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February 22, 2022
Published by Kuppy at February 22, 2022
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I’m going to keep this short because the situation is fluid. Besides, this one doesn’t need much research or even deep thought. It’s actually quite simple. Here are the facts; Biden tried to screw with Putin. Putin showed Biden that geopolitics is a game that only adults should play. Ball is now in Biden’s court after Putin snagged 2 provinces that absolutely no one Read More
Categories: Investments
Positions Mentioned: RSX
January 24, 2022
Published by Kuppy at January 24, 2022
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Rewind the clock almost two years… Analyst: For fuk’s sake Kuppy. Stop buying more Shitridge. Me: …but it’s sooo incredibly cheap. Analyst: Who cares? You said that five dollars ago. It wrecked our 2019 and it’s already wrecking our 2020. Me: Our only edge in this game, is to buy more when it transitions from cheap to downright stupid. It’s rare, but occasionally, something Read More
Categories: Investments
Positions Mentioned: SD
December 31, 2021
Published by Kuppy at December 31, 2021
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A surprising number of investors seem to have blogs these days. Once a year, we circle back and see who got it right. Besides, what’s the point of doing this publicly if we’re not keeping score? (Prior position reviews 2020, 2019, 2018) Let me start by saying that 2021 was a monster year for me, coming on the back of an equally massive 2020. Read More
Categories: Investments
Positions Mentioned:
December 19, 2021
Published by Kuppy at December 19, 2021
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On December 10th, I posted Part 1 of this thread. It’s a good primer on why I’m so bullish on the transition from print to digital at newspapers. I recently spoke with my buddy Andrew Walker from Yet Another Value Blog (strongly recommend that you subscribe as it’s one of the best blogs out there) about my position in Lee Enterprises (LEE – USA). Read More
Categories: Investments
Positions Mentioned: LEE
December 10, 2021
Published by Kuppy at December 10, 2021
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I’ve never thought of participating in shareholder activism. I mean, if you don’t like how a business is going, why invest in it? I’m too busy with life to go out there picking fights. Besides, a surprising amount of activism seems to end in disappointment—particularly as the company uses your capital to fight against you. Therefore, I found it somewhat surreal that for the Read More
Categories: Investments
Positions Mentioned: LEE
November 23, 2021
Published by Kuppy at November 23, 2021
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A few weeks back, I had dinner with a close friend. Naturally, our conversation turned to the markets. Friend: Kuppy, you need to be careful with those 2025 oil calls. If oil spikes to $200 in 2023, it’s going to take the global economy down with it. You could end up timing it wrong by going out that far in duration. Me: Haha. You’re Read More
Categories: Investments
Positions Mentioned: Oil Futures
November 8, 2021
Published by Kuppy at November 8, 2021
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The vast majority of publicly traded securities are roughly fairly valued. Sure, there may be a 30% or even 50% variance to fair value, but that’s mostly encapsulated in annual volatility. Unless I’m looking at something with an Event-Driven mindset, where my capital turns over rapidly, I’m mostly uninterested in such meagre expected returns. Honestly, there are better things to do with my capital. Read More
Categories: Investments
Positions Mentioned: U-U CN, KAP LI
September 2, 2021
Published by Kuppy at September 2, 2021
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Last summer, I recognized an odd phenomenon. An obscure entity named Grayscale Bitcoin Trust (GBTC – USA) was slowly cornering the free float in Bitcoin. This was a result of the trust structure where any capital that went in, was converted into Bitcoin, but there was no mechanism in place to ever sell coins and redeem that capital. As a result, GBTC became a Read More
Categories: Investments
Positions Mentioned: U-U CN
June 2, 2021
Published by Kuppy at June 2, 2021
Categories
For most of my career, oil demand has grown each year and supply has roughly kept up. Sure, it’s overshot in both directions. We’ve seen shortages and we’ve seen gluts. We’ve even seen oil go negative. Throughout this time, we’ve always intuitively known that the cure for high prices is high prices. Last week may have forever changed this prudent logic. I’m starting to Read More
Categories: Investments
Positions Mentioned: CL