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. […]
These Shareholders Must All Be Stoned…
I have watched the publicly traded Canadian cannabis sector in stunned awe for the past few years. I really cannot think of a worse place to be invested. You have the basic economics of growing celery, with all the government regulation of an HMO, complete with the regulatory risk of manufacturing pharmaceuticals, with a two-tier […]
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 […]
