February 18, 2020
Published by Kuppy at February 18, 2020
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For the better part of a decade, institutional investors have redeemed capital from active strategies and dumped it into Private Equity (PE). What’s the benefit of PE for allocators? You get to have levered equity returns without the volatility of actually owning public equities. Unlike stocks that often fluctuate wildly, PE is marked-to-model (M-T-M), hence quarterly volatility is minimal. Then, when there’s a liquidity ... Read More
Categories: Comments On Events
Positions Mentioned:
February 6, 2020
Published by Kuppy at February 6, 2020
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Don’t worry, this isn’t another detailed article on Tesla (TSLAQ – USA). I’ve permanently sworn those off. As far as I’m concerned, there are two camps of investors; those who think it’s a fraud and those who aren’t very good at math. However, that doesn’t mean that Tesla cannot be a good long or short at the right moments in time—yeah, I know, hypocrisy; ... Read More
Categories: Comments On Events
Positions Mentioned:
February 2, 2020
Published by Kuppy at February 2, 2020
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Yeah, I know. The past few weeks have been miserable for tanker longs. As a good friend keeps reminding me, “Tankers take the escalator up and the elevator down.” He should know, as he’s been investing in shipping since long before I was born. At moments like this, I like to analyze what has changed and see if the thesis has been altered. Let’s ... Read More
Categories: Investments
Positions Mentioned: DHT, EURN, STNG, TNK
January 27, 2020
Published by Kuppy at January 27, 2020
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Two months ago, I wrote about Stage Stores (SSI – USA) and its planned evolution from failing department store chain into an off-price retailer named Gordmans. My logic was that you had a free look at what happened over the next few quarters as the plan evolved. As I wrote at the time; For me, this is a trade, not an investment. If you ... Read More
Categories: Investments
Positions Mentioned: SSI
Extreme Complacency…