# Deep Value



## deepvalue (11 January 2014)

I try to keep things pretty simple.

Seeking asymmetrical investment opportunities in the small to mid cap equity sector.

Usually:

(1) Equities trading at a deep discount to net tangible assets, with a catalyst to unlock value.

(2) Cash-flow positive stocks with a low enterprise value, solid corporate governance and a compelling story.

Contrarian.

Long only.

I use leverage.

Absolute returns.

I will trade the depth, scalp and trade what I feel as long as my net position remains long. I can't quantify this "feeling", but watching the same stocks depth months on end gives you a peripheral feel for it (an edge if you will). Some people will know what I mean.

I can wait up to 12 months to enter a trade, then be out within days. I can enter a trade in days, but stay in for months. All quite flexible.

I believe the turning points, in my case the bottom, is where the cream lies. That's where the smart money lies, waiting, patiently and that's where I want to be. The bottom, for me, comes in the form of cash backing per share, assuming stock is cash flow positive and risk of maintaining earnings in my eyes isn't too great.

I believe in knowing every single minor detail about a company. The time taken to develop the information edge is what you are getting paid for.

I encourage constructive debate, that's where we all learn


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## Valued (11 January 2014)

deepvalue said:


> I try to keep things pretty simple.
> 
> Seeking asymmetrical investment opportunities in the small to mid cap equity sector.
> 
> ...




Do you make money with this approach? If not change it. If yes it works for you!

That being said, it seems to me you're trying quite hard to sound professional and thoughtful. You obviously want to take this seriously. Problems I have with this approach is that it's very hard to find companies with a very big discount to NTA nowadays. If it does have a big discount it's likely for a good reason e.g. the assets arn't worth as much as what the balance sheet says or it's very hard to sell e.g. big expensive mining equipment.

Stocks don't need compelling stories either. The company needs a story that makes money. A company might be highly profitable and very boring. Perhaps they sell book shelves and are doing an excellent trade in that. Companies don't have to be managed well if you are going to be out of it in a few days. Companies chug along on their own merits most of the time anyway, regardless of management. Good management can make the difference in the long haul but if you are jumping in on a technical entry and holding for a few days it can't really matter if the CEO doesn't turn up to meetings etc.

Buying low and selling high is great. The only problem is most people looking at fundamentals average down/catch a falling knife and end up having to wait a very long time for a return. Of course, even if you took a technical entry, I would check the balance sheet just to make sure there is no imminent chance of insolvency.


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## deepvalue (11 January 2014)

Valued said:


> Do you make money with this approach? If not change it. If yes it works for you!



I have traded multiple strategies and this is the approach with which I have had the most conviction. I've had success but let's let the thread play out.



Valued said:


> That being said, it seems to me you're trying quite hard to sound professional and thoughtful. You obviously want to take this seriously.



I've worked in the industry, i'm not attempting to dress up my words. By default it's how they come out.



Valued said:


> Problems I have with this approach is that it's very hard to find companies with a very big discount to NTA nowadays. If it does have a big discount it's likely for a good reason e.g. the assets arn't worth as much as what the balance sheet says or it's very hard to sell e.g. big expensive mining equipment.



They are out there, definitely. With the flow and ease of information these days, I agree, maybe to a lesser extent than the Benji Graham days.

I tend to broaden my scope and monitor those that are approaching a discount. Pre-Empt. You make a good point re: hard to offload assets, but that comes back to doing the research, knowing what the assets are, how they have been valued, the state of the secondary market etc.

There is a level though, a logical level at which I always consider an investment. I'll exaggerate to make a point.....Let's assume the aforementioned company was trading at a 90% discount to NTA and had $0 cash burn..... any a drop in the AUD would heighten interest from overseas buyers (all else being equal, given it theoretically becomes cheaper for the buyer), would you invest? I would. In this case, view it as a free short on the AUD. Yes it may lie dormant, and there's time risk. However, if they achieve their listed value, it's a 10:1 payoff with next to nothing in risk.




Valued said:


> Stocks don't need compelling stories either. The company needs a story that makes money. A company might be highly profitable and very boring. Perhaps they sell book shelves and are doing an excellent trade in that.



