"An old maxim is that, gold makes sense when nothing else makes sense. Today, not much does make sense. Gold is likely to explode, at least in the initial stages of panic. In a recession, cash becomes a King. In a depression, gold is an Emperor.

In the current panic, many investors are jumping on U.S. Treasury bonds as a perceived life raft. But teetering on the shaky foundation of U.S. dollars, T-bonds are a trap to be avoided. As the U.S. dollar is likely to erode fast, the sovereign debt of countries with strong currencies, such as Swiss francs, are attractive, even with a negative yield.

In these precarious times, think return of capital, not return on capital."

John Browne

Of course our expectations excede "return of capital!"

SAN offers a "high probability event" going forward and as WB would concur, when a "high probability event" presents itself take a "healthy swing " at it!

As any baseball fan knows, Ted Williams, the game's last .400 hitter, mirrored that philosophy with every trip to the plate!

If I'm not mistaken, WB, is batting 1.000 applying the same to market buying decisions.

RUF