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
December 10, 2021

Newspapers (Part 1)


I’ve never thought of participating in shareholder activism. I mean, if you don’t like how a business is going, why invest in it? I’m too busy with life to go out there picking fights. Besides, a surprising amount of activism seems to end in disappointment—particularly as the company uses your capital to fight against you. Therefore, I found it somewhat surreal that for the Read More
Categories: Investments
Positions Mentioned: LEE
November 23, 2021

Gas Stimmys…


A few weeks back, I had dinner with a close friend. Naturally, our conversation turned to the markets. Friend: Kuppy, you need to be careful with those 2025 oil calls. If oil spikes to $200 in 2023, it’s going to take the global economy down with it. You could end up timing it wrong by going out that far in duration. Me: Haha. You’re Read More
Categories: Investments
Positions Mentioned: Oil Futures