Buying Short-Term Position in Freeport (FCX)
Posted on | October 6, 2008 Time: 6:29 pm |
Severe times call for inventive measures to gain returns. With today’s 15% drop Freeport-McMoRan (FCX) now yields over 5%, and on (sic) fundamentals the stock is even more attractive. Even though gold production has been low in recent years, this part of Freeport’s business should serve as a hedge against copper prices.
I’m going to stick around here long enough to collect the dividend payment for holders of record 10/15; in the course of waiting that payment out I hope to see a floor appear on some of the materials stocks, which appear oversold regardless of global economic conditions. Copper is an essential infrastructure commodity, and this trend is merely pausing, not broken.
Buying 3% position (790 shares) at $37.92
Ryan Barnes
Tags: copper > Freeport-McMoRan > gold > Secular Trends Portfolio
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