Commodity Redux

Dr Alexander Denny: You know you don't have to do this.
Doug Carlin: What if I already have?
--Deja Vu

Adding to many commodity-oriented positions today. Also started a new one: Pan American Silver (PAAS). Compelling enterprise value here at ~$2B. Solid balance sheet--signif more cash than debt (rare for miners). Currently trading in the low-mid $15 range--closer to 2008 low of $10 than to 2011 high of $43. Almost 1% yield.

While a new current holding, PAAS is an 'old friend' from the run up in miners a few years back. Feels good to slot it in again.

position in PAAS