The Culling

I’m known as a hyper-concentrated investor. I take my best ideas, bet them big, and ignore the volatility along the way. While it’s usually my top 5 or so positions that effectively determine my performance results for the year, I also tend to have lots of other positions on the books. These enter the books […]

Argentina Update

It is said that Argentina has an economic crisis roughly every decade, and it seems to last for approximately ten years… In a previous posting, I noted that the upcoming Presidential election could upset that tradition. Both Milei and Bullrich represented very different and uniquely positive paths for Argentina. As a result, I was long […]

Argentina…

This post originally appeared in KEDM on June 4, 2023… “We originally spoke about Argentina back in October of 2021 and said to put it on your radar. We think the time has now come to load up. Let’s start with the obligatory note that we love Argentina; friendly people, beautiful countryside, great wine. We’ve […]

On Staying Liquid…

I believe investing is a game of keeping powder dry and waiting for layups. So many investors miss this lesson. They stay fully invested in middling situations for various reasons—often mental. Who cares if it is at 90% of fair value?? Recycle your capital. Why are you in a business with deteriorating numbers?? Recycle your […]