No offense to any “sell-side macro analysts” reading this post, but in general I am not a big fan of them overall. Don Coxe is an exception to this rule. My friend who is an analyst for a top value mutual fund, described Don Coxe as the best commodites analyst besides Jim Rogers.
Here is a brief bio:
Don Coxe has more than 35 years of institutional investment experience in Canada and the US. In 2008, Don retired from the Harris Investment Management division of BMO, of which he had previously been CEO, to found his own research and consulting business, Coxe Advisors LLP. Don continues to follow global capital markets, and write and speak for investors.
Strategy Advisor to BMO Financial Group, his investment journal, Basic Points—published since 1992—and his conference calls are distributed exclusively for their clients in North America, Europe and Asia.
As Portfolio Manager and Strategist for the Global Commodity Strategy, Don heads up the investment team—a collaboration of Coxe Advisors and Harris Investments launched in spring 2010, to create and market commodity-oriented solutions for investors. He is also advisor to the Basic Points Commodity Notes and the Coxe Commodity Strategy Fund in Canada.
Mr. Coxe has consistently been named as a top portfolio strategist by Brendan Wood International. He was ranked number one in the 2007, 2008 and 2009 surveys.
He was CEO of a major Canadian investment counseling firm, Research Director and Strategist for a leading Canadian institutional dealer, a strategist on Wall Street, and CEO and Chief Investment Officer for Harris Investment Management, Inc. At Harris, he was, until 2006 co-manager and/or portfolio strategist of the flagship Harris Insight Equity Fund.
Mr. Coxe maintains a highly visible presence in major business communities through his speaking engagements, writing, conference calls, and regular appearances in North American broadcast media. A respected business writer, he is the author of The New Reality of Wall Street, published in 2003.
Charlie Munger on Discount Rates and Opportunity Cost
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Below is a lengthy presentation that Coxe recently wrote up. I attached his 10 conclusions for anyone too lazy to read all 50+ pages: