timeless] Q2 hedge fund letters, conference, scoops etc [00:00:00] Female 1: ...value ETFs was $140 billion AUN and their performance has reached from 9-14% to 6.5% year to date. So clearly there’s a lot of diversions in value investing compared to neutral growth where we have asset managers there there was 300 [inaudible 00:00:19] on $700 billion AUN under it in performance diversions. So it’s quite a challenge and an exciting challenge for us to study value investing and have the opportunity, thank you. [00:00:40] Female 2: So the next panel is to [inaudible 00:00:42-00:00:52]. So far we’re sort of looking at a deep analysis [inaudible 00:00:58-00:01:11]. We have two presenters today, Alissa Corcoran is an investment at [inaudible 00:01:13] Global Investors. She covers healthcare, materials and mining and currently has a very heavy allocation towards precious metals, so it’s 25% of their assets under management is allocated to precious metal miners for gold, silver and iron.   [inaudible 00:01:33] was an analyst with [inaudible 00:01:34] and she has a CFA, so welcome to the CFA conference. [inaudible 00:01:44] someone with very good experience in different asset classes so it’s definitely from commodities as well as management analysis and [inaudible 00:01:58] security, individual security analysis. So [inaudible 00:02:04] his career when he was working as a treasury analyst at [inaudible 00:02:10] in the US. He witnessed first hand the Japanese bubble appear and then prior to the 87 market crash. He later assisted Dr [inaudible 00:02:20] with a publication on a macro ladder in the later 90’s. Then since 1999 Doug Noland has actually offered his own research in the [inaudible 00:02:33]. Doug Noland is a self described professional bear, he worked for over 25 year as a trader and analyst and portfolio manager on short strategies including 16 years at Federated Investors proven bear fund and 5 years at [inaudible 00:02:50] Hedge Funds.Up to two years ago he worked with wealth management and he’s the PM for the tactical short strategy. So as we move to the panel I think the questions we’re asking is are potential real assets undervalued relative to [inaudible 00:03:10] and with a credit bubble, trade wars, political tensions is it time to increase allocations to safety assets as well? Then on the other hand what if a real strategy asset [inaudible 00:03:35], potential cryptocurrencies as we’re talking about a new generation who [inaudible 00:03:34] store of value. If you think back to the current from 2000 onwards it was Chinese invocations who were driving the increasing global [inaudible 00:03:42] so if you think...

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