There have been some developments behind the scenes at The Flying Frisby, which are going to add considerable value.
In addition to my own contributions, starting this week, once per month for paid subscribers only, Dr John Wolstencroft is going to be writing for this Substack, sharing some of his investment ideas and research.
I first met Dr John in 2006 at a dinner and talk by commodities trader Mark Shipman for a spread betting company. It was clear then that here was a formidable intellect and we discovered a shared interest in junior mining companies.
John’s a doctor in computer science, by the way, not medicine, and at another dinner in 2007 - this time for a silver miner in which John had invested (and did extremely well in making 20 times his money) - John coined the expression “global margin call” to describe what he thought might be ahead. 2008 and the Global Financial Crisis duly followed and John began to acquire prophet-like status in my perceptions.
I interviewed him many times on my podcast - then called Frisby’s Bulls and Bears - and in particular I remember one interview - 18 Steps to Mining Ruin - (YouTube version here) - in which he described how a junior mining company can take itself from a p/e of just 1 to a p/e of 100 in 18 easy steps. We were in the early stages of the mining bust, so again his words were prophetic. Many companies unwittingly followed his model.
He might have these visionary qualities, but he can’t pronounce his own name. The L of Wolstencroft is, I argue, silent - as in calm, yolk or Holborn - and so Wolsten should almost rhyme with Worcester. John, however, smiles patronisingly and reminds me that it’s his name and not mine - the subtext being that he’ll pronounce however he damn well likes.
Since the 2012-13 mining bust, John has taken a much more cautious, risk-averse approach to investment - seeking out safety, value, yield and so on. He is a great champion of investment trusts, a sector he follows closely. Penny stocks and the like are not for him. Well, they are. But not here .
With this in mind, I have asked him to contribute to The Flying Frisby, as I felt he would add value for paid subscribers. While I can focus on the racier stuff, as well as bullion and bitcoin - all of which can multiply manifold in times of plenty - John will focus on much lower-risk investment trusts and the like, which will be more defensive and preserve capital in trickier times (such as now).
John will be writing for The Flying Frisby roughly once per month, with the first of his missives - on oil and gas - to be published later this week. So look out for that.
I’m thinking of calling his letters - Sensible Investment Trusts With Dr John - or something like that.
This is still an experiment, but I think it will work out.
Welcome Dr John.
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