I still like my long-term thesis for copper miner First Quantum Minerals (FQVLF)–that copper prices will rise with a pick up in global economic growth and that when growth resumes the world will be looking at a shortage of copper. First Quantum has a lot of new capacity coming on line just at about the right time to supply that deficit.
But I certainly wasn’t counting on a coronavirus slowdown/recession to push out the recovery in the global economy.
I’m keeping this stock in my Buy-on-the-Dip list because I would like to get in at a low price closer to the time of any stock market/global economy recovery.
But at the moment, I going to take advantage of what I think is a rally in a bear market to sell these shares. Yesterday shares of First Quantum Miners gained 41.79%. Today they’re up another 12.63%.
Those gains certainly aren’t sufficient to make up for the losses on this position. In my 50 Stocks Portfolio the shares are down 60.97% since I added the on January 2, 2018. In my Jubak Picks Portfolio they’re down 41.92% since my January 22, 2019 addition.
Today, I’m selling the stock out of both portfolios.