Agreed. Definitely. A compelling story may be some macro-catalyst that lies outside of the control of the company, as opposed to the story of the company itself. I'm talking the broader picture..... 

What if government is to assemble next week to vote on a ban of all imported bookshelves? A strong balance sheet already provides protection on the downside if the law isn't to pass, but you're getting full upside exposure if it does... That to me is compelling.



Valued said:


> Companies don't have to be managed well if you are going to be out of it in a few days. Companies chug along on their own merits most of the time anyway, regardless of management. Good management can make the difference in the long haul but if you are jumping in on a technical entry and holding for a few days it can't really matter if the CEO doesn't turn up to meetings etc.




I agree, but that is simply my investment style. I don't want to be long bad management.

I will make exceptions if the discount is large enough. Again, there is a logical point in most stocks when it's hard to pass up. There's a stock I am watching at the moment, trading at a 50% discount to cash (minimal cash burn) but questionable management.  At 75% discount you're long an activist, or board shake up, again, with little downside, because in my view I wouldn't expect it to trade much lower. But I could be wrong


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## deepvalue (13 January 2014)

First trade was initiated at the beginning of December. MCR (ASX) fits my criteria, as a strong balance sheet provides protection to the downside whilst maintining full upside exposure to a host of macro catalysts.

Below is a summary of trades thus far:

Date	        Description	                Opening	Size	    Closing	Net
6/01/14	Mincor Resources NL	0.55	        6006	    0.59	+$240.24
6/01/14	Mincor Resources NL	0.565	9994	    0.59	+$249.85
27/12/13	Mincor Resources NL	0.525	1400	    0.545	+$28
13/12/13	Mincor Resources NL	0.565	10000    0.5325	-$325
6/12/13	Mincor Resources NL	0.505	23300    0.535	+$699

And a summary of current open positions is attached.

I will add to my position this morning, as on Friday it emerged Indonesia physically stopped nickel laden vessels bound for China, enforcing what was expected to be a watered down export ban.

A brief research note I have written below, to see it in more detail please visit:
http://deepspecial.wordpress.com/2013/12/04/mincor-resources-mcr-leveraged-nickel-play/

*From the bottom:*
- Strong cash balance
- Yield of 10.51% or 13.66% after franking credits (assumption of 3 x .02 dividends over the coming 15 months).
- Highly leveraged to a rebound in Nickel, whilst a strong balance sheet and low production costs provide insulation to further falls (latest production figures of AUD4.39/oz vs LME NI price of AUD6.60/oz
- Top of field management who from a single capital raising of AUD5m in 2001, have generated AUD212m in profits with total franked payouts of over AUD112m. Further, after sailing through the GFC unscathed

*Macro catalysts *
- Indonesia’s ban on raw mineral exports 
- Nickel Prices are cutting deep into the cost curve. Over 60% of global production is unprofitable at these levels and should Nickel continue to trade at current levels we would expect large production scale-backs and mine closures, reducing supply.
- Nickel is priced in USD, therefore any fall in the AUD will inversely increase the AUD NI price. Reserve Bank of Australia’s (RBA) Governor Glen Stevens has threatened intervention should the AUD remain uncomfortable high.
- The inevitable taper, will adversely impact emerging economies and there’s a real threat of an associated slide in commodity prices.
- The inevitable taper, will adversely impact emerging economies and there’s a real threat of an associated slide in commodity prices.The AUD is often referred to as a ‘commodity currency’, that is, it correlates highly with movements in the underlying commodity basket. This can provide the perfect hedge as the USD rises, commodity prices fall dragging the AUD along for the ride.


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## deepvalue (13 January 2014)




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## deepvalue (14 January 2014)

Another profitable day.

More a function of the market going up. I'm trying to get a little too cute with my scalping, not overly happy as I'm drifting from my objective of trying to catch a larger overall swing.

MCR's quarterly is approaching next week, I will go into a little more detail later but I will most likely look to sell into what I predict will be strength.

