Archives

Please click on a button below to jump straight to that category.
July 7, 2016

Brexit Bargains


In all my global wanderings, I’ve only been to London twice—during one of those visits, I didn’t even leave Heathrow. To say that I understand the inner psyche of the British is foolish, but I certainly would have voted in favor of Brexit. I would have voted this way, not because I’m uneducated, impoverished or racist. I certainly don’t feel disenfranchised. I would have ... Read More
Categories: Investments
Positions Mentioned:
May 8, 2016

The Chinese Laundromat


What is the national pastime of China? If you answered gambling, you probably have a few Chinese friends. What is the national pastime of Chinese business people? If you answered tax evasion, corruption and money laundering, then you’ve tried to do business in China. When a handful of businessmen merged these two pastimes, they made a fortune by building casinos in Macao. Now, the ... Read More
Categories: Investments
Positions Mentioned:
April 7, 2016

Marketing Gets Another One Wrong (or right for us)


It’s been a week since I wrote that the institutional selling in Valeant (VRX:NYSE) would end on Thursday and pent up institutional buyers would show up on Friday. I didn’t expect a 40% move higher, but am not complaining either. My hunch is that under the hood, Valeant looks a lot more like SunEdison (SUNE:NASDAQ) than Allergan (AGN:NYSE) and I don’t want to stick around ... Read More
Categories: Investments
Positions Mentioned:
March 30, 2016

Marketing Says “Sell Thursday/Buy Friday”


Let’s face it—portfolio management at most mutual fund groups has devolved to the point where you essentially mimic the index. If your favorite stock is weighted at 100 bps in the index, you may overweight it at 300 bps, but if you go to 500 bps, you face career risk if you get it wrong. Besides—who wants to risk getting it wrong? It’s so ... Read More
Categories: Investments
Positions Mentioned:
February 29, 2016

Who Wants To Be Short Volatility?? I Don’t.


Nearly 5 years ago, I noted how the iPath S&P 500 VIX Short-Term Futures ETN (VXX:AMEX) was “Designed To Fail.” Since then, excluding some rather terrifying spikes, it has reliably melted away as I suspected that it would. If you put the position on back in 2010, you made something better than 98% on your money. If you re-weighted the position on spikes in ... Read More
Categories: Investments
Positions Mentioned:
September 7, 2015

No Such Thing As Yuan Time…


It’s now been about 10 months since I last wrote about the Chinese Renminbi (CNY). At the time, I was bearish and expecting a decline in the CNY (which has since happened). White vertical line is the first article date Now here’s the thing about devaluations; when the structural forces say that a controlled currency should devalue—it usually does. It’s rare to see a “one ... Read More
Categories: Investments
Positions Mentioned:
November 25, 2014

Yuan For The Money…


So, I’m chatting with my good friend “Man in Black” and he lets me in on a bit of a chart secret; the Chinese Renminbi (CNY) is starting to look awfully similar to the Japanese Yen (JPY) right before it put in a massive move. Long time readers will recall that after stalking it for a few months, I captured the inflection point in the ... Read More
Categories: Investments
Positions Mentioned:
September 16, 2013

Exiting MERC


On Friday, Mercer International (MERC:NASDAQ) spiked 10%. It is now quite near to the price when I purchased it, and I think the time has come to exit this investment. There is nothing wrong with the stock, but the thesis just hasn’t played out as I thought it would–or at least not in my timeframe as an investment. One day, there will be an ... Read More
Categories: Investments
Positions Mentioned:
June 30, 2013

The Great Gold Shakeout of 2013


Gold means lots of things to lots of people. To some, it is a store of value, to others; it is a barbarous relic from a long-ago era of archaic finance. To some, it is a day-trading product, to others; it is meant for jewelry and little else. The issue with gold is that it has lots of personalities. Those personalities are the embodiment ... Read More
Categories: Investments
Positions Mentioned:
Scroll Up