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November 21, 2019

My Discovery While On Vacation…


I know, I know, you’re sick of hearing about my vacation. Don’t worry, I’m not sharing vacation pics again. Rather, I want to talk about what I “discovered” in my weeks away from the screens. I believe that most serious investors are smart enough to buy cheap stocks—it’s the harder “other stuff” that separates those who excel in this industry from everyone else. I ... Read More
Positions Mentioned: ASPS, STNG, SD
June 28, 2019

“Long-Shorts”


Longtime readers of this site know that I try to avoid making big stock market calls as I feel that I have no edge there. An overvalued market perched on shaky fundamentals can always become more overvalued. Besides, opinions are worth what you pay for them—which incidentally is free around here. I’d rather focus my energy on esoteric pockets of the world that are ... Read More
Positions Mentioned: ASPS, AR, SD
July 4, 2018

Tesla Is The New Theranos (With A Curious Nazi Twist)


I originally started following Tesla (TSLA – USA) as I felt it was a structurally unprofitable business nearing a cash crunch as hundreds of competing products were about to enter the market. As I’ve studied Tesla more closely, I’ve come to realize that Elon Musk appears to be running a Ponzi Scheme disguised as an auto-manufacturer; where he has to keep unveiling new products, ... Read More
Positions Mentioned: TSLA
May 17, 2017

Performance Pressures Lead To Underperformance…


A few weeks back, I was catching up with a friend of mine who runs a very successful high yield fund and naturally, the conversation turned to the markets. Me: Congrats on yet another great year in 2016. Him: Yeah, we beat our benchmark, but I’m sort of bummed. 2016 was the year we really should have killed it. They just gave away money in fixed ... Read More
Positions Mentioned: none
October 9, 2014

So Why Are You Public Again?


Now, I’m the sort of guy who likes to ask taxi drivers for recommendations—everything from best street food to favorite bars—especially when I’m visiting a new city. So, as we piled into the taxi from the airport, I asked the driver for some recommendations. “Don’t leave your hotel—it isn’t safe.” Ok, we’d already been warned the same by pretty much everyone we knew, yet ... Read More
Positions Mentioned:
July 22, 2011

Opt-In


How do you make money in a boring range-bound market? Well, you certainly need to be resourceful. Finance guys have given us lots of toys to play with; the trick is to know which ones to use and how to use them correctly. I haven’t spoken much about options, but they are a key weapon in my arsenal. Longtime readers of this site will ... Read More
Positions Mentioned:
January 27, 2011

Three Types Of Positions


In my world, there are three types of positions—investments, speculations and trades. Before you buy a share, you need to mentally assign each position a category; otherwise you will regret it later on. Once you have your categories, it is bad form to change them. Risk control is critical and you have to make sure you adjust your positions correctly over time. Let’s start ... Read More
Positions Mentioned:
December 23, 2010

You Can’t Argue With Stupid


Over the years, I’ve developed a lot of rules for investing. These rules are meant to stop me from doing foolish things and over time, these rules have saved me a fortune. I am now adding another rule—You Can’t Argue With Stupid. Let’s face it; some people just are not cut out to be public company CEOs. Everyone has their skills. Some guys are ... Read More
Positions Mentioned:
October 9, 2010

Insiders


There are lots of ways to look for interesting stock ideas. I have found that insider buying is one of the best indicators of future stock performance. It operates under a very simple principle. Insiders know more about their business than you do. When they think it’s a good time to buy, it usually is. In fact, it is so simple; I’m surprised that ... Read More
Positions Mentioned:
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