What About the Income Taxes?

When perusing my posts, you may find All-in Costs numbers that are larger than is stated elsewhere in technical reports and corporate presentations. That’s because I have made an effort to account for royalties and income taxes, as the impact of royalties and income taxes on the overall valuation of a company is enormous, and is very often the factor that determines whether or not a company has a snow ball’s chance in hell of producing Net Income.

Current cost methodologies, including the much-improved All-in Costs methodology, which expands upon AISC, are gravely flawed, in so far as the above mentioned inputs are ignored. I try to remedy that in my valuation scenarios.

In order to differentiate between the traditional All-in Costs methodology and my own costing methodology which incorporates royalties and income taxes, I will hereafter utilize the term, ‘True All-In Costs.’

Once True All-in Costs are calculated, I am able to determine what I refer to as True Value, or Projected Book Value per Share. True All-in Costs are also required for our Total Acquisition Cost (TAC) calculations, but are not required for the less important PMCV10/15 formulas.

Several flavors of our PMCV10/15 formula are common in the industry, but we are quite certain that our True Value methodology and approach to TAC are original, so it is doubtful that we will ever publish the formulas.

The Future of True All-in Costs and True Value

In the future, I would like to incorporate Exploration and Development Capital, Working Capital and Financing into the True All-in Costs methodology formula. Were all of these inputs used regularly when appraising development-stage companies, I believe investors would be better armed when confronting management about the economics of proposed projects.

vCycle & vTrend: For the Discerning Investor

Premium ThinkScript Series

vCycle & vTrend

Wherein professional activity, volatility and the least squares method are analyzed in order to make sound determinations regarding short, intermediate and long-term trends.

vCycle & vTrend, written with the conscientious investor in mind, are time-frame agnostic and have been rigorously tested in our family office with the following products: Futures, Equities. Trading in the direction of vTrend results in the highest probability setups.

Upon purchase, three studies (vCycle_Histogram.ts, vTrend_Histogram.ts, vCycle_Upper) will be promptly emailed to you in a .zip file.

How to Import Your vCycle & vTrend Source Files Into ThinkOrSwim

After you unzip the downloaded files, go to ThinkOrSwim Charts and click Studies > Edit Studies. In the new window, make sure you’re on the right tab for either Studies or Strategies, then click “Import” below. In the next window, navigate to the file on your hard drive, select it, and click open.




Premium Script Price: $1,099.00

Fractal Efficiency: Toward a Better Quantitative Analysis of Trend

Fractal Efficiency Wherein determinants, critical points, holomorphics, volatility, and derivatives of such, produce predictive matrices from which intermediate directionality may be determined.

Fractal Efficiency is time-frame agnostic and has been rigorously tested in our family office with the following products: Futures, Equities

Upon purchase, a lower study (vFractal_Efficiency.ts), a companion upper study (vFractal_Efficiency_Upper.ts) and the Fractal Efficiency Strategy (vFractal_Efficiency_Strategy.ts — Sample Results Below) will be promptly emailed to you in a .zip file.

How to Import Your Fractal Efficiency Source Files Into ThinkOrSwim

After you unzip the downloaded files, go to ThinkOrSwim Charts and click Studies > Edit Studies. In the new window, make sure you’re on the right tab for either Studies or Strategies, then click “Import” below. In the next window, navigate to the file on your hard drive, select it, and click open.

That’s it!




Premium Script Price: $1,099.00

Fractal Efficiency Strategy

Fractal Efficiency Strategy Report (Daily Data)

Symbol: URA (Global X Uranium ETF)

