Positions by Conviction (AU Portfolio)

I was recently asked to write a post outlining my portfolio by conviction. Here it is for the AU Portfolio in descending order:

KME - 9.25% - I have held this stock on and off since June 2014 when I paid 20 cents
BTH - 8.74% - thesis and disclosure
LBL - 5.99% - thesis and disclosure
OTW - 4.63% - first purchased in September 2017 for $2, there is roll-up risk here
DDR, DTL, FID, GAP, JYC, KOV, LYL, PTM, WES - 4.87% to 5.97% - as a group these come next, they are my quantitative segment
AKG - 4.86% - recent purchase, but have held in the past
EAS - 4.74% - another recent purchase, thesis borrowed from DMX Asset Management, profit reporting concerns
RMY - 1.96% - most recent buy

I also hold 4.91% of GOLD which I view as additional cash.

As you can see position size reflects conviction which is as it should be. It is also reassuring that holding period correlates with conviction, since knowledge should increase with time and should underpin opinion.

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