Happy Hour with Kuppy and friends
Warren Irwin has been one of the best performing natural resources hedge fund managers since he launched Rosseau Asset Management in 1998, and more recently has become one of the more prominent uranium bears even though he’s actually long. In this happy hour discussion he outlines his uranium bear case and touches on other commodities like copper, nickel, metallurgical coal, and oil.
We’ve all probably heard Kuppy talk about “Project Zimbabwe” but what is actually like to live and invest in the country second only to Weimar Germany in its association with hyperinflation? If anybody has that answer it’s Erik Renander. From 2013 to 2021 Erik ran the Hedge Invest Africa Opportunities Fund where he regularly took research trips to Nigeria, Egypt, Kenya, Zambia, and Zimbabwe where he got to see first hand how hyperinflation effects daily life and asset prices.
We all know Kuppy is bulled up on oil but different views and different time horizons are what makes a market. That's why Max has invited one of his favorite oil and energy market analysts, Warren Pies, Founder of 3Fourteen Research, to give a different oil perspective as we close out 2022 and look forward to 2023. They discuss Warren's personal oil outlook, how that differs slightly from his firms highly quantitative models, and why they view energy exposure as must have for diversification in 2023. They also take viewer questions and touch on 3Fourteen's broader outlook for stocks, the economy, and the Fed.
Kuppy and Tony Greer sit down to discuss what macro themes Tony thinks are driving markets at the moment, how he's playing them, and what he is watching for the next big market regime change. They touch on the oil market and other commodities, Tony's favorite and least favorite charts at the moment, and how Tony has improved his process and technical analysis toolkit over the years.
The planned fertilizer specific happy hour had to be cancelled due to conflicts with the guest, so instead Max stepped in to moderate an Ask Me Anything with Kuppy. We touched on recent moves in energy markets, uranium, rates and other big picture themes Kuppy is focussed on. Kuppy also explains how his market views have evolved as the Fed has continued to hammer home a message of higher terminal rates for longer than the market is pricing in.
Kuppy is joined by two of the most prominent uranium and nuclear energy focussed investors in the business. They discuss the path forward for nuclear energy across the globe, dispel common misconceptions about how uranium trades, and explain how their hedge fund Segra Capital has adjusted to the “factorizing” of the sector that comes from generalist interest.
While Kuppy is on vacation in Europe, Michael Kao of Akanthos Capital Management sat down with Max Wiethe to discuss his own event driven style of trading, current market views, and outlook for the macro themes that matter like inflation, the Fed pivot debate, and geopolitical issues like the Taiwan. He also discusses some of his more concentrated bets in a PE shale play in the Permian and a SPAC warrant he owns in SIZE.
Kuppy sits down for an ask me anything happy hour on the one year anniversary of KEDM's official launch as a paid service. He answers KEDM member questions on everything from the rough month for oil and other commodities, to how he is thinking about recession risk and the housing market, to the Ponzi trade, and much much more. Sit back, relax, and enjoy!
Kuppy is joined by the guy that went after Chinese ShitCos before it was fashionable, spurring a new era in independent short selling research. With the markets rolling over and entering a “cleansing” stage, i.e. zeroing the Ponzi sector, we thought it would be a great time to speak with THE expert. We are lucky to have Carson Block, of Muddy Waters, joining us to chat all things short selling, fraud and Ponzi. This one was a lot of fun and Carson did not pull any punches!
Kuppy is joined in Omaha by Bob Robotti, founder of Robotti Advisors, and Josh Young, CIO of Bison Interests to discuss "The Revenge of the Old Economy." After nearly a decade of capital starvation industries like energy, petrochemicals, and homebuilders might be poised to have their revenge and an extended period of outsized profits. Historically high prices have been the cure for high prices in these industries but for a number of reasons managers and investors alike have not prioritized investing in expanded production this time around. Each panelist discusses the broader factors leading to this setup, the reasons why they think expanding production in these industries will be slow, and breakdown one of the three sectors listed above.