The S&A Digest: Commodities rally

Commodities rally... Dollar drops... Bill Miller's strategy... Proud to be an American...

 Buffett on the move... Extreme Value pick Berkshire Hathaway (BRK-A) further trimmed its position in PetroChina to 9.72% from 10.16%.

 Yesterday, wheat and oil closed at all-time highs ($9/bushel and $78.23/barrel), gold hit $721.10 per ounce, the dollar closed at a record low versus the euro, and LIBOR rates stayed steady at a nine-year high. As the dollar continues to drop, gold and oil are running in the opposite direction.

 12% Letter pick Citigroup (C) is bullish on Turkey. Today, the world's largest bank bought Opus Menkul Degerler, a Turkish broker. Last year, Citi took a 20% position in Akbank, Turkey's top lender. Why the sudden interest in the emerging market? Turkey's equity market has increased sevenfold in the past five years. Our friend Chris Weber beat Citi to the punch by two years... He made a fortune by investing in Turkish bonds in December 2005. To read more about how Weber amassed his personal fortune, click here...

 Bill Miller's semiannual report for his Opportunity Trust mutual fund, disclosed that he bought into five hedge funds, including Leon Cooperman's Omega Advisors. Miller went on to say he invests in these funds for access to their research. It's nice to know Miller's investors are paying him a fee so he can invest their money in hedge funds that charge higher fees so he can get research that he and his analysts should already be doing.

 New highs: CGG-Veritas (CGV), Nokia (NOK), McDonald's (MCD), streetTRACKS Gold (GLD), Alnylam (ALNY).

Porter's a little busy today, but luckily the mailbag is more of the same. How proud are you to be an American? Tell us here... feedback@stansberryresearch.com.

 "I LOVE the country I was born in. That's why I want the best for it. Like a good parent, I don't think everything we (our child – or homeland) do is good or cute. I like to look at things a bit more objectively and hope to – in the case of my child – guide it to a better understanding of life and how things are SUPPOSED to be. And how to be responsible, and to respect, and to give... ad infinitum. Guess it's the wine again that gets me responding, But it never ceases to amaze me, the responses you get. People in general must be ding-dongs. For I believe your customers are NOT the average American." – Anonymous

 "DIDN'T READ THE ORIGINAL COMMENT OR YOUR RESPONSE TO IT AS I AM A NEW SUBSCRIBER AND I AM NOT INTO NAME CALLING AT ALL. BUT, THE OLD DAYS OF JUST PULLING BACK INTO A SHELL AND LET ALL HELL BREAK LOOSE OVER SEAS OR IN OTHER COUNTRIES ISN'T A VIABLE OPTION ANYMORE. THE RADICAL MUSLIMS HAVE DECLARED WAR ON ALL COUNTRIES THAT WILL NOT EMBRACE THEIR RELIGION UNDER ITS STRICTIST INTERPRETATION AND TERRORIZE AND KILL INNOCENT VICTIMS, WOMEN AND CHILDREN – EVEN THEIR OWN FAMILIES TO THAT END. I HOPE YOU AND YOUR READERS DO NOT BELIEVE THE OLD ADAGE OF LIVE AND LET LIVE WILL NOT WORK WITH THEM WHEN THEY HAVE THOUSANDS OF BELIEVERS WHO WILL STRAP A BOMB TO HIS/HER CHEST AND BLOW UP WOMEN AND CHILDREN IN THEIR OWN COUNTRIES LET ALONE OTHERS. PEOPLE HAVE FORGOTTEN THAT SADDOM NOT ONLY HAD WMD'S BUT MORE IMPORTANTLY HE ALSO WAS PAYING $25,000 AMERICAN DOLLARS TO THE FAMILIES OF ANYONE WHO DID BLOW THEMSELVES UP (DIDN'T CARE WHO THEY KILLED) TERRORIZING THE WORLD. DO NOT FOR ONE INSTANT THINK THE OCEANS WILL CONTINUE TO PROTECT US FROM THESE RADICALS. IT WILL BE JUST A MATTER OF SHORT TIME , IF WE PULL BACK INTO A SHELL AND LET THE REST OF THE WORLD STAND ON ITS OWN, BEFORE THEY ARE IN OUR COUNTRY. ENOUGH SAID."

– Paid-up subscriber Randy

 "I am not a great investor but have done well following the Alliance, thank you. I am an American citizen by choice, being here for fifty years, after being under a dictatorship, followed soon after by another dictatorship, could not agree with you more. When I came, we had more liberties, more freedoms and more courage to defend them. Today, the government and its acolytes (be it on paper or on the air) cry wolf and we hand over all our civil liberties without a blink. That is ignoring that a dictatorship is, in essence living without civil rights. Fight terrorism, capture Bin Laden, destroy Alquada, but do it as free men." – Paid-up subscriber Francisco Cabrera

 "Porter, you are spot on. It goes back to the famous Ben Franklin quote 'those that would give up essential liberty for temporary safety, deserve neither.' I am eagerly waiting for my copy of Mobs, Messiahs, and Markets to arrive. This book is exactly as you describe. People will give up all common sense just to vote with the masses. What a shame." – Paid-up subscriber Dwight Paslean

 "Ralph Nader recommended two laws that could solve two of our nation's major problems: 1) The U.S. will not go to war unless ALL draft age children of the Congress and Senate agree to enlist. 2) Folks in the Congress and Senate will not receive medical coverage until ALL U.S. citizens receive medical coverage." – Paid-up subscriber Jim

Regards,

Sean Goldsmith

Baltimore, Maryland

September 12, 2007

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