Diamonds When he said it is time to buy it was cheaper than when I initial bought, so I don't think it is a bad call, just wish he bought a little lower, so he could make more money.
When I first bought Imperial I bought it #1 on valuation, number #2 because of the continuation of printing #3 copper the most important metal of the future, and finally #4 you had deep pocketed multi decade holders the company can borrow from.
Imperial has always classified itself as a copper stock, but with gold recoveries and price both going up, they will not know what to call themselves by years end! I want to be in both gold and copper and you have that with Imperial maybe by years end 50/50 mix.
IMO, Imperial will trade at multiples of its current price 5-10 years from now, I have no idea next week or month. Commodities as a whole have been the most unloved sector since the financial crisis, IMO it will change.
Saying all this if you are a Graham type investor in today's market there is some significant value in the smaller names! When I started investing again in Jan of this year after 5 years on the sidelines I didn't see much I liked, Imperial was my 1st name I bought, but today I have over 20 names in my portfolio most all under the 200 million marketcap range. I am still 50% cash but the other 50% is invested mostly long with of course a small short on the S&P. I am not 1 to 1 long short like Prem tried tafter the financial crisis thinking his picks will surley do better than the market, but I do have a hedge as I think my names will outperform significantly as well hehe even if the S&P becomes more overvalued. Prem is a value guy and nobody expected to see value underperform for over a decade to the point you can buy free businesses. Howard Marks says the world is more messed up than a 10% decline, couldn't agree more. The names I have are probably on average just a guess never did the math down 70% from all time highs on average, and don't need to hit the capital markets anytime soon, IMO. Everybody thinks inflation is a guarantee, I am leaning towards it as well with all this money printing, but sometimes what everyone thinks is wrong. Japan, did every trick in the book and they have been battling deflation for decades why can't that happen to the western world seems like we using the same playbook just with the USA has more tools being the reserve currency. I have no idea how all this plays out but usually you buy something substantially below what it is worth things work out. Anyways, sorry for this brainstorm wife not talking to me today about the economy and I stuck in the house hehe.