Kuppys Korner - Investment Strategy
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I’ve now written two pieces on the economics of AI datacenters (Piece 1, Piece 2). Nothing shakes me from my view that these are deeply negative ROIC investments. Yet, hyperscalers...
I like to remind people that “when it comes to finance, most things are pretty obvious; it’s the timing that’s hard…” Through nearly three decades of investing, this concept has...
If you’ve spent any amount of time on Twitter, you’ve likely come across the hypothesis that AI will bring an extinction level cataclysm for white collar workers. Instead of having...
Every time tech has one of its periodic moonshots, the same email shows up in my inbox from one of my investors. Some version of: “Kuppy, why don’t we own...
Should we be positioned for Feudalism?? Not as a joke, but as the only mental model that explains why the macro world acts the way it does right now. Should...
Last month, I chose to strip away all the hubris around AI and ask one simple question, one that oddly no one had really bothered to ask; how much revenue...
I’ve been at this investing game a long time. Long enough to see cycles repeat themselves, cycles that I literally thought I would never again see. Yet in finance, everything...
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...
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...