Closed	Opened	Direction	Size	Opening	Closing	Funding	Comm.	P/L
14/01/14	11/12/13	BUY	 3,994 	 0.5500 	 0.6450 	-10.72 	-5.78 	 +362.93 
14/01/14	16/12/13	BUY	 7,405 	 0.5250 	 0.6450 	-17.07 	-10.69 	 +860.84 
14/01/14	11/12/13	BUY	 8,600 	 0.5250 	 0.6450 	-22.42 	-12.43 	 +997.15 
14/01/14	10/01/14	BUY	 15,555 	 0.5550 	 0.6300 	-5.11 	-18.43 	 +1,143.09 
14/01/14	14/01/14	BUY	 20,000 	 0.6075 	 0.6150 	 -   	-24.45 	   +125.05

Open positions attached.


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## deepvalue (18 January 2014)

A ton of volatility in the NI this week, and also the AUD.

ASX nickel stocks are highly sensitive (obviously) to moves in the NI price, but noticeably less sensitive to moves in the AUD. 

Assuming no hedged sales, any movement in NI price can either be amplified or offset by a corresponding rise or fall in the AUD. It makes absolutely no difference to the bottom line of MCR if NI rises 10%, or the AUD falls 10%. Theoretically, the stock should trade at exactly the same valuation.

Infact, if I had the choice of either the NI rising or a corresponding drop in the AUD, I’d chose the latter. A low NI price will put pressure on global producers, most likely forcing more out of business, projects would struggle to find funding taking a load of future supply offline. Yet the market reacts with more weight to moves in USD NI price.
It’s good to have this vision, at the end of the day the market will look at the figures and the stock will adjust accordingly, but you can have a little head-start by being aware how the market ineffectively prices a move in the currency.

FURTHER

Last quarterly had negative net movement in cash of $AUD2.82m, however they paid out dividends of $AUD3.76m. So they are still operationally profitable. This stock may not show in most scans/screeners that may filter on positive cash movement.

I’m now at a crossroads with this trade, as the enterprise value has risen my safety net is far lower than when I entered. I love the story, and deep down think it still has a long way to run. But I’m now justifying staying in from an growth in earnings perspective rather than value. A 40k exposure on a 5k account based on future earnings inherits far more risk than a 40k exposure on a value story.

And at the end of the day, the wise man will look at risk and maximum downside as a priority, rather than how much they can make. In the fundamental equity game anyway...


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## deepvalue (21 January 2014)

Trying not to overcomplicate the situation, however I have been searching for a metric that will quantify whether current price is lagging/leading the movement in Nickel (and hence margins).

I’ve decided to have a look at EV/Margin(mt). The stock in terms of premium to cash backing has started to run away, but by historical EV/Margin valuations the positive movement in underlying margins has yet to be factored into the stock price. Today’s margin can directly impact tomorrows cash balance so not deviating too far away from trade style. Again, there is still heightened risk given the safety net has moved, but it’s still important to look at metrics that impact on positive/negative expectancy.

Risks with this metric:
- For the latest quarter, production costs are unknown so the use of prior quarters figures vs current spot price are backward looking.
- Realised sale price is different to spot price (MCR use average spot LME price 3 months POST month of production). 
- These two factors leave us open to months of Macro (NI/AUD movements) and Operational risk.

At the current price of 61c and implied EV/Margin(mt) of .76x, MCR is well below the 8 year mean of 2.37x. If MCR would merely trade at the historical mean we would be looking at a stock price of $1.18. The market is discounting valuations sector wide, given instability of the underlying commodity.




As a stand-alone strategy, if you were simply to buy MCR on a EV/Margin < .8x and sell > 2x (which is still lower than historical average) over the past 8 years you would have achieved the following results:



	    Date		EV/Margin	    Stock price		   Result
Buy	01 July 2006	0.65	1.09	
Sell	01 November 2006	2.5	4.70		+331.1%

Buy	01 November 2008	0.52	0.52
Sell	01 Dec 2008	 4.310.71	+36.5%

Buy	01 September 2011	0.72	0.69
Sell	01 October 2012	2.71	1.2		+73.9%

Buy	01 June 2013	0.72	0.48
Sell	*CURRENTLY IN TRADE*	0.61		*unrealised gain +27%

I wouldn’t use this as a standalone strategy. At times this trade triggered, the enterprise value of the stock is quite high, so risk is far greater. This in combination with a value approach can be quite a potent tool. I also haven’t factored historical hedging which may impact the metric. I think the most important aspect of this metric is it keeps you out of the market when valuations are high. By default you buy fear and sell hype. 

