The .1 Refugee Crisis, the Mega-Trend that's already started.| Praetorian Capital
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 is needed to justify the current level of capex spend and give AI investors a return on their capital?? I clearly hit a nerve in […] The post An AI Addendum appeared first on Praetorian Capital.| Praetorian Capital
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 repeats. You just need to keep your discipline and recognize things for what they are. Let’s take a step back and start with a bit […] The post Global Crossing Is Reborn… appeared first on Praetorian Capital.| Praetorian Capital
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 like to run things; then I press the accelerator through some moderate leverage. Therefore, I find it somewhat odd that I’m writing to you today […] The post Taking My Ball And… appeared first on Praetorian Capital.| Praetorian Capital
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 the first time in ages, I was buying downside protection—even shorting individual names. In the days leading up to, and immediately after, Liberation Day, I […] The post They’re Gonna Choose To Run It Hot… appeared first on Praetorian Capital.| Praetorian Capital
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 leaders will do crazy things that appear inexplicable to outside observers. At such a moment, the bond market comes to the forefront, because if bonds […] The post Watch Bonds… appeared first on Praetorian Capital.| Praetorian Capital
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. It’s nice to know how others are doing, but it’s also irrelevant to my own investing process. However, every so often, benchmarks matter, and then […] The post The Reallocation appeared first on Praetorian Capital.| Praetorian Capital
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, […] The post The Wheels Fall Off… appeared first on Praetorian Capital.| Praetorian Capital
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 […] The post What If We Run It Hot…? appeared first on Praetorian Capital.| Praetorian Capital
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 post What’s Driving Stocks appeared first on Praetorian Capital.| Praetorian Capital
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 a high $50s (per pound) spot uranium price while this year’s meeting took place with a spot price closer to $80. Normally, a positive return […] The post U Need to Focus on Term appeared first on Praetorian Capital.| Praetorian Capital
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 post The .1% Refugee Crisis Webinar Replay appeared first on Praetorian Capital.| Praetorian Capital
Praetorian Capital Fund is a hedge fund managed by Harris “Kuppy” Kupperman dedicated to seeking non-correlated, asymmetric and absolute returns| Praetorian Capital
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 repeats. You just need to keep your discipline and recognize things for what they are. Let’s take a step back and start with a bit […]| Praetorian Capital
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 is needed to justify the current level of capex spend and give AI investors a return on their capital?? I clearly hit a nerve in […]| Praetorian Capital