After tracking Cairn Energy for over 2 years and not finding it interesting enough, today I finally pulled the trigger with a 10% position. I’ve dealt with Indian tax issues before in the portfolio, specifically with Satyam, and it appears to be applied without consistency or sense. I don’t believe that Cairn Energy will be […]

I’ve worked for j2 Global for 3 years now. We have monthly quotas to sell the product. Not only do they fraud customers, they fix commission reports to steal half your commission. Every month, it’s a fight for your money. You sell the product, meet goal and they claim customers cancel so they don’t have […]

The arb I mentioned in a previous post is DEMBF. It’s the ADR of D.E. Master Blenders, the coffee company Honne published research on in late 2012. We sent a copy to JAB Holdings in February. JAB ended up offering 12.5 euros per share just a month later. Not all DE shareholders tendered. All shares […]

Is there a greater joy in the investing world than finding a WAY OFF THE RUN arbitrage promising 8% in several months? Where you can put the trade on in decent size ($10 million?) It’s 2014 and I’ve found a riskless arb. Unbelievable!!!!

Go to China. China has built replicas of famous European cities. Counterfeit cities. That’s a new one… with far worse economics than making counterfeit handbags. Who’s going to pay the rent to pay off the debt load that was used to finance these enormous projects? No one. Which means the loans are bad, which […]

“Anyone who buys Puerto Rican debt of any kind is taking on an awful lot of principal risk for not much return.” -Me November 2012 Now I’m hearing stories of “conservative” Puerto Rican investors who have been totally wiped out. Think about that for a minute. People typically do not buy bonds with their risk […]

Magnus Carlsen beat 18 out of 20 players and drew 2 playing simultaneously. Magnus drew one to a grandmaster; the other to a 9 year-old kid, out of sympathy. Boaz resigned before Magnus could advance his pawns to crush him. The amazing thing is Carlsen doesn’t have a predictable system. He mixes up his game […]