If AUD NI was to fall -15%, and MCR to trade on historical mean EV/Margin, stock price would still currently be 90c. 

I believe this metric proves holding has a positive expectancy, but at the end of the day we are still LONG NI, SHORT AUD, and LONG OPERATIONAL PERFORMANCE. These can all turn around at any point.


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## deepvalue (10 April 2014)

Sorry for the lack of updates.

No. of trades: 71
Starting Balance: £3,000
Current Balance (net of commissions + interest): £8,119

Total comm paid: AUD 1,039
Total interest paid: AUD 308.65
Total costs approx: £740~


One massive oversight, and potential flaw in my strategy, was being unaware that my CFD provider calculated interest daily on the closing price. 

This to me was absurd, given I trade DMA, there is no physical roll or transaction ever takes place at the level. Imagine your mortgage interest repayments were calculated on the daily valuation, rather than initial transaction.

I need the leverage that they could provide, so tweaked my strategy with more focus on scalping and catching the 2-3 day swings.  I’d say the increase in commission costs is roughly the same (maybe a little more) than the reduction in overnight interest costs. But there is also a reduction in overnight risk as I am holding positions for roughly  ½ the of just buy and holding.


MOVING ALONG

I am happy with my results. My initial balance was quite small, however, it was an amount I feel I can aggressively trade with comfort. There’s no way I could replicate this on a 100k account (liquidity would also be an issue).

Don’t know what else to write really. I am constantly paranoid I will get complacent and every day challenge myself why am I profitable? What am I doing to differentiate myself from a bull who merely leveraged into a bull market.

I rarely make money going short, and burned £800 on a speculative punt. Was a nice reminder. Also made a little on SDM, a stock trading close to cash with a strong dividend.

The way the price of NI has moved, MCRs story has turned from value into aggressive growth. I am still massively long in my head, and it kills me to watch from the side-lines as I love the story. But there also is a level of satisfaction on knowing you’re remaining disciplined. That’s where the edge lies I guess.


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## deepvalue (10 April 2014)