Work Time: 12/29/10 – 9/22/17

Id Strategy Side Amount Price Date/Time Trade P/L P/L Position
1 vFractal_Efficiency_Strategy(Long Entry) Buy to Open 1000.0 $119.28 12/28/10 $1,260.00 1000.0
2 vFractal_Efficiency_Strategy(Short Entry) Sell to Close -1000.0 $117.90 1/7/11 ($1,380.00) ($1,380.00) 0.0
3 vFractal_Efficiency_Strategy(Short Entry) Sell to Open -1000.0 $117.90 1/7/11 $480.00 -1000.0
4 vFractal_Efficiency_Strategy(Long Entry) Buy to Close 1000.0 $124.44 1/18/11 ($6,540.00) ($7,920.00) 0.0
5 vFractal_Efficiency_Strategy(Long Entry) Buy to Open 1000.0 $124.44 1/18/11 ($4,560.00) 1000.0
6 vFractal_Efficiency_Strategy(Short Entry) Sell to Close -1000.0 $130.32 2/18/11 $5,880.00 ($2,040.00) 0.0
7 vFractal_Efficiency_Strategy(Short Entry) Sell to Open -1000.0 $130.32 2/18/11 $840.00 -1000.0
8 vFractal_Efficiency_Strategy(Long Entry) Buy to Close 1000.0 $82.08 5/27/11 $48,240.00 $46,200.00 0.0
9 vFractal_Efficiency_Strategy(Long Entry) Buy to Open 1000.0 $82.08 5/27/11 $48,360.00 1000.0
10 vFractal_Efficiency_Strategy(Short Entry) Sell to Close -1000.0 $77.82 6/6/11 ($4,260.00) $41,940.00 0.0
11 vFractal_Efficiency_Strategy(Short Entry) Sell to Open -1000.0 $77.82 6/6/11 $43,860.00 -1000.0
12 vFractal_Efficiency_Strategy(Long Entry) Buy to Close 1000.0 $72.06 7/1/11 $5,760.00 $47,700.00 0.0
13 vFractal_Efficiency_Strategy(Long Entry) Buy to Open 1000.0 $72.06 7/1/11 $48,120.00 1000.0
14 vFractal_Efficiency_Strategy(Short Entry) Sell to Close -1000.0 $72.36 8/4/11 $300.00 $48,000.00 0.0
15 vFractal_Efficiency_Strategy(Short Entry) Sell to Open -1000.0 $72.36 8/4/11 $52,920.00 -1000.0
16 vFractal_Efficiency_Strategy(Long Entry) Buy to Close 1000.0 $53.64 10/12/11 $18,720.00 $66,720.00 0.0
17 vFractal_Efficiency_Strategy(Long Entry) Buy to Open 1000.0 $53.64 10/12/11 $68,193.60 1000.0
18 vFractal_Efficiency_Strategy(Short Entry) Sell to Close -1000.0 $56.76 11/9/11 $3,120.00 $69,840.00 0.0
19 vFractal_Efficiency_Strategy(Short Entry) Sell to Open -1000.0 $56.76 11/9/11 $71,870.40 -1000.0
20 vFractal_Efficiency_Strategy(Long Entry) Buy to Close 1000.0 $49.98 1/3/12 $6,780.00 $76,620.00 0.0
21 vFractal_Efficiency_Strategy(Long Entry) Buy to Open 1000.0 $49.98 1/3/12 $77,580.00 1000.0
22 vFractal_Efficiency_Strategy(Short Entry) Sell to Close -1000.0 $62.70 2/8/12 $12,720.00 $89,340.00 0.0
23 vFractal_Efficiency_Strategy(Short Entry) Sell to Open -1000.0 $62.70 2/8/12 $90,060.00 -1000.0
24 vFractal_Efficiency_Strategy(Long Entry) Buy to Close 1000.0 $64.20 2/22/12 ($1,500.00) $87,840.00 0.0
25 vFractal_Efficiency_Strategy(Long Entry) Buy to Open 1000.0 $64.20 2/22/12 $88,860.00 1000.0
26 vFractal_Efficiency_Strategy(Short Entry) Sell to Close -1000.0 $60.54 3/6/12 ($3,660.00) $84,180.00 0.0
27 vFractal_Efficiency_Strategy(Short Entry) Sell to Open -1000.0 $60.54 3/6/12 $85,926.00 -1000.0
