The Lowdown From LD Micro

June 11, 2017 11:11 AM


I don’t attend a lot of investment conferences as I prefer visiting companies on their home turf —you learn more that way. However, the LD Micro Invitational is “special” and after having missed the last few, I felt compelled to attend last week's and get an update on the state of micro-cap investing (I define micro-cap as companies trading for under $50 million market cap). Besides, where else can you gain access to almost 200 undiscovered companies, knock off a dozen 1 on 1’s and drink all... more

Categories: General
Positions Mentioned: none
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Re-Reinventing The Death Spiral

May 31, 2017 5:40 PM


On April 9, I wrote about how certain companies have death spiral financings in place and you could literally short them at will for almost risk free returns. Now, barely 7 weeks later, Dryships Inc (DRYS – USA) is already down by 90% since I wrote that piece. I’ve been shorting DRYS and a few others like it for quite some time and re-loading as the position size declined—hence my returns have been even better than that 90% return. However, based on last Friday’s update, the balance sheet is... more

Categories: Current Investments
Positions Mentioned: none
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Performance Pressures Lead To Underperformance...

May 17, 2017 11:07 PM


A few weeks back, I was catching up with a friend of mine who runs a very successful high yield fund and naturally, the conversation turned to the markets. Me: Congrats on yet another great year in 2016. Him: Yeah, we beat our benchmark, but I’m sort of bummed. 2016 was the year we really should have killed it. They just gave away money in fixed income. Me: So, why didn’t you crush it? Him: Well, even though we made some room at the end of 2015, we went into 2016 over 80% invested—so the... more

Categories: Investment Strategy
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Amazing Tequila (Part II)

May 10, 2017 7:57 PM


I tend to travel a lot. No matter where I am, I try the local beer. If I like it, I often seek out the local brewer. You’d be amazed at how often you can get a brewery tour—at pretty much any hour of the day—any day of the week. If the owner or head brewer is proud of what he’s producing, he’s going to want to show it off and then share plenty of it with you afterwards. Apparently, the same rules apply with Tequila and my new friend Guillermo Erickson Sauza, from Fortaleza Tequila was more ... more

Categories: Travels
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Amazing Tequila (Part I)

May 8, 2017 11:48 PM


For most of my life, tequila was something I gagged on at 4am, because some asshole thought it would be “fun to do shots.” Yet, throughout my many recent trips to Mexico, I experienced faint hints of what quality tequila tasted like. I quickly learned to avoid the mass produced commercial product out there and instead sampled small batch brands—often led forward by those who claimed to be experts in the craft. I liked what I tried, but I knew that nothing would do justice except a proper educati... more

Categories: Travels
Positions Mentioned: none
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