Overview: On April 27, 2020, we published a piece on Las Vegas Sands.The stock was at $43 and we recommended buying it. On June 10th, we sold the position at $52. The stock had moved over 20% in under a month and a half, and we were concerned about an extension of the coronavirus lock-downs. … Read more
Overview: On February 24, 2020, we published Net Short explaining that due to concerns about the coronavirus, we had gone short against the market. Over the next 3 weeks, we wrote 3 additional pieces (here, here and here) reiterating and amplifying our bearish position. During that period, the market fell 29%. Following that, the Federal … Read more
Overview: This morning, Bill Ackman of Pershing Square, did a lengthy phone interview on CNBC. Ackman suggested that to stop the spread of the coronavirus, President Trump should close the borders and institute a country-wide quarantine for a month. He described this as an “extended spring break.” He advocated for a 30-day rent, interest, and … Read more
Overview: Three weeks ago, we wrote a piece, Net Short, in which we disclosed that we had a large cash position and had gone short against the market through options spreads. Since then, the market has fallen 20%. Last week, we wrote a piece, Even More Net Short, in which we explained that the corona … Read more
Thanks to Nye Longman for a great article. Link here: https://hfm.global/hfmweek/news/silver-arrow-pro-launches-research-firm/
Overview: Two weeks ago, we wrote a piece titled Net Short where we disclosed that we had a large cash position, and had gone short against the market through options spreads. In that piece, we discussed the biological reasons the corona virus was spreading so quickly, the economic disruption that was on the way, and … Read more
Overview: Last Monday, we wrote a report stating that we had gone net short in our portfolio. This was a result of the specific way the corona virus was spreading combined with concerns about the associated economic disruption. A lot has happened in the last week, and we thought it was a good time to … Read more
Overview: During the first few weeks in February, we had an interesting debate with a friend on the topic of Anthem, Inc. (ticker: ANTM), the giant health insurance company. Our friend does high-quality research, and is a great stock-picker. We’ve debated stocks for years, and while we usually come to a resolution, we were unable … Read more
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
Overview: This is a follow-up piece for a full report we published in November on Royal Caribbean Cruises Ltd. (ticker: RCL). Benjamin Graham wrote about investing with a margin of safety explaining that you want to invest where the market price of a stock is trading at a substantial discount to the intrinsic value of … Read more
