Sold SCCO

Long term I am no longer bullish on copper:

• China housing bust
• Solar panes and wind farms are now uneconomic.  Switch to natty and nuclear.
• Hybrid vehicles are growing faster than EVs.  

Sold my 2% Southern Copper corporation this week, as Hedgeye's copper signal went bearish.  Unfortunately it went bullish a few days after.  Short term, shit happens.  Longer term, I'm not interested in a company trading at a 20+ PE (with copper at $4+).

Am now 2.5% cash.  Expecting a dip in the market in Feb/March, looking for things to buy:

• Platinum: Its trading below its cost of production, like Uranium was years ago.  But not low enough.  Uranium was trading at 1/3rd of its marginal production cost in the early 2020's.  Platinum is around 30-40% below the South African producers' AISC (est. USD 1200 to 1300).
• EMs (ex China).  I've got some Latam stocks, now looking at SEA.  eg: Pakuwon Jati.  Indonesia and the Philippines are cheap, and Malaysia has high projected GDP growth in the next few quarters.  But there's no rush.  Unlike Latam (upcoming 2025/26 elections), SEA does not have a catalyst.  EMs have underperformed for years, and we are still in the USD-up-EMs-down phase of the Trump rally.

Small update: Bought Latam stocks and Sandstorm

Bought 3 stocks in a Latam country, 1% each:

• Single digit PEs.  Where the PE can be counted on one hand.  Double digit dividends.
• May go up 2-3X when the political situation normalises, elections in 1 or 2 years.
• Small chance that the political situation goes to shit and they go to zero.

I want to increase holdings in EMs (ex China).  I think we get a falling USD over the long term, and go up after years of underperformance.  But no rush....its years of underperformance, so could easily go on another year.

A sudden fall in USD (like 10% from a "Mar-Largo accord") is not something I'm well positioned for.   Nearly 40% of my portfolio is domestic US companies.  The US could alternatively unilaterally devalue its currency (printing money and buying bonds) over the next year.

Bought another 1% of Sandstorm Gold.  A company that has future streams of gold and current debt is another way to play a falling USD.