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
June 11, 2017

The Lowdown From LD Micro


I don’t attend a lot of investment conferences as I prefer visiting companies on their home turf —you learn more that way. However, the LD Micro Invitational is “special” and after having missed the last few, I felt compelled to attend last week’s and get an update on the state of micro-cap investing (I define micro-cap as companies trading for under $50 million market ... Read More
Categories: General
Positions Mentioned: none
May 31, 2017

Re-Reinventing The Death Spiral


On April 9, I wrote about how certain companies have death spiral financings in place and you could literally short them at will for almost risk free returns. Now, barely 7 weeks later, Dryships Inc (DRYS – USA) is already down by 90% since I wrote that piece. I’ve been shorting DRYS and a few others like it for quite some time and re-loading as ... Read More
Categories: Investments
Positions Mentioned: none
May 17, 2017

Performance Pressures Lead To Underperformance…


A few weeks back, I was catching up with a friend of mine who runs a very successful high yield fund and naturally, the conversation turned to the markets. Me: Congrats on yet another great year in 2016. Him: Yeah, we beat our benchmark, but I’m sort of bummed. 2016 was the year we really should have killed it. They just gave away money in fixed ... Read More
Positions Mentioned: none
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