28 vFractal_Efficiency_Strategy(Long Entry) Buy to Close 1000.0 $42.18 6/15/12 $18,360.00 $102,540.00 0.0
29 vFractal_Efficiency_Strategy(Long Entry) Buy to Open 1000.0 $42.18 6/15/12 $103,680.00 1000.0
30 vFractal_Efficiency_Strategy(Short Entry) Sell to Close -1000.0 $43.08 7/18/12 $900.00 $103,440.00 0.0
31 vFractal_Efficiency_Strategy(Short Entry) Sell to Open -1000.0 $43.08 7/18/12 $103,080.00 -1000.0
32 vFractal_Efficiency_Strategy(Long Entry) Buy to Close 1000.0 $42.30 8/15/12 $780.00 $104,220.00 0.0
33 vFractal_Efficiency_Strategy(Long Entry) Buy to Open 1000.0 $42.30 8/15/12 $107,820.00 1000.0
34 vFractal_Efficiency_Strategy(Short Entry) Sell to Close -1000.0 $44.52 9/5/12 $2,220.00 $106,440.00 0.0
35 vFractal_Efficiency_Strategy(Short Entry) Sell to Open -1000.0 $44.52 9/5/12 $106,500.00 -1000.0
36 vFractal_Efficiency_Strategy(Long Entry) Buy to Close 1000.0 $46.32 9/13/12 ($1,800.00) $104,640.00 0.0
37 vFractal_Efficiency_Strategy(Long Entry) Buy to Open 1000.0 $46.32 9/13/12 $106,440.00 1000.0
38 vFractal_Efficiency_Strategy(Short Entry) Sell to Close -1000.0 $47.46 9/25/12 $1,140.00 $105,780.00 0.0
39 vFractal_Efficiency_Strategy(Short Entry) Sell to Open -1000.0 $47.46 9/25/12 $107,040.00 -1000.0
40 vFractal_Efficiency_Strategy(Long Entry) Buy to Close 1000.0 $36.30 12/14/12 $11,160.00 $116,940.00 0.0
41 vFractal_Efficiency_Strategy(Long Entry) Buy to Open 1000.0 $36.30 12/14/12 $117,960.00 1000.0
42 vFractal_Efficiency_Strategy(Short Entry) Sell to Close -1000.0 $42.30 2/7/13 $6,000.00 $122,940.00 0.0
43 vFractal_Efficiency_Strategy(Short Entry) Sell to Open -1000.0 $42.30 2/7/13 $123,300.00 -1000.0
44 vFractal_Efficiency_Strategy(Long Entry) Buy to Close 1000.0 $33.48 5/6/13 $8,820.00 $131,760.00 0.0
45 vFractal_Efficiency_Strategy(Long Entry) Buy to Open 1000.0 $33.48 5/6/13 $132,480.00 1000.0
46 vFractal_Efficiency_Strategy(Short Entry) Sell to Close -1000.0 $35.92 6/12/13 $2,440.00 $134,200.00 0.0
47 vFractal_Efficiency_Strategy(Short Entry) Sell to Open -1000.0 $35.92 6/12/13 $134,900.00 -1000.0
48 vFractal_Efficiency_Strategy(Long Entry) Buy to Close 1000.0 $34.20 7/9/13 $1,720.00 $135,920.00 0.0
49 vFractal_Efficiency_Strategy(Long Entry) Buy to Open 1000.0 $34.20 7/9/13 $136,080.00 1000.0
50 vFractal_Efficiency_Strategy(Short Entry) Sell to Close -1000.0 $35.12 8/6/13 $920.00 $136,840.00 0.0
51 vFractal_Efficiency_Strategy(Short Entry) Sell to Open -1000.0 $35.12 8/6/13 $137,580.00 -1000.0
52 vFractal_Efficiency_Strategy(Long Entry) Buy to Close 1000.0 $28.82 11/22/13 $6,300.00 $143,140.00 0.0
53 vFractal_Efficiency_Strategy(Long Entry) Buy to Open 1000.0 $28.82 11/22/13 $143,840.00 1000.0
54 vFractal_Efficiency_Strategy(Short Entry) Sell to Close -1000.0 $29.16 12/12/13 $340.00 $143,480.00 0.0
55 vFractal_Efficiency_Strategy(Short Entry) Sell to Open -1000.0 $29.16 12/12/13 $143,640.00 -1000.0
56 vFractal_Efficiency_Strategy(Long Entry) Buy to Close 1000.0 $29.14 12/26/13 $20.00 $143,500.00 0.0
