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July 15, 2019

These Shareholders Must All Be Stoned…


I have watched the publicly traded Canadian cannabis sector in stunned awe for the past few years. I really cannot think of a worse place to be invested. You have the basic economics of growing celery, with all the government regulation of an HMO, complete with the regulatory risk of manufacturing pharmaceuticals, with a two-tier system of legal and illegal producers—where legal prices are ... Read More
Categories: Investments
Positions Mentioned: MJ
July 8, 2019

Prime Minister Mitsotakis Goes On His Honeymoon…


Much as I predicted 6 weeks ago, New Democracy won by a landslide. In fact, their majority is larger than expected and they can now form a government without a coalition. Additionally, the Nazi party has lost all seats in Parliament (usually a good thing for fund flows). As I write this, my position in the Greek ETF (GREK – USA) is up 14% ... Read More
Categories: Investments
Positions Mentioned: GREK
July 1, 2019

Clean-Up Print In The Russell…


“Yo Kuppy!! I’ve been working this order for 5 million shares for the past two months, I have 400k left. Gonna print em in the hole ‘cause it’s end of quarter and seller needs out. I’m taking 300 for the house account. You want the rest? “Hell yea!! Take 25 cents a share on that!!” Did it matter what I was buying? Not really, ... Read More
Categories: Investments
Positions Mentioned:
June 25, 2019

Giga-Roll


Given the amount of time I’ve spent talking about Tesla (TSLAQ – USA) on this site, I’d be remiss if I didn’t point out that I materially changed my position over the past few days. Back in October of 2018, I felt that shorts were pressing their bets a bit too hard and noted that, “…All evidence seems to show that they’ve used every ... Read More
Categories: Investments
Positions Mentioned: TSLAQ
June 7, 2019

CAD Is “Breaking Out”…


I don’t talk much about currencies on this site, but that doesn’t mean I don’t “play” them. As an equity market participant, I have to figure out which currencies I want my accounts denominated in. The mere fact that your account is denominated in USD on day 1, is the tacit admission that you have a structural view on USD. For this reason, I ... Read More
Categories: Investments
Positions Mentioned: CAD
June 3, 2019

EUR Makes A 2nd Triangle…


Back in January, I wrote that I was short the US Dollar against a basket of currencies. The basic logic was that we were witnessing all sorts of bullish US Dollar events, yet the dollar was acting tired. I know, it’s not the most intellectually pure reason to take a position, but I’ve often found that when good news doesn’t lead to the expected ... Read More
Categories: Investments
Positions Mentioned: EUR
May 29, 2019

Time To Buy Greece???


In the fall of 2017, I spent 2 wonderful weeks in Greece (Part 1, Part 2, Part 3). I ate great food, drank a bit too much ouzo and saw some wonderful historic sites. I also had a bunch of Greek bankers lie to me about their loan books. It was the full macro-tourist experience and I would highly recommend it to anyone interested ... Read More
Categories: Investments
Positions Mentioned: GREK
May 21, 2019

Time To Sell Something…


Back in December, when anything with a CUSIP was getting dumped by hedge funds facing liquidations, I repeatedly made the point (here, here, here) that it was the time to buy—particularly those assets that were at the epicenter of those hedge fund liquidations. Now, five months later, with most securities having recovered quite nicely, I want to remind you of how dark it was ... Read More
Categories: Investments
Positions Mentioned: AR, GPOR, RRC, SD, STNG, TSLA
May 13, 2019

We’re Gonna Need More Bag-holders…


I have been highly critical of the Profitless Prosperity Sector (a.k.a the Ponzi Sector). The sector consists of companies that are effectively Ponzi Schemes; in that they have accelerating losses but show blistering growth rates in order to attract new capital. This all worked fine when companies kept their free floats small enough to be manipulated like Tesla (TSLA – USA) or stayed private ... Read More
Categories: Investments
Positions Mentioned: TSLA
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