Kuppy's Korner
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I like to think of myself as an aggressive investor. I rarely hedge, and I rarely take my net exposure down below 100. More ideas than capital is how I...
Liberation Day became Liquidation Day. I’ve noted a few times now, that MAGA is decidedly not bullish US equity prices. In fact, in my year-end posting, I mentioned that for...
Emerging Market governments are highly attuned to changes in their bond markets. This is because they risk getting cut off from funding at any sign of stress. Often-times, Emerging Market...
I’m an absolute return investor. I recognize that benchmarks exist, but I also largely ignore them, as I don’t expect my returns to be particularly correlated with any of them....
I started following financial markets during the Asian Financial Crisis. I remember the Fed stepping in as LTCM detonated, and I instantly understood the moral hazard of saving financial institutions...
Friends, Back in March, I wrote a piece about looking for deep value opportunities, driven by changes in market structure. At the time, I noted that pod shops were creating...
I’m writing to you from Zurich, after attending the World Nuclear Association (WNA) meeting a few days ago in London. Last year, the meeting took place in the context of...
Borders are open and freedoms are eroding. Taxes are increasing to fund the nanny state. Those with capital are fleeing… Kuppy and global investor Swen Lorenz team up for a...
Humor me for a bit, as I engage in some political theory. Don’t worry, when the narrative returns, we’re going to be looking at an investible Mega-Trend that no one...
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...
In Macro investing, it’s critical that I have a roadmap of where we’ve come from and where I think we’re going. Of course, many things in Macro take far longer...
Last year, I wrote Part 1 of The Great Macro Dreamscape (Part 2 is coming). To summarize, my view is that the coming decade will be the best of times...
We learned from from Zimbabwe that paradoxically, Bad is Good when it comes to the stock market.
Whenever someone takes the other side of my trade, I want to put myself in their shoes. Is this a worthwhile opponent with a differentiated view?? Am I stepping into...
I like to think of myself as an aggressive investor. I rarely hedge, and I rarely take my net exposure down below 100. More ideas than capital is how I...
Liberation Day became Liquidation Day. I’ve noted a few times now, that MAGA is decidedly not bullish US equity prices. In fact, in my year-end posting, I mentioned that for...
Emerging Market governments are highly attuned to changes in their bond markets. This is because they risk getting cut off from funding at any sign of stress. Often-times, Emerging Market...
I’m an absolute return investor. I recognize that benchmarks exist, but I also largely ignore them, as I don’t expect my returns to be particularly correlated with any of them....
I started following financial markets during the Asian Financial Crisis. I remember the Fed stepping in as LTCM detonated, and I instantly understood the moral hazard of saving financial institutions...
In the spring of 2022, Jerome Powell declared war on inflation. With the benefit of hindsight, let’s question what exactly he declared war on? Was he upset that the bottom...
What If We Run It Hot…?