September 20, 2021

When The Levee Breaks…


If it keeps on rainin’, levee’s goin’ to break If it keeps on rainin’, levee’s goin’ to break When the levee breaks, I’ll have no place to stay. Mean old levee taught me to weep and moan, Lord Mean old levee taught me to weep and moan It’s got what it takes to make a mountain man leave his home Oh well, oh well, ... Read More
Categories: Comments On Events
Positions Mentioned:
September 13, 2021

On Staying Liquid…


Investing is a game of keeping powder dry and waiting for layups. So many investors miss this lesson. They stay fully invested in middling situations for various reasons—often mental. Who cares if it is at 90% of fair value?? Recycle your capital. Why are you in a business with deteriorating numbers?? Recycle your capital. So what if it’s cheap, there’s no catalyst?? Recycle your ... Read More
Positions Mentioned:
September 2, 2021

The New GBTC…


Last summer, I recognized an odd phenomenon. An obscure entity named Grayscale Bitcoin Trust (GBTC – USA) was slowly cornering the free float in Bitcoin. This was a result of the trust structure where any capital that went in, was converted into Bitcoin, but there was no mechanism in place to ever sell coins and redeem that capital. As a result, GBTC became a ... Read More
Categories: Investments
Positions Mentioned: U-U CN
August 30, 2021

Speaking With Real Vision…


A few weeks back, I spoke with my buddy Wes Gray from Alpha Architect. My friends at Real Vision were kind enough to give me a non-paywalled link to share. Though you should all be paid-up subscribers (I am). Hope you enjoy. https://rvtv.io/3CTlPsO  
Categories: General
Positions Mentioned:
August 19, 2021

(In)Stability…


This weekend, I watched in baffled amazement as our President and his entire administration went on vacation, abandoning tens of thousands of Americans, along with allied citizens, to their fate in Afghanistan. America has done some embarrassingly dumb things during my lifetime, but this one displayed a special sort of arrogance and incompetence that can only develop through years of hubris, gross negligence, and ... Read More
Categories: Comments On Events
Positions Mentioned:
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