RE: Dozen Picks Good overall portfolio. I like Franco Nevada and SLW, Suncor, CNQ. Barrick with 150 million ounces of reserves is cheap at this point. I like Oil, Gas and Gold and Silver. I don't like Copper and banks.
Canadian Banks are vulnerable to the never ending Real estate boom in Canada. CMHCC is more vulnerable. (insurance company on Canadian mortgages) And Copper is vulnerable to a european slowdown and Chinese slowdown. But I like copper because of currency debasement so it might hold its value adequately.
I like gold, Silver , oil because I predict that Iran will get bombed in 2013. So oil may spike to 150 barrel. And the global money printing will keep on fueling silver and gold rally. 2013 may be a crazy year for european bonds, Japanese bonds, US bonds. You have a good portfolio and not having Sandstorm Gold and Sandstorm Energy and Metals is a mistake in my opinion. But who knows. Your NAV arguement doesnt stick with me on SAND. You are 3 new streams away from being wrong. And the company has averaged 50%+ returns in the last 5 years. So you are bold to call the end of that trend. But I wish you all the luck in 2013 and I hope you make money.