Mr. Puplava: We are a small boutique money manager. We manage a little over $300 million, depending on what kind of day it is. We come at the markets more from a value discipline. We manage three kinds of accounts. We have a growth and income account that is more dividend-oriented. We have a growth account and also a precious metals equities account.
TWST: Would you tell us about your investment process? What do you look for in
the growth and income, growth and precious metals stocks?
Mr. Puplava: We take a look at the broader macro picture. We are looking for a
theme that is developing and is going to be long trending in nature. If you take
a look at the investment markets over the last several decades, in the late
1960s, the stock market peaked, and from the mid-1960s all the way through the
1970s and early 1980s, it was a commodity-driven market. If you wanted to make
money, the place to be was in energy, metals, base metals and hard assets. In
the 1980s, the markets turned from hard assets to paper assets, and the place to
be for the next 10 years was Japan. As Japan's market peaked in 1989, the next
place to be was the US markets, in particular, the technology stocks.
Fast-forward to 2000. The next broadening theme that was developing was the
emerging economies of China and India, and along with it was another commodity
cycle. That commodity cycle is something that we've identified as a long-term
theme, which we are pursuing.
Tickers included in this excerpt: AUY, COS:TSX, GG, MFN, SU, TDC:TSX
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