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The Depth Report – Net Short

Overview: Two weeks ago, we revisited our Royal Caribbean thesis in relation to our initial corona virus projections. In that piece, we acknowledged that the virus outbreak has been worse than we had expected and that we were too quick to dismiss the “breathless conspiracy theory” that the virus had been engineered in a Wuhan … Read more

The Depth Report – Coronavirus – Truth, Rumors, Lies, and the Market

Overview: Last week, we updated you about the 2019 novel coronavirus (2019-nCoV). We considered the possibility that China was under-reporting cases, and that travel-related companies were “going to offer abysmal guidance for the first quarter”. While we continue to believe that the virus will burn itself out, because we didn’t believe that all the bad … Read more

The Depth Report – The Wrath of Grapes

Last week Deep Knowledge Investing Food, Restaurant, and Spirits Advisor, Howard Freedland, was asked to speak to The Society of the Four Arts, in Palm Beach, Florida, about the impact of current and projected tariffs on old-world wines. While we normally focus on actionable stock ideas and timely market commentary, Howard is a 20-year veteran … Read more

The Depth Report – Novel Coronavirus and Travel Stocks

Overview: Last week we wrote about the 2019 novel coronavirus (2019-nCoV). The disease is spreading and may have changed, and we thought it was time for an update. There is speculation that the virus has mutated into a more transmittable form, but it’s unclear right now whether the virus has, or whether doctors are getting … Read more

The Depth Report – The Un-wisdom of the Crowd

Decision making in the financial markets is one of the few places where we can definitively assess the quality of a decision. We know to the penny how good or bad a particular idea is. Portfolio managers work very hard and often employ a large staff of analysts in order to get an edge in … Read more

The Depth Report-Carnival Says 40% Off-Is Cruise Pricing Sinking?

On November 1st, 2019, Princess Cruises, which is owned by Carnival Corporation & Plc (ticker: CCL) announced a 55th anniversary sale which included onboard spending money, room upgrades, a wine & dine package, and airfare credits for specific sailings. There’s nothing unusual about this. Like all leisure, gaming, and hotel companies, cruise lines regularly introduce … Read more

Royal Caribbean (RCL) – Long – Writeup

The Depth Report Royal Caribbean Cruises Ltd. (RCL) Overview: Royal Caribbean owns and operates cruise ships under several brands including Royal Caribbean, Celebrity, and Silver Seas. We first started looking at the cruise lines around 2 years ago because we saw the industry was undergoing a transition. Over the last 2 decades, cruise ship capacity … Read more

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