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March 29, 2020

Talkin’ Tankers With Real Vision…


I recently spoke with Real Vision about my tanker thesis. You can click here to watch the interview. Before you laugh at my headset, remember that I run a hedge fund and not a production studio—normally I tape from their studio. Besides, Best Buy is closed with the quarantines and I only had a few hours of notice that they wanted me to talk ... Read More
Categories: Investments
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
February 2, 2020

Tankers Are Tanking….


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

Exiting Stage Left…


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
December 30, 2019

2019 Position Review


Quick housekeeping note: I’m writing to you from Coimbra, Portugal and will be heading to Porto tonight. Visiting countries is fun, meeting locals makes travel better. If you are in Portugal and would like to meet up, please email me at kuppy@adventuresincapitalism.com(I’ve included some travel pics for good measure) Lots of people have opinions on the stock market. Once a year, we swallow our ... Read More
Categories: Investments
Positions Mentioned:
December 20, 2019

No Thesis Creep For Me…


On Tuesday I wrote about thesis creep from the short sellers in Health Insurance Innovations (HIIQ – USA). At the time, I thought I was paying around five times earnings to buy a profitable short-term medical insurance (IFP) broker which was pivoting into the much more lucrative Medicare Advantage business. Furthermore, I felt that I knew why the shares were undervalued—namely an active and ... Read More
Categories: Investments
Positions Mentioned: HIIQ
December 17, 2019

…But Kuppy, Isn’t That A Fraud…???


I’ve always wondered why certain false narratives take over in sectors or individual stocks. What makes it so that investors continue to repeat incorrect information when there is an obvious financial incentive to see things for what they are? I don’t really have an answer for you and for the better part of two decades, I’ve seen this as an opportunity—repeatedly going where the ... Read More
Categories: Investments
Positions Mentioned: HIIQ
November 25, 2019

Tankers Keep Trending Better…


For my entire career, I have closely watched the Global Micro Trends I’m invested in (I have a new term and I intend to abuse it—sorry). I have to be honest, quite often, the trend sort of peters out. It’s often still a financial victory, just not what I had hoped for. For instance, let’s look at my investment in the Greek ETF (GREK ... Read More
Categories: Investments
Positions Mentioned: DSSI, NNA, STNG, TNK
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