Harris Kupperman Interviews Josh Young Of Bison Interests

In this episode, Patrick Ceresna and Kevin Muir take a backseat and let fan-favourite Harris Kupperman aka Kuppy interview Josh Young from Bison Interests.  Josh has been hitting out of the park when it comes to his energy picks, and he comes back to the Market Huddle to give us his new picks.

Harris Kupperman: Talking KEDM On Real Vision

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During one of the craziest weeks I can remember in the markets, I chatted with Max Wiethe from Real Vision about what is going on. We covered a lot of ground, including an overview of why this is a golden era for Event-Driven trading and how KEDM can help you capitalize on all of the opportunity. We also go through a few historic examples so you can get a better sense of how to use KEDM. (For those of you who don’t know what I’m talking about, click here for my introduction to KEDM.Com)

By special request, my friends at Real Vision have let me distribute the interview for those who aren’t yet paid up Real Vision subscribers (Seriously?? Who wouldn’t already be a subscriber?? It’s well worth the cost).

Harris Kupperman: Why This Reflexive Ponzi Scheme Will Continue…

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Since many of you are sick of hearing about Bitcoin, I promise this is my last post on the topic for a while. That said, I’d be remiss if I didn’t point out the unusually lucrative arbitrage trade that is largely responsible for sending Bitcoin parabolic. I glossed over it in my last post and given the questions that I’ve received, a full post on the topic was more than necessary—especially as the mechanism is really quite fascinating.

To start with, I believe that Grayscale Bitcoin Trust (GBTC – USA) is unique in the world of finance in that it facilitates an oddly reflexive Ponzi Scheme. Since we all know what a Ponzi Scheme is, I’m going to gloss over the terminology and instead focus on the concept of reflexivity. Before George Soros focused on destroying American society, he was a remarkably successful investor. His theory of reflexivity asserts that prices do in fact influence the fundamentals and that this newly influenced set of fundamentals then proceeds to change expectations, thus influencing prices; the process continues in a self-reinforcing pattern. In the case of Bitcoin, GBTC is the transmission mechanism for this reflexivity and once you understand how this game works, you’ll realize that Bitcoin is going much higher before it collapses.

Harris Kupperman: My Favorite Ponzi Scheme (Part II)

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Let’s go back to what I wrote about Grayscale Bitcoin Trust (GBTC – USA) hoovering coins. At the end of July when I wrote about it, there were 406.6 million shares of GBTC outstanding. As of Friday November 13, that number had grown to 531.6 million, or an increase of 125 million shares. That’s equivalent to about 119,000 additional Bitcoins purchased during a brief period of time. To put this into perspective, the total “free float” is somewhere between 6 and 8 million coins. Hence GBTC purchased somewhere between 1.5% and 2% of the “free float” during this brief period of time.

Now add in the 38,250 coins that Microstrategy (MSTR – USA) purchased and the 17,732 that CEO Michael Saylor personally owns and you have almost another 1% locked up. There are dozens of entities also hoovering up coins, many of which are not likely sellers in the near term. Almost every week, we learn of a new vehicle with big marketing resources behind it. Do you think Fidelity is launching their Bitcoin vehicle without a substantial marketing campaign? In their mind, unless they raise a few billion dollars, their fund has been a failure. Just think about what that sort of inflow would do to such an illiquid market.

Harris Kupperman: Micro Cap Planet Finding Cheap Stuff and Playing it Well with Harris “Kuppy” Kupperman, Founder and CIO of Praetorian Capital

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For this episode of the Planet MicroCap Podcast, I spoke with Harris “Kuppy” Kupperman. He is the Founder and CIO of Praetorian Capital and Chief Adventurer of the Adventures in Capitalism blog. Kuppy, as an investor, has always been looking for cheap stuff, something I think most of us as investors look to accomplish. What we discuss in our interview is how he’s gone about finding the cheap stuff and his game plan on making money on those bets. We cover his background, investing philosophy, event-driven investing, shipping, bitcoin, and more! Please enjoy!

Market Huddle Podcast with Guest Harris Kupperman

https://youtu.be/bMUlybI8smk?t=4086

Kuppy talks about his highest conviction idea.

Adventures In Capitalism: Playing The Housing Recovery

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Over the past few months, I’ve been writing a lot about Event-Driven strategies, mainly because I see an unusual amount of opportunity there. That said, Event-Driven remains a small piece of my book. The core of what I do is inflection investing—finding a theme that’s inflecting better and get there before anyone else realizes it.

With that preamble out of the way, today the government announced that seasonally adjusted new home sales for August hit 1.011 million. For those keeping score at home, this is the highest that this figure has been since 2006 and up 43% from last year.