A good discussion. From my perspective, it seems to me that Jim still maintains his ultimate outlook, yet his strategy is changing radically.

Whereas last year I heard Jesse Livermore quoted multiple times on the show by Jim, "It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! Men who can both be right and sit tight are uncommon." Now, that wisdom seems to have been abandonded. Jim's strategy now seems to be ride the seniors up and then time it right by trading into the juniors when they are ready to move.

Again, I have all the respect in the world for Jim and the education he provides, but I've witnessed his poor track record for market timing over the last year. Why would this timing call be any different?

What about the idea that these juniors would take off like a "NASA space launch", and that if you miss the move you would likely not get another opportunity. It was worth waiting for the move last year. Now, it seems that we're all market timers and can predict exactly when they will occur.

I find it interesting that someone who was one of the biggest proponents of these juniors is now backing off somewhat, whereas other gurus like Bob Hoye (a deflationist, who anticipated the crash in mining shares) believes that now is the time to load up on them for the "party" that will be going on for the next few years. Marc Faber, also somewhat in the middle of the inflation-deflation spectrum, believes now is the ideal time to pick up juniors on the cheap. Peter Schiff, from my understanding, still maintains 50% of his personal portfolio in miners of all sorts.

My personal bottom line is to listen to their macro theories, but know that no one can time anything perfectly. Sorry, but I'm going to listen to the old Jim who seemed to practice Livermore's words, and not the new one who disregards them, because I still think they are applicable. But that's just me. I think having a good mix of seniors and juniors is the only way to go in this environment.

Hysteria