Closed	Opened	 Market 	 Direction 	 Size 	 Opening 	 Closing 	 P/L 	 Funding 	 Borrowing 	 Comm. 	 Total 
9/04/14	3/04/14	 Mincor Resources NL 	 BUY 	 22,222 	 0.66 	 0.72 	 1,333.32 	-12.93 	 -   	-30.45 	 1,289.94 
9/04/14	7/04/14	 Mincor Resources NL 	 BUY 	 22,222 	 0.66 	 0.72 	 1,333.32 	-4.34 	 -   	-30.45 	 1,298.53 
7/04/14	31/03/14	 Sedgman Ltd 	 BUY 	 13,333 	 0.47 	 0.47 	-66.67 	-6.25 	 -   	-6.26 	-79.18 
2/04/14	27/03/14	 Mincor Resources NL 	 BUY 	 6,329 	 0.67 	 0.70 	 189.87 	-3.64 	 -   	-16.00 	 170.23 
26/03/14	23/03/14	 Sedgman Ltd 	 BUY 	 7,190 	 0.47 	 0.50 	 215.70 	-1.49 	 -   	-11.38 	 202.83 
26/03/14	24/03/14	 Mincor Resources NL 	 BUY 	 9,999 	 0.68 	 0.69 	 149.99 	-2.91 	 -   	-14.90 	 132.18 
26/03/14	24/03/14	 Mincor Resources NL 	 BUY 	 22,222 	 0.67 	 0.69 	 444.44 	-6.46 	 -   	-30.22 	 407.76 
26/03/14	23/03/14	 Sedgman Ltd 	 BUY 	 2,222 	 0.47 	 0.50 	 66.66 	-0.30 	 -   	-2.37 	 63.99 
26/03/14	21/03/14	 Sedgman Ltd 	 BUY 	 11,111 	 0.45 	 0.50 	 555.55 	-3.70 	 -   	-14.67 	 537.18 
26/03/14	25/03/14	 Sedgman Ltd 	 BUY 	 7,000 	 0.48 	 0.49 	 105.00 	 -   	 -   	-16.00 	 89.00 
24/03/14	23/03/14	 Sedgman Ltd 	 BUY 	 9,476 	 0.47 	 0.47 	 -   	 -   	 -   	-12.46 	-12.46 
21/03/14	20/03/14	 Mincor Resources NL 	 BUY 	 9,925 	 0.67 	 0.68 	 148.88 	 -   	 -   	-16.00 	 132.88 
19/03/14	6/03/14	 Mincor Resources NL 	 BUY 	 197 	 0.63 	 0.72 	 17.73 	-0.22 	 -   	-8.14 	 9.37 
19/03/14	10/03/14	 Mincor Resources NL 	 BUY 	 20,000 	 0.62 	 0.72 	 1,900.00 	-13.94 	 -   	-26.70 	 1,859.36 
19/03/14	11/03/14	 Mincor Resources NL 	 BUY 	 12,222 	 0.61 	 0.72 	 1,283.31 	-8.53 	 -   	-16.74 	 1,258.04 
6/03/14	24/02/14	 Mincor Resources NL 	 BUY 	 12,279 	 0.57 	 0.62 	 675.35 	-9.61 	 -   	-14.55 	 651.19 
6/03/14	5/03/14	 Mincor Resources NL 	 BUY 	 1,580 	 0.56 	 0.62 	 102.70 	-0.13 	 -   	-8.98 	 93.59 
6/03/14	26/02/14	 Mincor Resources NL 	 BUY 	 1,500 	 0.56 	 0.62 	 90.00 	-0.95 	 -   	-8.93 	 80.12 
6/03/14	24/02/14	 Mincor Resources NL 	 BUY 	 2,721 	 0.57 	 0.60 	 81.63 	-2.13 	 -   	-3.16 	 76.34 
6/03/14	24/02/14	 Mincor Resources NL 	 BUY 	 19,501 	 0.57 	 0.60 	 550.40 	-15.26 	 -   	-22.65 	 512.49 
3/03/14	24/02/14	 Mincor Resources NL 	 BUY 	 9,999 	 0.57 	 0.55 	-217.74 	-5.46 	 -   	-13.67 	-236.87 
25/02/14	24/02/14	 Mincor Resources NL 	 BUY 	 15,000 	 0.57 	 0.56 	-75.00 	-1.21 	 -   	-16.88 	-93.09 
25/02/14	24/02/14	 Mincor Resources NL 	 BUY 	 3,000 	 0.57 	 0.56 	-20.33 	-0.24 	 -   	-3.38 	-23.95 
25/02/14	23/02/14	 Mincor Resources NL 	 BUY 	 2,000 	 0.57 	 0.56 	-11.93 	-0.16 	 -   	-2.25 	-14.34 
24/02/14	23/02/14	 Mincor Resources NL 	 BUY 	 13,000 	 0.57 	 0.57 	 52.43 	 -   	 -   	-15.36 	 37.07 
19/02/14	19/02/14	 Panoramic Resources Ltd 	 SELL 	 22,222 	 0.40 	 0.42 	-444.44 	 -   	 -   	-18.00 	-462.44 
