whither trf?, page-16

hola, mr cracka sir,

40 never abandoned ship in its entirety. bailed out some water yes, but then took aboard quite a bit of ballast. even have a decent holding now in ife too. doubt i will add more to either as weighting is high enough for my risk strategies and will only think of selling should the 'unexpected' event of ife not getting finance at some stage and therefore not going ahead. i will wait it out, whatever.

this year is one of an investment holiday for me. stay out of the mkts, i say. the dow and co had fantastic runs past yrs (note asx suffered from the overvalued dollar during this time so did not benefit so much) so i only have trf and ife in the pot.

i note the dow is still below it's dec 31st level. that tells me this yr might continue to be best forgotton but stay ready for any chinese debt frights and eu / russia doubts to be settled before getting excited say towards yr end before re entering the mkts.

no one likes uncertainty. mkts definitely don't. we need some reassurance from IF but i am very happy we have mr mencel on board. without him, i would very likely not have stayed.

it is still all about ife imo and nought else. we have the port permission but like most, i'm disappointed we've not made better progress to date with finance. the metals mkts turned down way back and must stabilise well before any major growth path becomes clear. the USD and AUD differentials will make a huge difference to all miners profits apart from who buys what. once the dust settles on these currencies then we should see some stability entering the miners businesses as they see clearer ahead the prices of product v currency receipts. not forgetting loans of course as many will be in USD. it can be a messy business trying to sell unwanted product at a poor price with an overvalued currency.

i will be estatic when the usd v aud gets to around 85 or a tad lower. to the gbp around 2 to 1.

as for ife and trf together 30 mr c how about a bet we get to 60 ?

ted's trying out mrs 40's new recipe of marshmallow pie and cuttle fish soup so cannot ask him his opinions just now, can i ted ?

mmmmmmmmmmmmmm slurrrrrrrrrp. NO !

until the qtly i suppose.

take care,

40.