Jim Rogers’ Gold Investment Philosophy (MorningStar)
Jim Rogers, the legendary maverick investor, recently spoke to Morningstar about investing in gold. Below are excerpts from the interview. …Gold had gone up 12 years in a row, without a down year, which is extremely unusual in any asset. Equally important, gold has only had one 30% correction in 12 years. Again, that is extremely unusual. Most things correct 30-40% every year or two. So the action in gold has been very unique and gold needed a correction. The main thing that caused it as far as I am concerned was that the market was ready. It needed it and it is good for gold to have a proper correction. Whenever there is a correction people always find reasons. Cyprus was going to sell its gold, which means other European countries might have to. There were various and sundry things that came up. At the time bitcoin was collapsing. A lot of people that own bitcoin own gold.
SEC Charges City of Harrisburg for Fraudulent Public Statements (SEC)
The Securities and Exchange Commission today charged the City of Harrisburg, Pa., with securities fraud for its misleading public statements when its financial condition was deteriorating and financial information available to municipal bond investors was either incomplete or outdated. An SEC investigation found that the misleading statements were made in the city’s budget report, annual and mid-year financial statements, and a State of the City address. This marks the first time that the SEC has charged a municipality for misleading statements made outside of its securities disclosure documents. Harrisburg has agreed to settle the charges.
For Buffett, the Past Isn’t Always Prologue (NYTimes)
A little under an hour into the question-and-answer session at Berkshire Hathaway Inc. (NYSE:BRK.A)’s annual meeting here on Saturday, a name searing with history but now largely forgotten was mentioned: Henry E. Singleton. Mr. Singleton was, arguably, the Warren E. Buffett of the 1960s and ’70s, though hardly famous. His company, Teledyne Technologies Incorporated (NYSE:TDY), became a remarkably successful and huge conglomerate, with an assortment of related — and unrelated — businesses. Like Mr. Buffett, Mr. Singleton was a modest man with a rare sense of rationality. He didn’t pay his shareholders dividends; he was convinced he could allocate the money more profitably. And he was right more often than not.
Drooping Weiner got boo$t from shady bros (NYPost)
Sugar daddies bailed out Anthony Weiner when he was down and out — giving him work after stuffing his many political campaigns with donations. Hedge-fund brothers David and Eugene Grin helped Weiner with consulting work after he resigned from Congress following his sexting scandal, The Post has learned. The Grins also assisted his mayoral and congressional races, raising nearly $50,000 for Weiner, who is now considering a mayoral run. Through two hedge funds, the Grins control Parabel, a company that claims to harvest an algae-like crop.
Paulson Said to Lose 27% in Gold Fund Last Month in Rout (BusinessWeek)
Billionaire John Paulson, the hedge- fund manager seeking to reverse two years of losses in some of his strategies, lost 27 percent in his Gold Fund last month after the precious metal and related securities plummeted, according to two people familiar with the matter. The loss brings the strategy’s decline to about 47 percent this year, said the people, who asked not to be identified because the information isn’t public. The fund is made up primarily of Paulson’s own money, one of the people said. The strategy had $700 million at the end of March.