19/02/14	18/02/14	 Panoramic Resources Ltd 	 SELL 	 25,555 	 0.37 	 0.39 	-383.33 	 -   	 -   	-19.30 	-402.63 
19/02/14	18/02/14	 Panoramic Resources Ltd 	 SELL 	 30,000 	 0.38 	 0.39 	-300.00 	 -   	 -   	-22.80 	-322.80 
19/02/14	18/02/14	 Panoramic Resources Ltd 	 SELL 	 55,555 	 0.38 	 0.39 	-555.55 	 -   	 -   	-42.22 	-597.77 
19/02/14	18/02/14	 Panoramic Resources Ltd 	 SELL 	 6,700 	 0.38 	 0.39 	-67.00 	 -   	 -   	-5.26 	-72.26 
18/02/14	18/02/14	 Panoramic Resources Ltd 	 SELL 	 10,000 	 0.37 	 0.36 	 100.00 	 -   	 -   	-8.00 	 92.00 
18/02/14	18/02/14	 Panoramic Resources Ltd 	 SELL 	 13,300 	 0.38 	 0.36 	 199.50 	 -   	 -   	-5.32 	 194.18 
18/02/14	17/02/14	 Mincor Resources NL 	 BUY 	 24,999 	 0.65 	 0.64 	-249.99 	-2.27 	 -   	-31.99 	-284.25 
18/02/14	18/02/14	 Mincor Resources NL 	 SELL 	 24,999 	 0.64 	 0.62 	 499.98 	 -   	 -   	-31.24 	 468.74 
17/02/14	12/02/14	 Mincor Resources NL 	 SELL 	 10,000 	 0.62 	 0.66 	-429.17 	 0.18 	-1.05 	-6.67 	-436.71 
17/02/14	16/02/14	 Mincor Resources NL 	 BUY 	 10,000 	 0.66 	 0.66 	 -   	-0.95 	 -   	-6.60 	-7.55 
17/02/14	16/02/14	 Mincor Resources NL 	 BUY 	 10,000 	 0.66 	 0.67 	 50.00 	 -   	 -   	-14.60 	 35.40 
14/02/14	14/02/14	 Mincor Resources NL 	 BUY 	 10,000 	 0.63 	 0.64 	 100.00 	 -   	 -   	-16.00 	 84.00 
12/02/14	12/02/14	 Mincor Resources NL 	 SELL 	 2,000 	 0.62 	 0.63 	-25.83 	 0.01 	-0.04 	-2.66 	-28.52 
12/02/14	12/02/14	 Mincor Resources NL 	 SELL 	 10,000 	 0.62 	 0.63 	-150.00 	 0.03 	-0.17 	-14.67 	-164.81 
12/02/14	12/02/14	 Mincor Resources NL 	 BUY 	 8,927 	 0.61 	 0.62 	 44.64 	 -   	 -   	-14.72 	 29.92 
12/02/14	12/02/14	 Mincor Resources NL 	 SELL 	 1,701 	 0.62 	 0.61 	 8.51 	 -   	 -   	-2.33 	 6.18 
12/02/14	12/02/14	 Mincor Resources NL 	 BUY 	 4,445 	 0.58 	 0.62 	 177.80 	 -   	 -   	-10.73 	 167.07 
12/02/14	11/02/14	 Mincor Resources NL 	 BUY 	 13,854 	 0.60 	 0.62 	 277.08 	 -   	 -   	-16.77 	 260.31 
11/02/14	6/02/14	 Mincor Resources NL 	 BUY 	 18,854 	 0.56 	 0.61 	 942.70 	-9.27 	 -   	-21.87 	 911.56 
11/02/14	11/02/14	 Mincor Resources NL 	 BUY 	 11,146 	 0.60 	 0.61 	 111.46 	 -   	 -   	-13.37 	 98.09 
7/02/14	4/02/14	 Mincor Resources NL 	 BUY 	 6,919 	 0.56 	 0.58 	 105.35 	-1.66 	 -   	-8.73 	 94.96 
7/02/14	6/02/14	 Mincor Resources NL 	 BUY 	 4,479 	 0.56 	 0.58 	 89.58 	-0.36 	 -   	-5.63 	 83.59 
5/02/14	5/02/14	 ProShares Short VIX Short-Term Futures ETF 	 BUY 	 50 	 52.25 	 51.50 	-37.50 	 -   	 -   	-30.00 	-67.50 
4/02/14	2/02/14	 Panoramic Resources Ltd 	 SELL 	 19,000 	 0.24 	 0.24 	 -   	 0.04 	-0.25 	-8.00 	-8.21 
4/02/14	29/01/14	 Panoramic Resources Ltd 	 BUY 	 19,000 	 0.25 	 0.24 	-95.00 	-3.90 	 -   	-16.00 	-106.90 
