The Wheels Fall Off…
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 from their own stupidity. I watched as the Fed panicked over the Y2K non-crisis, only to blow the internet bubble to stratospheric heights. Since then, […]
What If We Run It Hot…?
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 third were finally getting wage increases for the first time in decades?? Was he upset that cattle ranchers were earning an acceptable return after years […]
What’s Driving Stocks
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 unusual mispricings in equities, as they were operating with a valuation agnostic framework, only chasing rate of change: “In my realm of value investing, I’m […]
The .1% Refugee Crisis Webinar Replay
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 2-hour sweeping discussion and Q&A about the causes of HNW migration and their thoughts on how to benefit from this trend. Originally filmed on August […]
The .1% Refugee Crisis
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 is following. Put simply; governments exist to extract wealth from the productive class and channel that wealth to the political class. We all accept that […]
The Culling
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 that effectively determine my performance results for the year, I also tend to have lots of other positions on the books. These enter the books […]
On Staying Liquid…
I believe investing is a game of keeping powder dry and waiting for layups. So many investors miss this lesson. They stay fully invested in middling situations for various reasons—often mental. Who cares if it is at 90% of fair value?? Recycle your capital. Why are you in a business with deteriorating numbers?? Recycle your […]
It’s JOEtime!!!
View from JOE’s WaterColor Inn Back in June of 2018, I wrote an initial piece on St. Joe (JOE – USA), owner of approximately 175,000 undeveloped acres along with assorted commercial real estate on the Florida Panhandle. My thesis was that the stock was trading at $18 and the land was worth a few times that figure. […]
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 […]
