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October 2, 2020
Published by Kuppy at October 2, 2020
Over the years, I have spent a lot of time talking about “inflection investments,” but have never really given a playbook for how to approach this genre of investments. Given the number of questions I have received about various investments, clearly, I should have put out some guidance to invest by. What is an inflection investment? This is a situation where some dynamic piece
Read MorePositions Mentioned: EURN, LPG, STNG, TNK
October 13, 2019
Published by Kuppy at October 13, 2019
Nine months ago, I began writing quite regularly about shipping (first article, second article, third article, fourth article). The thesis was simple; there was a dearth of new orders, IMO2020 would likely lead to further supply disruption and shipping is a leveraged play on geopolitical volatility (it was pretty obvious that Trump was going to keep causing chaos), hence you wanted to be long
Read MorePositions Mentioned: STNG
March 28, 2019
Published by Kuppy at March 28, 2019
Reader: …But Kuppy, won’t they build more boats and crush rates? Me: With what money? Shipping is a highly cyclical industry. A boat lasts for two decades but earns most of its money over a handful of quarters—where it often earns truly extraordinary profits. Unfortunately, these earnings incentivize over-ordering and a subsequent glut of vessels for years into the future; destroying charter rates
Read MorePositions Mentioned: STNG
February 12, 2019
Published by Kuppy at February 12, 2019
I’m a value investor at heart, so I naturally gravitate towards cheap stocks. That said; companies are often cheap because of well understood problems. The money is made by having a divergent opinion for why things will get better, along with a catalyst—otherwise a cheap stock will stay cheap or even get cheaper. In terms of valuation, there is no question that most US
Read MorePositions Mentioned: STNG
