January 3, 2022

The Great Rotation…


In a few short hours, we’re headed back into the trenches. No sleep for us weary hedgies. They’ve re-set the performance clock at zero and we’ve got to fight our way forward, showing why we’re worth those incentive fees. Before heading off for battle, I figured a 2022 roadmap would be helpful. Here’s mine. I’ve been critical of the Ponzi Sector for quite some Read More
Categories: Comments On Events
Positions Mentioned:
December 31, 2021

2021 Position Review


A surprising number of investors seem to have blogs these days. Once a year, we circle back and see who got it right. Besides, what’s the point of doing this publicly if we’re not keeping score? (Prior position reviews 2020, 2019, 2018) Let me start by saying that 2021 was a monster year for me, coming on the back of an equally massive 2020. Read More
Categories: Investments
Positions Mentioned:
December 27, 2021

The Problem With Ponzis…


Over the past few years, I’ve been highly critical of the Ponzi Sector. This is a whole grouping of companies that has no ability or desire to ever become profitable. Instead, these businesses have focused on rapid revenue growth because the stock market has rewarded them for this growth—especially if there are no profits. In reality, stock promotion is the core business of the Read More
Categories: Comments On Events
Positions Mentioned:
December 23, 2021

Azores (Part 1)


On Monday, I woke up, saw the SPZ futures down 60 handles, sorta shrugged my shoulders and tied up my boot laces. I checked some news and headed off into the caldera of a volcano for a hike. A few hours later, I rounded a turn, and my cellphone went positively bat-shit as a few-dozen delayed texts came live—something about a market collapse. On Read More
Categories: General
Positions Mentioned:
December 19, 2021

Newspapers (Part 2)


On December 10th, I posted Part 1 of this thread. It’s a good primer on why I’m so bullish on the transition from print to digital at newspapers. I recently spoke with my buddy Andrew Walker from Yet Another Value Blog (strongly recommend that you subscribe as it’s one of the best blogs out there) about my position in Lee Enterprises (LEE – USA). Read More
Categories: Investments
Positions Mentioned: LEE