March 23, 2020

Time To Buy Stuff…


It’s said that you want to buy when others are fearful. It sure seems that investors are currently losing their minds. Look, I get it, there’s a virus and there’s a good chance that a lot of us will get it. There’s conflicting data about the overall mortality rate which makes it all worse; especially as its origins in China are terrifying. All sorts ... Read More
Positions Mentioned:
March 19, 2020

Crude Contango…


Over the past week, I have taken my bullishness on tankers from level 10 to 11. It started with the Saudis busting out of the cartel formerly known as OPEC+ in order to dump oil and crush US shale, but it has progressed far beyond that as various US cities went into lock-down. Fair warning, I’m going to generalize, I’m going to round some ... Read More
Categories: Investments
Positions Mentioned: DHT, EURN, LPG, STNG, TNK
March 13, 2020

What Crash?? Buy Tankers…


Long-time readers of this site know that I have a sweet spot for tankers. This is because I know from experience just how volatile they can be to the upside. Meanwhile, with a few exceptions, they trade at the largest discounts to NAV that I can remember, giving you an incredible margin of safety—especially with repaired balance sheets and charter rates spiking to all-time ... Read More
Categories: Investments
Positions Mentioned: DHT, EURN, LPG, STNG, TNK
March 8, 2020

Hospitality Goes No Bid…


I recently wrote about the WuFlu that was coming to a neighborhood near you. It was meant as a warning that you should look through your book and see if you owned companies that were exposed to the virus. I bring this up because two weeks later, many companies in the hospitality sector have simply collapsed. My hunch is that it gets worse—much worse. ... Read More
Categories: Comments On Events
Positions Mentioned:
February 24, 2020

Extreme Complacency…


A few years back, I read an incredible white paper regarding investor complacency in the final weeks leading up to the First World War. Archduke Ferdinand was assassinated, global powers were trading demands, with the threat of war and investors didn’t care. As the crisis heated up and the armies began to mobilize, investors still were in a fantasy world. Back then, bonds were ... Read More
Categories: Comments On Events
Positions Mentioned:
Scroll Up