Letters
Roughly once a month I write about changes in the portfolio, the reasoning behind them, what I am seeing in the industries I follow, and where my thinking has changed.
Out of tankers, into bulkers and rigs
Selling a sector I still like because the discounts to NAV have gone, and moving the money into dry bulk and offshore drilling. Fleet age and shipyard capacity, Simandou and voyage distance, El Niño, and why the offshore position is the one I am least comfortable with.
Why I'm writing this down
Why I am starting before there are results, how fundamental analysis and momentum ended up working together in my process, and what being early has cost me.
More letters will be added here over the rest of the year.
Monthly letters, with the reported competition results alongside them.
Letters by email.
Roughly monthly. Free, and you can unsubscribe whenever.