January 22, 2019

The View From ICR

Over the years, I’ve spent less time talking to CEO and more time learning about industries. Let’s face it CEOs lie (compulsively). They only tell you the good news—or what they think you want to hear. If I have a strategy question, maybe I’ll let them humor me for 20 minutes about their 5-year plan. However, if I want to really learn something, I ... Read More
Categories: Comments On Events
Positions Mentioned:
January 13, 2019

Scorpio Tankers

Increased government regulation is a fact of life—particularly in the shipping sector. As a shipping investor, this tends to be good news; as disruption usually upsets existing trade patterns and leads to an increase in charter rates. I learned the benefit of this nearly two decades ago, when single-hull crude carriers were phased out following the Exxon Valdez accident. The resulting shortage of new ... Read More
Categories: Investments
Positions Mentioned: STNG
January 4, 2019

King Dollar?

From time to time, the investment world takes something as accepted wisdom and just runs with it. For whatever reason, investors seem convinced that the US Dollar is destined to go higher. I’ve heard lots of smart opinions why; interest rate differentials, GDP growth rate differentials, “The Dollar Milkshake Theory,” “Prettiest Body in the Morgue” and the “Fear Trade.” Over the past two years, ... Read More
Categories: Investments
Positions Mentioned: DXY
January 3, 2019

The Profitless Prosperity Sector Will Collapse…

Near the culmination of all great stock market bubbles, at least one of that cycle’s supposed luminaries suffers an epic collapse because of fraud. As a result, fresh capital is restricted from that sector when it is needed most, leading to further crisis and a winnowing out of the sector as competitors cannot raise additional capital. Remember; suckers are always willing to finance bad ... Read More
Categories: Comments On Events
Positions Mentioned: TSLA
December 26, 2018

2018 Year End Review

Lots of bloggers have opinions on the stock market. Once a year, we compare returns and see who was right. Fortunately, 2018 was another great year for the home team—particularly due to the timing of my sell everything call on October 11. Let’s look at the positions I’ve spoken about on this site in order of their mention—starting with positions held over from 2017. ... Read More
Categories: Investments
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