FCM & $TMRC Business Update

As of 27 December 2019, our position in Texas Mineral Resources has been liquidated, for a return of 700%

We have also boosted our defensive cash position by 200% to 14% of the Fund in relative terms.


Hi Tom,

Any particular reason you’re not holding for your $5 price target?

Thanks in advance, and everything of the best for this Christmas season.


Hi, Brett,

I think of it this way: you buy a 50 dollar stock and it moves to 400 and you’ve got a 700% return. Trading penny stocks is relative and if one has enough shares at a cheap price, a return of 700% should be just as fruitful as the investment in the high-priced stocked. In the case of TMRC, the rapid rise in shares exceeded our near-term expectations and consequently we ejected to book the profit.

Could TMRC double from here with a special announcement from the U.S. Army? It certainly could. That trade, however, belongs to someone else.

Has the fundamental picture for TMRC changed? I don’t believe so.

Finally, we think hefty cash reserves will be of paramount importance in the weeks, months and years ahead.

Have a Happy New Year, Brett.


Hi Tom,

Thanks for your thoughtful and reasoned response. As always, I appreciate your views and admire your work.

All the best for 2020.


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