Thoughts/Observations for anyone considering a revised/updated Fail-Safe edition

[Clive]

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[Gumby]

On a FIFO basis for instance the PP bought more gold (added 10% of total fund value) in each of something like 1984, 1990, 1996 and 1999, before encountering its first gold sale in 2008. i.e. 24 years FIFO. Some investors might not have the patience, lifetime or tolerance to ride such long term trading. Repeatedly (as per actual historic events), taking all of stock gains (10% of total fund value) to add those into an asset that repeatedly loses -40% over lengthy periods of time does require a particular type of character to see it through. And on a FIFO basis the first sale might be at a (relatively) considerably lower value than the first buy (-40%, -40%, -40%, -40% +40%).

Sounds to me like you've discovered why the PP is so tax-efficient. Makes the PP sound even more appealing to me.