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March 8, 2022

The Most Annoying Risk…


People really like to complicate things. They worry about non-problems. They over-trade. They over-think. They ignore the obvious. This investing game is actually quite simple—buy unusually cheap companies with strong macro-tailwinds and then don’t sell until something changes. It’s really that easy. Unfortunately, I’m not the only one practicing this craft. While the stock market is populated by manic traders positioning for each data-point, Read More
Categories: Investments
Positions Mentioned: CNR
January 15, 2021

On Getting Stolen From…


Last night, a buddy texted me. (I’m going to paraphrase a bit as this is a family site) FRIEND: Kuppy, you won’t believe what those assholes did!! ME: Wait!! What?? Who?? FRIEND: They robbed us!! ME: Who?? FRIEND: Read that press release from AT… ME: Holy Shit!! Who else do we know that owns this?? FRIEND: Dunno… You wanna rally the troops and get Read More
Categories: Investments
Positions Mentioned: AT
February 18, 2020

Is PE Having Its WeWork Moment…???


For the better part of a decade, institutional investors have redeemed capital from active strategies and dumped it into Private Equity (PE). What’s the benefit of PE for allocators? You get to have levered equity returns without the volatility of actually owning public equities. Unlike stocks that often fluctuate wildly, PE is marked-to-model (M-T-M), hence quarterly volatility is minimal. Then, when there’s a liquidity Read More
Categories: Comments On Events
Positions Mentioned: