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September 4, 2016

Crook vs. Jerk


“For a country with over 300 million people, why do you choose such bad politicians?” Yup, I’ve been doing business overseas for a while now and I keep getting the same question from foreigners who simply cannot decipher the American political system. Heck, I often ask myself the same questions. A few years ago, I had this conversation; Him: Will George W. Bush invade ... Read More
Categories: Comments On Events
Positions Mentioned:
July 30, 2016

Chris Calls Kuppy


Two weeks ago, I had a call (linked below) with my good friend Chris MacIntosh from Capitalist Exploits. We spoke about Brexit, Bitcoin and why my investing strategy has evolved from buying small growing companies to buying the shake-outs from macro events. I recommend subscribing to Capitalist Exploits in order to get notified when new content is posted. Trading The Chaos https://capitalistexploits.at/2016/07/conversations-with-harris-kupperman/   Categories: Comments On Events ... Read More
Categories: Comments On Events
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February 25, 2016

A Crisis In Ponzi-Land (The “Drop-Down”)


As I dig through the toxic debris of collapsed Ponzi-Land MLP vehicles, I keep having this recurring question; why do all these MLPs continue to have sponsors that are so aggressive in supporting the LP distributions? I’ve seen everything from; purchases of preferreds at below market interest rates, to sponsors agreeing to forgo subordinated distributions, to support agreements where they are literally gifting the ... Read More
Categories: Comments On Events
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February 17, 2016

A Crisis In Ponzi-Land (Cut The Dividends Already!!!)


Until early this summer, certain promoters seemed to believe that they could do a magic trick that no one would catch. A larger entity would “drop down” an asset at twice what it cost to purchase or build, add a bit more leverage and call it a “yield vehicle” that would then be sold to retail investors. Adding hubris to this whole charade of ... Read More
Categories: Comments On Events
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February 14, 2016

A Crisis In Ponzi-Land (MLP Style)


A few years back, I was at dinner with a British ship-owner who had just sold part of his fleet for almost $250 million (which was about $200 million more than he had paid for the ships only a few years earlier). He couldn’t stop laughing. Sure, they threw off about $50 million in cash (20% yield for the buyers) based on this year’s ... Read More
Categories: Comments On Events
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November 11, 2015

A Message From Tal…


My Buddy Tal, publisher of Beijing Perspective (http://www.beijingperspective.com) sent me the following last week. It’s both prescient and obvious advice. I felt the need to share as I agree completely. If you want more of his notes, I recommend signing up at his site. Kuppy   November 7, 2015 Two cents on interest rates Cent #1) “Anyone familiar with asset markets know that it is ... Read More
Categories: Comments On Events
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November 8, 2015

Who Says You Can’t Buy Love…??


It has now been three weeks since CitronResearch.com accused Valeant (VRX: NYSE) of being Pharmron (Pharma + Enron). Ever since then, I’ve read a bunch of articles and tried to find an actionable angle. When there are rumors, innuendo and allegations of fraud, there’s a potential for opportunity. However, the deeper I dug; something increasingly struck me as rather odd about Valeant. At its ... Read More
Categories: Comments On Events
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September 27, 2015

Here Comes The Blood!!


Starting at the end of 2014, I wrote a number of pieces (There Will Be Blood!!, There Will Be Blood!! (Part II), There Will Be Blood!! (Part III), There Will Be Blood!! (Part III.V)) detailing how QE was facilitating the production of certain real assets like oil where the production decision was no longer being tied to profitability. For instance, shale producers could borrow cheaply, produce at ... Read More
Categories: Comments On Events
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June 4, 2015

Lionfish


Many years ago, when I still invested in mining companies, I visited a promising exploration target in South America. As we drove up a river valley towards the deposit, we entered a lunar landscape where nothing grew. The valley walls were denuded of vegetation and the river ran orange from acid mine drainage. As we travelled the next 10 or so miles, the earth ... Read More
Categories: Comments On Events
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