July 17, 2017

Dr. Feelgood


As an investor, my preference is to find long-term macro trends and invest alongside of those trends. Unfortunately, the current market tends to overvalue the companies participating in these trends, giving me fewer opportunities to find attractive trend-based investments. However, that hasn’t stopped me from searching and occasionally finding a real interesting one. An increasing percentage of the population is aging and this often ... Read More
Categories: Investments
Positions Mentioned: JYNT
July 9, 2017

SNAPageddon


Back in 2000, as the tech bubble was popping, I made a fortune by shorting recent IPOs right as previously restricted shares were unlocked for sale. These companies came public with only a small percentage of the stock sold in the initial IPO in order to create scarcity and an overvalued stock price. 6 months later, a waterfall of stock would hit the market ... Read More
Categories: Investments
Positions Mentioned: none
July 5, 2017

Mall Tour 2017 (Part II)


Malls are bearing the brunt of changes in retail, but they’re only the canary in the coal mine. Let’s start with a simple premise; commercial real estate (CRE) will change more in the next decade than it has in the past hundred years. Anyone who thinks they can fully foresee how it will evolve is lying to you. The only certainty is that highly ... Read More
Categories: Travels
Positions Mentioned: none
June 25, 2017

Mall Tour 2017


For the past few years, most retailers have struggled. Of course, it’s easy to blame Amazon.com, but it is only one of many causes. At the same time, for us hedgies living in major cities with luxury malls, there is confusion about the problem itself—my mall is crowded and people are shopping. After having debated with friends endlessly on what the real root of ... Read More
Categories: Travels
Positions Mentioned:
June 13, 2017

Ready, AIM, Sell??


I have spent much of my career looking for strong macro trends that will drive the performance of individual companies. However, over the past few years, I’ve had much more success buying overreactions to bad news, as the makeup of the market has changed and short-term thinking pervades investment decisions. Often, large fund holders sell without even understanding what the news means. Instead, they’re ... Read More
Categories: Investments
Positions Mentioned: AIM CN
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