Most Canadian PM's Have Crappy AIM

November 10, 2017 9:55 AM


I previously wrote about Aimia here and here. Sorry in advance for all the numbers but it's necessary... So, earnings came out Wednesday night and I quickly read through for a few key segments of interest to me (redemptions, card spend, cash build, PLM) and within a few minutes, I was celebrating with a bottle of tequila. For a quick backstory, AIM has been in the dog-house ever since Air Canada decided to end it's agreement in 2020. At first, there was a fear of a run on the bank (didn'... more

Categories: Current Investments
Positions Mentioned: AIM CN
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Fix Hellas

November 2, 2017 1:28 PM


To see part 1, click here To see part 2, click here No economy can recover without a functioning banking system. Greece’s banks have been in chaos for nearly a decade, during which time roughly 45% of all deposits fled overseas, forcing the need for over 120 billion Euros of Emergency Liquidity Assistance (ELA) from the ECB while new loan issuance ground to a halt. As a group, the banks currently have stated Non-Performing Exposures (NPEs) of 50%, which would be even higher if not for th... more

Categories: Travels
Positions Mentioned: TPEIR, ALPHA
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When Will The Tesla Stock Promote Finally Fail???

October 31, 2017 8:57 AM


The history of industry leading consumer tech products has not been kind to investors who overstay their welcome. You need look no further than all the hundreds of notable recent failures, to realize that these companies almost always flame out. The list below (in no particular order) is a nice trip down memory lane of former favorites, that are now either bankrupt or shells of their former selves—often consumed by some other entity that fortunately put them out of their misery. Of course, t... more

Categories: Current Investments
Positions Mentioned: none
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My Big Fat Greek Tax Scam

October 26, 2017 10:32 AM


To see part 1, click here Sacha Imbert (Portfolio Manager at RBC): Hey Kuppy, this receipt says we’ve just used a Bulgarian POS to pay for lunch!!!Me: Whoa!!! That can’t be right.Waiter: Don’t worry, it’s a famous Greek trick. Revenues go to Bulgaria, expenses stay in Athens. We also get around the exchange controls.Me: Won’t the Greek government get upset?Waiter: Actually, they’re pretty happy we’re screwing the Germans… How else will the economy grow?Sacha: No wonder the Greek Banks have such ... more

Categories: Travels
Positions Mentioned: none
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Greece: An Ouzo Hangover Of Mythological Proportions

October 25, 2017 1:25 AM


Back in July, I re-posted an article that my good friend, Chris, at Capitalist Exploits had written about Greece. I had found the idea of a Greek economic recovery intriguing, but hadn’t really followed up on it. Over the following weeks, a number of people reached out to me and noted that I really should take a more serious look. In particular, they said that I should look at the Greek banks, as they are potentially undervalued and highly leveraged to any recovery. Since the flight from Bishkek... more

Categories: Travels
Positions Mentioned: none
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