February 12, 2019

Great Bargains In Shipping…


I’m a value investor at heart, so I naturally gravitate towards cheap stocks. That said; companies are often cheap because of well understood problems. The money is made by having a divergent opinion for why things will get better, along with a catalyst—otherwise a cheap stock will stay cheap or even get cheaper. In terms of valuation, there is no question that most US ... Read More
Categories: Investments
Positions Mentioned: STNG
January 24, 2019

The European (Dis)Union


Over the years, my good friends at Capitalist Exploits (I highly recommend subscribing) have put together a number of outstanding thought pieces on where they see things headed. They recently came out with a great overview of where Europe is headed. The trends they highlight are both interesting and actionable for those willing to put the time into thinking through the consequences of the new ... Read More
Categories: Comments On Events
Positions Mentioned: EUR
January 22, 2019

The View From ICR


Over the years, I’ve spent less time talking to CEO and more time learning about industries. Let’s face it CEOs lie (compulsively). They only tell you the good news—or what they think you want to hear. If I have a strategy question, maybe I’ll let them humor me for 20 minutes about their 5-year plan. However, if I want to really learn something, I ... Read More
Categories: Comments On Events
Positions Mentioned:
January 13, 2019

Scorpio Tankers


Increased government regulation is a fact of life—particularly in the shipping sector. As a shipping investor, this tends to be good news; as disruption usually upsets existing trade patterns and leads to an increase in charter rates. I learned the benefit of this nearly two decades ago, when single-hull crude carriers were phased out following the Exxon Valdez accident. The resulting shortage of new ... Read More
Categories: Investments
Positions Mentioned: STNG
January 4, 2019

King Dollar?


From time to time, the investment world takes something as accepted wisdom and just runs with it. For whatever reason, investors seem convinced that the US Dollar is destined to go higher. I’ve heard lots of smart opinions why; interest rate differentials, GDP growth rate differentials, “The Dollar Milkshake Theory,” “Prettiest Body in the Morgue” and the “Fear Trade.” Over the past two years, ... Read More
Categories: Investments
Positions Mentioned: DXY
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