RIP: He Was Early

15 Jul

I often make the statement that I would like the words ” He was early” emblazoned on my tombstone. From Farmland in the late 90’s to the drillers and the refiners in the early 2000’s we seem to be both blessed with  foresight while at the same time cursed with an inability to frame that foresight within a reasonable time period. In short, it seems like we are always playing the waiting game, which as we all know, sometimes feels less than comfortable. Being early often feels like being wrong, and one has to continually revisit the underlying investment thesis to make sure that being early is not simply a refusal to admit ones mistakes. We have to admit that the environment over the past several years has simply not validated our thesis with respect to hard assets vis- a- vis financial assets. The question is: Are we wrong or Are We Early? Clearly the answer to this question will ultimately unveil itself, but in the interim we take comfort in the fact that fiat currencies rarely reign supreme over extended periods of time, particularly those that are expressly being devalued via Central Bank actions. The antidote to falling currencies is to hold stuff.Continue to Buy Stuff.

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