4/02/14	4/02/14	 Mincor Resources NL 	 BUY 	 636 	 0.56 	 0.58 	 9.68 	 -   	 -   	-8.36 	 1.32 
4/02/14	2/02/14	 Mincor Resources NL 	 SELL 	 12,445 	 0.58 	 0.56 	 251.71 	 0.03 	-0.20 	-14.19 	 237.35 
2/02/14	23/01/14	 Mincor Resources NL 	 BUY 	 1,555 	 0.59 	 0.58 	-7.78 	-1.41 	 -   	-1.81 	-11.00 
29/01/14	23/01/14	 Mincor Resources NL 	 BUY 	 13,000 	 0.59 	 0.58 	-130.00 	-7.45 	 -   	-15.61 	-153.06 
28/01/14	14/01/14	 Mincor Resources NL 	 BUY 	 3,999 	 0.63 	 0.57 	-219.95 	-4.75 	 -   	-4.78 	-229.48 
28/01/14	20/01/14	 Mincor Resources NL 	 BUY 	 15,555 	 0.60 	 0.57 	-466.65 	-10.27 	 -   	-18.20 	-295.13 
28/01/14	23/01/14	 Mincor Resources NL 	 BUY 	 445 	 0.59 	 0.57 	-6.68 	-0.22 	 -   	-0.51 	-7.41 
27/01/14	14/01/14	 Mincor Resources NL 	 BUY 	 5,926 	 0.63 	 0.57 	-355.56 	-7.10 	 -   	-11.70 	-374.36 
27/01/14	14/01/14	 Mincor Resources NL 	 BUY 	 9,629 	 0.63 	 0.57 	-577.74 	-11.53 	 -   	-11.46 	-600.73 
27/01/14	13/01/14	 Mincor Resources NL 	 BUY 	 18,371 	 0.60 	 0.57 	-642.99 	-22.01 	 -   	-21.41 	-686.41 
27/01/14	14/01/14	 Mincor Resources NL 	 BUY 	 16,000 	 0.63 	 0.57 	-960.00 	-17.70 	 -   	-19.04 	-996.74 
21/01/14	16/12/13	 Mincor Resources NL 	 BUY 	 2,594 	 0.53 	 0.60 	 194.55 	-7.82 	 -   	-3.81 	 182.92 
21/01/14	13/01/14	 Mincor Resources NL 	 BUY 	 9,406 	 0.60 	 0.60 	 -   	-6.62 	 -   	-11.91 	-18.53 
14/01/14	11/12/13	 Mincor Resources NL 	 BUY 	 3,994 	 0.55 	 0.65 	 379.43 	-10.72 	 -   	-5.78 	 362.93 
14/01/14	16/12/13	 Mincor Resources NL 	 BUY 	 7,405 	 0.53 	 0.65 	 888.60 	-17.07 	 -   	-10.69 	 860.84 
14/01/14	11/12/13	 Mincor Resources NL 	 BUY 	 8,600 	 0.53 	 0.65 	 1,032.00 	-22.42 	 -   	-12.43 	 997.15 
14/01/14	10/01/14	 Mincor Resources NL 	 BUY 	 15,555 	 0.56 	 0.63 	 1,166.63 	-5.11 	 -   	-18.43 	 1,143.09 
14/01/14	13/01/14	 Mincor Resources NL 	 BUY 	 20,000 	 0.61 	 0.62 	 149.50 	 -   	 -   	-24.45 	 125.05 
6/01/14	11/12/13	 Mincor Resources NL 	 BUY 	 6,006 	 0.55 	 0.59 	 240.24 	-12.67 	 -   	-8.34 	 219.23 
6/01/14	10/12/13	 Mincor Resources NL 	 BUY 	 9,994 	 0.57 	 0.59 	 249.85 	-21.89 	 -   	-11.55 	 216.41 
27/12/13	11/12/13	 Mincor Resources NL 	 BUY 	 1,400 	 0.53 	 0.55 	 28.00 	-1.59 	 -   	-9.12 	 17.29 
13/12/13	10/12/13	 Mincor Resources NL 	 BUY 	 10,000 	 0.57 	 0.53 	-325.00 	-2.32 	 -   	-13.65 	-340.97 
6/12/13	6/12/13	 Mincor Resources NL 	 SELL 	 23,300 	 0.54 	 0.51 	 699.00 	 -   	 -   	-24.24 	 674.76 

								-308.65 		-1,037.50 	 9,330.37


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## robusta (10 April 2014)

Nice results, you must study these businesses closely. I would have no idea how to value and profit from these commodity and mining services companies. Well done.


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