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
November 8, 2021

On Maxing Out Positions…


The vast majority of publicly traded securities are roughly fairly valued. Sure, there may be a 30% or even 50% variance to fair value, but that’s mostly encapsulated in annual volatility. Unless I’m looking at something with an Event-Driven mindset, where my capital turns over rapidly, I’m mostly uninterested in such meagre expected returns. Honestly, there are better things to do with my capital. Read More
Categories: Investments
Positions Mentioned: U-U CN, KAP LI
October 11, 2021

Will Risk Parity Blow Up…???


For four decades, the US stock market has traded up and to the right. During those brief moments of setback, treasuries rallied strongly. The fact that these two asset classes seemed to offset each other, creating a smoothed-out return profile, was not lost on certain fund managers who created portfolios comprised of the two. Then, to better market this portfolio to the sorts of Read More
Categories: Comments On Events
Positions Mentioned:
September 30, 2021

It’s about to get wild…


  A few years back, I was in NYC for meetings. All of a sudden, it started to pour, absolutely Miami style rain. Miraculously, an umbrella vendor popped out of nowhere (I’ve never understood how this works, but it is crazy how fast they can show up). Me: I’ll take a large umbrella. Him: That will be $50. Me: WTF!!! That’s a 2 dollar Read More
Categories: Comments On Events
Positions Mentioned:
September 29, 2021

Will ESG Create The Next Lehman Moment…???


Ever since I can remember, billionaires have been taking private jets to conclaves where they strategized on how to reduce other people’s carbon emissions. At the time, I thought little of it—billionaires need hobbies and all. Besides, true billionaire credentials are gained when a squadron of luxury jets arrives to lecture some impoverished country on why they don’t deserve electricity. It is as cringeworthy Read More
Categories: Comments On Events
Positions Mentioned: