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March 22, 2021

Who’s Scared Of A Few BPS…???


Over the past few months, bonds have had one of their sharpest selloffs in history. This should be no surprise. JPOW and Yellen have been quite clear that they intend to create epic levels of inflation and shred bondholders. History is replete with paper currencies getting debauched. As a result, I expect that our clueless band of inflationeers will succeed beyond their wildest dreams—especially ... Read More
Categories: Investments
Positions Mentioned: Bitcoin, CNR, JOE
December 27, 2020

On Riding Freight Trains…


I have a friend who’s a reasonably competent trader. He’s the type who draws his voodoo lines everywhere on the charts. He caught the same trendline break on Bitcoin that I did around $9,200. He expected some resistance around $10,000 and sold out for a quick score just below the figure. He then got the breakout at $12,000 and rode it a few thousand. ... Read More
Categories: Investments
Positions Mentioned: GBTC, JOE
October 23, 2018

Trouble In Arkansas


During every credit cycle, there is one national lender that all other lenders try to emulate. This is because a combination of rapid asset growth and elevated net interest margins leads to rapid earnings growth and share price appreciation. Unfortunately, in order to do that, you have to make a lot of risky loans and pretend they’re totally safe. Remember Countrywide Financial? They were ... Read More
Categories: Investments
Positions Mentioned: OZK, JOE
June 13, 2018

Hey JOE–Where Ya Goin With That Land Over There…??


Friend: Kuppy, stop the car!! Me: Uggh, again? Friend: Let’s get out. Me: We have 177,000 acres to visit. We can’t stop at every damn acre. Friend: Yeah, but not every acre is next to million dollar homes. Me: …A surprising number of them seem to be… It’s already noon and we’ve seen less than one percent of the portfolio… Friend: It’s just amazing. ... Read More
Categories: Investments
Positions Mentioned: JOE
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