57 vFractal_Efficiency_Strategy(Long Entry) Buy to Open 1000.0 $29.14 12/26/13 $144,200.00 1000.0
58 vFractal_Efficiency_Strategy(Short Entry) Sell to Close -1000.0 $31.48 2/3/14 $2,340.00 $145,840.00 0.0
59 vFractal_Efficiency_Strategy(Short Entry) Sell to Open -1000.0 $31.48 2/3/14 $147,120.00 -1000.0
60 vFractal_Efficiency_Strategy(Long Entry) Buy to Close 1000.0 $32.22 2/14/14 ($740.00) $145,100.00 0.0
61 vFractal_Efficiency_Strategy(Long Entry) Buy to Open 1000.0 $32.22 2/14/14 $145,080.00 1000.0
62 vFractal_Efficiency_Strategy(Short Entry) Sell to Close -1000.0 $35.94 3/21/14 $3,720.00 $148,820.00 0.0
63 vFractal_Efficiency_Strategy(Short Entry) Sell to Open -1000.0 $35.94 3/21/14 $149,900.00 -1000.0
64 vFractal_Efficiency_Strategy(Long Entry) Buy to Close 1000.0 $29.68 5/29/14 $6,260.00 $155,080.00 0.0
65 vFractal_Efficiency_Strategy(Long Entry) Buy to Open 1000.0 $29.68 5/29/14 $155,740.00 1000.0
66 vFractal_Efficiency_Strategy(Short Entry) Sell to Close -1000.0 $28.56 6/24/14 ($1,120.00) $153,960.00 0.0
67 vFractal_Efficiency_Strategy(Short Entry) Sell to Open -1000.0 $28.56 6/24/14 $154,240.00 -1000.0
68 vFractal_Efficiency_Strategy(Long Entry) Buy to Close 1000.0 $29.32 7/2/14 ($760.00) $153,200.00 0.0
69 vFractal_Efficiency_Strategy(Long Entry) Buy to Open 1000.0 $29.32 7/2/14 $153,660.00 1000.0
70 vFractal_Efficiency_Strategy(Short Entry) Sell to Close -1000.0 $29.52 8/1/14 $200.00 $153,400.00 0.0
71 vFractal_Efficiency_Strategy(Short Entry) Sell to Open -1000.0 $29.52 8/1/14 $153,820.00 -1000.0
72 vFractal_Efficiency_Strategy(Long Entry) Buy to Close 1000.0 $23.32 11/7/14 $6,200.00 $159,600.00 0.0
73 vFractal_Efficiency_Strategy(Long Entry) Buy to Open 1000.0 $23.32 11/7/14 $162,460.00 1000.0
74 vFractal_Efficiency_Strategy(Short Entry) Sell to Close -1000.0 $26.88 11/28/14 $3,560.00 $163,160.00 0.0
75 vFractal_Efficiency_Strategy(Short Entry) Sell to Open -1000.0 $26.88 11/28/14 $164,300.00 -1000.0
76 vFractal_Efficiency_Strategy(Long Entry) Buy to Close 1000.0 $21.60 2/6/15 $5,280.00 $168,440.00 0.0
77 vFractal_Efficiency_Strategy(Long Entry) Buy to Open 1000.0 $21.60 2/6/15 $168,700.00 1000.0
78 vFractal_Efficiency_Strategy(Short Entry) Sell to Close -1000.0 $21.90 3/6/15 $300.00 $168,740.00 0.0
79 vFractal_Efficiency_Strategy(Short Entry) Sell to Open -1000.0 $21.90 3/6/15 $169,060.00 -1000.0
80 vFractal_Efficiency_Strategy(Long Entry) Buy to Close 1000.0 $20.62 4/15/15 $1,280.00 $170,020.00 0.0
81 vFractal_Efficiency_Strategy(Long Entry) Buy to Open 1000.0 $20.62 4/15/15 $170,810.00 1000.0
82 vFractal_Efficiency_Strategy(Short Entry) Sell to Close -1000.0 $22.78 5/20/15 $2,160.00 $172,180.00 0.0
83 vFractal_Efficiency_Strategy(Short Entry) Sell to Open -1000.0 $22.78 5/20/15 $172,440.00 -1000.0
84 vFractal_Efficiency_Strategy(Long Entry) Buy to Close 1000.0 $16.34 8/10/15 $6,440.00 $178,620.00 0.0
