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giovedì 9 luglio 2015

Dalio s'è comprato un bel po' di azioni Silver Wheaton (oltre ad avere già Pan American Silver, Goldcorp e Barrick)



Dal simpatico (almeno, a me sta simpatico) Ray Dalio, fondatore della Bridgewater, e della sua idea sull'oro abbiamo già parlato. Ma ha anche azioni di compagnie minerarie?

Profit Confidential - Billionaire Ray Dalio Bought 463,000 Shares of Silver Wheaton Corp
By Robert Baillieul - Monday, July 6, 2015

Instead of trusting their savings in the stock market, investors should be worried about a U.S. dollar collapse and begin storing their wealth in hard assets like gold and silver. At least, that is, according to billionaire investor Ray Dalio.

In recent quarters, Dalio has been warning investors to get out of fiat currencies. That’s probably why he has accumulated massive positions in mining companies like Goldcorp Inc., Barrick Gold Corporation, and Pan American Silver Corp. These metal producers are leveraged bets on higher gold prices and a hedge against inflation.

(...) In a recent 13-F SEC filing, Dalio disclosed a 463,000 share position in precious metals giant Silver Wheaton Corp. [NYSE:SLW].

What makes this company interesting is that it doesn’t actually own or operate any mines at all. Instead, you could think of Silver Wheaton like the banker of the mining industry. (Source: Bridgewater Associates 13-F Filing, last accessed July 5, 2015.)

Here’s how it works. Silver Wheaton fronts resource firms with the cash they need to complete a new project. In exchange, the company receives a percentage of the mine’s production once the project is up and operational. Even better, Silver Wheaton can often purchase this production at a steep discount to market prices, securing a dependable source of gold and silver for decades to come.

This business model allows the company to crank out oversized profit margins. In the case of Silver Wheaton, the firm pays $4.14 on average per silver equivalent ounce. It can then turn around and sell this production for $16.00 per ounce at today’s spot silver price. (Source: Silver Wheaton Investor Presentation Slide 21, last accessed July 5, 2015.)

Needless to say, this is a lot more lucrative than your traditional mining stock. Operating a mine for a profit is tough. You can watch your investment get wiped out if a company runs into a labor strike, socialist government, or an expensive engineering problem.

In contrast, Silver Wheaton can generate higher profits without that risk. For this reason, the stock has returned over 500% over the past decade, easily beating the rest of the resource industry.

Those returns are likely to continue. Last year, the company’s producing streams generated 43.6 million silver equivalent ounces. By 2019, that figure is projected to grow over 40%, increasing to 51.4 million silver equivalent ounces per year. (Source: Silver Wheaton Investor Presentation Slide 15, last accessed July 5, 2015.)

At those rates, Silver Wheaton is going to be gushing cash flow. Most of those profits will likely be paid out to shareholders as dividends or reinvested back into the business to earn even more silver royalties.
Quindi Dalio ha già sostanziose posizioni in Goldcorp Inc., Barrick Gold Corporation, e Pan American Silver Corp. ed ultimamente ha comprato una bella fettina anche della Silver Wheaton Corp. che è una compagnia che sostanzialmente non ha miniere di suo ma si "limita" a giostrare e distribuire l'argento di altre compagnie minerarie vere e proprie.


Non sapevo della posizione di Dalio e mi consola sapere che anche lui, come me, ha scelto GoldCorp e PanAmerican .. su Silver Wheaton mi pare di ricordare di non avere aperto una posizione per via del suo prezzo relativamente alto, ma quando finirà sta merda di mercato ribassista su tutte le commodities probabilmente spotrebbe essere uno dei cavalli su cui scommettere. Se l'ha fatto Dalio.. forse un po' più attendibile di Barrai ;)

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