Greetings!

I just reduced: Each of my portfolio positions by 1/3 (one third).

I have thought about going to cash for roughly one week now. There are numerous advantages and disadvantages when it comes to applying 'drastic' measures. To make a long story short I opted for a middle-of-the-road-policy. The overall market looks extended and vulnerable. A good time for me to reduce my exposure and take off some pressure. Depending on what next week brings I might further reduce my exposure. The rules of the game are always the same: There will never be a shortage of opportunities in the markets and one can always get back in.

A great way to support my work is to tell your friends and family. Thank you!

Positions:

CNL.TO - Continental Gold

DNN - Denison Mines

LNG - Cheniere Energy

TMB.TO - Tembec

UEX.TO - UEX Corp.

Best regards,

Olivier Tischendorf

http://www.tischendorf.com/">www.tischendorf.com