85 vFractal_Efficiency_Strategy(Long Entry) Buy to Open 1000.0 $16.34 8/10/15 $179,300.00 1000.0
86 vFractal_Efficiency_Strategy(Short Entry) Sell to Close -1000.0 $16.06 8/20/15 ($280.00) $178,340.00 0.0
87 vFractal_Efficiency_Strategy(Short Entry) Sell to Open -1000.0 $16.06 8/20/15 $178,560.00 -1000.0
88 vFractal_Efficiency_Strategy(Long Entry) Buy to Close 1000.0 $15.28 10/7/15 $780.00 $179,120.00 0.0
89 vFractal_Efficiency_Strategy(Long Entry) Buy to Open 1000.0 $15.28 10/7/15 $179,460.00 1000.0
90 vFractal_Efficiency_Strategy(Short Entry) Sell to Close -1000.0 $15.30 10/27/15 $20.00 $179,140.00 0.0
91 vFractal_Efficiency_Strategy(Short Entry) Sell to Open -1000.0 $15.30 10/27/15 $179,440.00 -1000.0
92 vFractal_Efficiency_Strategy(Long Entry) Buy to Close 1000.0 $13.61 12/22/15 $1,690.00 $180,830.00 0.0
93 vFractal_Efficiency_Strategy(Long Entry) Buy to Open 1000.0 $13.61 12/22/15 $181,040.00 1000.0
94 vFractal_Efficiency_Strategy(Short Entry) Sell to Close -1000.0 $13.14 1/7/16 ($470.00) $180,360.00 0.0
95 vFractal_Efficiency_Strategy(Short Entry) Sell to Open -1000.0 $13.14 1/7/16 $180,520.00 -1000.0
96 vFractal_Efficiency_Strategy(Long Entry) Buy to Close 1000.0 $12.64 2/1/16 $500.00 $180,860.00 0.0
97 vFractal_Efficiency_Strategy(Long Entry) Buy to Open 1000.0 $12.64 2/1/16 $181,050.00 1000.0
98 vFractal_Efficiency_Strategy(Short Entry) Sell to Close -1000.0 $11.63 2/11/16 ($1,010.00) $179,850.00 0.0
99 vFractal_Efficiency_Strategy(Short Entry) Sell to Open -1000.0 $11.63 2/11/16 $179,850.00 -1000.0
100 vFractal_Efficiency_Strategy(Long Entry) Buy to Close 1000.0 $12.81 2/22/16 ($1,180.00) $178,670.00 0.0
101 vFractal_Efficiency_Strategy(Long Entry) Buy to Open 1000.0 $12.81 2/22/16 $178,780.00 1000.0
102 vFractal_Efficiency_Strategy(Short Entry) Sell to Close -1000.0 $15.52 4/29/16 $2,710.00 $181,380.00 0.0
103 vFractal_Efficiency_Strategy(Short Entry) Sell to Open -1000.0 $15.52 4/29/16 $181,760.00 -1000.0
104 vFractal_Efficiency_Strategy(Long Entry) Buy to Close 1000.0 $14.26 6/3/16 $1,260.00 $182,640.00 0.0
105 vFractal_Efficiency_Strategy(Long Entry) Buy to Open 1000.0 $14.26 6/3/16 $182,820.00 1000.0
106 vFractal_Efficiency_Strategy(Short Entry) Sell to Close -1000.0 $13.87 6/24/16 ($390.00) $182,250.00 0.0
107 vFractal_Efficiency_Strategy(Short Entry) Sell to Open -1000.0 $13.87 6/24/16 $182,250.00 -1000.0
108 vFractal_Efficiency_Strategy(Long Entry) Buy to Close 1000.0 $14.67 7/13/16 ($800.00) $181,450.00 0.0
109 vFractal_Efficiency_Strategy(Long Entry) Buy to Open 1000.0 $14.67 7/13/16 $181,280.00 1000.0
110 vFractal_Efficiency_Strategy(Short Entry) Sell to Close -1000.0 $14.17 7/28/16 ($500.00) $180,950.00 0.0
111 vFractal_Efficiency_Strategy(Short Entry) Sell to Open -1000.0 $14.17 7/28/16 $181,320.00 -1000.0
112 vFractal_Efficiency_Strategy(Long Entry) Buy to Close 1000.0 $14.03 8/11/16 $140.00 $181,090.00 0.0
