From Nigeria with Love

In April I wrote about the Nigerian stock market. Since May the Nigerian market is up 30%.  Over the same period, the global stock market has basically been flat (shown below).   Nigerian Stock Market and Global Stock Market represented by NGE and VT, respectively Timing-wise this was lucky-- I didn't predict a two-week turnaround. … Continue reading From Nigeria with Love

Greece on Fire

Back in September, I wrote about the Greek stock market.   I pointed out that widespread pessimism, low expectations, and attractive valuation created an easy hurdle for an upside surprise.  Since then Greece has been on fire, up over 35%! But despite an increase in price, the Greek market P/E has actually fallen from 4.7x down … Continue reading Greece on Fire

Lesson Learned Looking Back

The year is close to an end and both main street and Wall Street are quiet.  The holiday time tranquility is a good time to reflect on the past year.  Heading into 2016, my highest conviction investment ideas were the Russian stock market, silver, and oil.   Though the year's not quite over, it looks … Continue reading Lesson Learned Looking Back

Greek Lightning Strikes

Much ink has been spilled over Greece's financial woes.   And if you've followed the headlines, you might think Greek lightning was burning Athens to the ground.  While it's true that Greece's finances have been woefully mismanaged (it has the second highest Debt/GDP ratio in the world), in absolute terms things may not be as … Continue reading Greek Lightning Strikes

Looking for Bright Spots

Seems like everybody hates solar stocks.  They're down big, but with reason.  Earnings have been dismal and financials have been deteriorating. Prominent names like Solar City and Sun Power are simultaneously burning through cash and piling up debt. Adding insult to injury, two years of capitulating oil prices have softened demand for alternative energy.   … Continue reading Looking for Bright Spots

Surprises, Silver Linings, and Staying the Course

It's been a wild year so far.  A correction to start things off, Brexit, terror scares, a political coup, and a 1.36% yield on the 10 year Treasury to boot.  It's been one surprise after another.  It seems nobody knows what to expect and investors everywhere are on edge.  But despite the turmoil, the markets … Continue reading Surprises, Silver Linings, and Staying the Course

Anything and Everything for Russia

Today S&P announced it cut the credit rating on Russian sovereign debt to junk status.  The Russian equity market slid about 8% on that news, but the damage wasn't as bad as some may have thought. That's because the downgrade was widely expected, and of course, the Russian market is already down more than 60% … Continue reading Anything and Everything for Russia