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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’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
November 22, 2019

Stage Stores Evolves…

If the definition of insanity is doing the same thing over and over and expecting a different result, the guys leading Stage Stores (SSI – USA) would clarify as clinically insane. Why did anyone think that consolidating a bunch of struggling department store chains in rural America was a good business idea? A quick look at the stock chart over the past decade would ... Read More
Categories: Investments
Positions Mentioned: SSI
October 30, 2019

I’m On Vacation. Do Your Own Damn Work!! (ASPS Update)

We have a lot of new readers here, so let me reiterate the house rules. -I am not your financial advisor -I don’t know why you bought or sold something. If you choose to buy something I write about, do your own work. NEVER rely on me -If something goes down, I often have no idea why. Small-cap stocks are volatile. Get used to ... Read More
Categories: Investments
Positions Mentioned: ASPS
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