113 vFractal_Efficiency_Strategy(Long Entry) Buy to Open 1000.0 $14.03 8/11/16 $181,510.00 1000.0
114 vFractal_Efficiency_Strategy(Short Entry) Sell to Close -1000.0 $14.04 8/26/16 $10.00 $181,100.00 0.0
115 vFractal_Efficiency_Strategy(Short Entry) Sell to Open -1000.0 $14.04 8/26/16 $181,250.00 -1000.0
116 vFractal_Efficiency_Strategy(Long Entry) Buy to Close 1000.0 $12.23 11/15/16 $1,810.00 $182,910.00 0.0
117 vFractal_Efficiency_Strategy(Long Entry) Buy to Open 1000.0 $12.23 11/15/16 $183,100.00 1000.0
118 vFractal_Efficiency_Strategy(Short Entry) Sell to Close -1000.0 $12.85 12/28/16 $620.00 $183,530.00 0.0
119 vFractal_Efficiency_Strategy(Short Entry) Sell to Open -1000.0 $12.85 12/28/16 $183,710.00 -1000.0
120 vFractal_Efficiency_Strategy(Long Entry) Buy to Close 1000.0 $13.99 1/5/17 ($1,140.00) $182,390.00 0.0
121 vFractal_Efficiency_Strategy(Long Entry) Buy to Open 1000.0 $13.99 1/5/17 $182,560.00 1000.0
122 vFractal_Efficiency_Strategy(Short Entry) Sell to Close -1000.0 $16.71 2/24/17 $2,720.00 $185,110.00 0.0
123 vFractal_Efficiency_Strategy(Short Entry) Sell to Open -1000.0 $16.71 2/24/17 $185,090.00 -1000.0
124 vFractal_Efficiency_Strategy(Long Entry) Buy to Close 1000.0 $15.96 4/11/17 $750.00 $185,860.00 0.0
125 vFractal_Efficiency_Strategy(Long Entry) Buy to Open 1000.0 $15.96 4/11/17 $186,000.00 1000.0
126 vFractal_Efficiency_Strategy(Short Entry) Sell to Close -1000.0 $15.08 4/19/17 ($880.00) $184,980.00 0.0
127 vFractal_Efficiency_Strategy(Short Entry) Sell to Open -1000.0 $15.08 4/19/17 $185,330.00 -1000.0
128 vFractal_Efficiency_Strategy(Long Entry) Buy to Close 1000.0 $13.72 5/16/17 $1,360.00 $186,340.00 0.0
129 vFractal_Efficiency_Strategy(Long Entry) Buy to Open 1000.0 $13.72 5/16/17 $186,370.00 1000.0
130 vFractal_Efficiency_Strategy(Short Entry) Sell to Close -1000.0 $13.15 5/25/17 ($570.00) $185,770.00 0.0
131 vFractal_Efficiency_Strategy(Short Entry) Sell to Open -1000.0 $13.15 5/25/17 $185,900.00 -1000.0
132 vFractal_Efficiency_Strategy(Long Entry) Buy to Close 1000.0 $13.28 7/3/17 ($130.00) $185,640.00 0.0
133 vFractal_Efficiency_Strategy(Long Entry) Buy to Open 1000.0 $13.28 7/3/17 $185,800.00 1000.0
134 vFractal_Efficiency_Strategy(Short Entry) Sell to Close -1000.0 $14.34 8/3/17 $1,060.00 $186,700.00 0.0
135 vFractal_Efficiency_Strategy(Short Entry) Sell to Open -1000.0 $14.34 8/3/17 $186,870.00 -1000.0
136 vFractal_Efficiency_Strategy(Long Entry) Buy to Close 1000.0 $13.37 8/29/17 $970.00 $187,670.00 0.0
137 vFractal_Efficiency_Strategy(Long Entry) Buy to Open 1000.0 $13.37 8/29/17 $187,870.00 1000.0
138 vFractal_Efficiency_Strategy(Short Entry) Sell to Close -1000.0 $13.69 9/21/17 $320.00 $187,990.00 0.0
139 vFractal_Efficiency_Strategy(Short Entry) Sell to Open -1000.0 $13.69 9/21/17 $187,980.00 -1000.0

Max trade P/L: 48,240.00

Total P/L: 187,990.00

Total orders: 139