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
January 9, 2020

The Only Constant Is Change…


Quick housekeeping note: I’ll be in Orlando for ICR from January 12 to 15. If you’re attending and would like to chat stocks, please email me at kuppy@adventuresincapitalism.com Last week, I was in Coimbra, Portugal. For a bit over a century starting in 1131, Coimbra was the capital of Portugal. Looking at a map, it should be obvious why this was. Coimbra is situated ... Read More
Categories: Comments On Events
Positions Mentioned:
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
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