Founder of "The Contrarian", a premium research service, featuring the "Bet The Farm" Portfolio. Actively investing since 1995, I have soared like an eagle, and been unmercifully humbled by the markets. Achieved positive returns in 2008, and turned an account with $60,310 on 1/1/2009 into an account with $3,177,937 on 11/30/2009. My best years have been 1995-2003, 2008-2012, and 2016-????. My worst years were 2013-2015. I believe inflation is coming, and we are at an inflection point in the markets.
Twenty year career as an investment analyst, investor, portfolio manager, consultant, and writer. Founder of Koldus Contrarian Investments, Ltd, which was incorporated in the spring of 2009. Dyed in the wool contrarian investor, who has learned, the hard way, that a good contrarian is only contrarian 20% of the time, but being right at key inflection points is the key to meaningful wealth creation in the markets. I believe we are near a meaningful inflection point, perhaps the biggest one yet, for the third time in the past 15 years.
Historically, I have had huge wins and impressive losses based on a concentrated, contrarian strategy. Trying to keep the good while filtering out the bad.
Seeking to run an all weather portfolio with minimal volatility and index overlays to capture my strategic and tactical recommendations along with a concentrated best ideas portfolio, which is my bread and butter, but the volatility only makes it suitable for a small piece of an investor's overall portfolio. The following are a couple of my favorite investment quotes.
"Life and investing are long ballgames." Julian Robertson
"A diamond is a chunk of coal that is made good under pressure."
"Knowledge is limited. Imagination encircles the world." Albert Einstein
I’ve been on top of the world, and the world has been on top of me. I have learned to enjoy the perspective from each view, and use opportunities to persistently acquire knowledge, and enjoy the company of those around me, especially loved ones, family, and friends.
At heart, I am a market historian with an unrivaled passion for the capital markets. I have had a long history and specialization with concentrated positions and options trading. Made money in 2008 with a net long portfolio, deploying capital in some of the market's darkest hours into long positions including purchases of American Express, Atlas Energy, Crosstex, First Industrial Real Estate, General Growth Properties, Genworth, Macquarie Infrastructure, Ruth Chris Steakhouse, and Vornado near their lows. Shorting, hedging, and option strategies also helped me in 2007 and 2009, and these are skills that I have developed ever since I started trading heavily in 1996.I enjoy reading, accumulating knowledge, and putting this knowledge to work in the active capital markets, learning lessons along the way.To this day, I continue to learn, and some of these learning lessons have been excruciatingly difficult ones, especially over the past several years, as I made mistakes allocating capital, including a sizable portion of my own capital (I always invest alongside my clients), to commodity related stocks. While all commodity related stocks have struggled since April of 2011, coal companies, which attracted me due to their extremely cheap valuations, and out-of-favor status (I am a strong believer in behavioral finance alongside fundamentals and technicals) have been the worst investing mistake of my career. The focus on the commodity arena has been the biggest mistake of my investment career thus far, yet in its aftermath, I see tremendous opportunity, even larger in scope than the fortuitous 2008/2009 environment.The capital that I accumulated and the confidence gained in navigating the treacherous investment waters of 2008 gave me the confidence to launch my own investment firm in the spring of 2009, right before the ultimate lows in the stock market. At the time I was working as a senior analyst at one of the largest RIA's in the country, and I felt strongly that the market environment was the best time since 1974/1975 to start an investment firm.
Prior to starting my firm, I was a senior analyst for three different firms over approximately 10 years (Charles Schwab, Redwood, Oxford), moving up in responsibility and scope at each stop along my journey. Since I was a paperboy, I have always had an interest in the investment markets. I love researching and finding opportunities. I am a Chartered Financial Analyst, CFA, as well as a Chartered Alternative Investment Analyst, CAIA. After starting in the teaching program at Ball State University, I switched to a career in finance when I turned a small student loan into a substantial amount of capital. I graduated summa cum laude with a degree in finance from Ball State.
Full disclosure, I am not currently a registered investment advisor, though I did serve in this capacity from 2009-2014, while owning Koldus Contrarian Investments, Ltd. Additionally, I held various securities licenses from 2000-2014, without a single complaint filed, and I continue to hold industry designations. At the end of 2014, I voluntarily let my state registration expire, as I transitioned the business to a different structure. Prior to this, I had passed, and held, various securities exams and licenses, including the Series 7, Series 63, and Series 65 exams, in addition to others, alongside my CFA and CAIA designations. Unfortunately, I did not file the proper paperwork to withdraw my state registration, and I did not disclose a personal arrangement, and subsequent civil case, between myself and a former close personal friend and client, that was initiated in 2011. I was unaware that I was required to disclose these items, and my securities attorney, at the time, did not advise me to do so. Previously, I had managed a portfolio for this gentleman, and we had taken an investment of approximately $7 million in 2009, and grown it to over $25 million at the beginning of 2012. After a difficult year of performance, an employee of the firm I owned, and friend, resigned in early 2013, and took the aforementioned client to a competing firm. As a result of not filing the proper paperwork, I agreed to a settlement, with a potential $2500 fine in the future, depending on if I choose to reapply to be a non-exempt advisor.
I am an investment professional with 7 years of experience working for an investment advisory firm. I am a holder of the right to use the Chartered Financial Analyst designation. I have been investing personally for over a decade. I focus on the metals and mining industry and use fundamental research to identify deep value opportunities.
Disclaimer: Articles published by this author reflect his own opinions and do not contain any recommendations or personal investment advice for any specific individual or situation. Any material provided is for general information purposes only and should not be relied upon or considered a formal investment recommendation.
MetalMiner currently ranks as the largest metals publication in the United States according to third party ranking sites. Geared toward industrial metal procurement professionals, MetalMiner has attracted a wide audience in the finance community as well as a global following. MetalMiner principals have appeared on FoxBusiness.com, MSNBC, NPR Marketplace, BBC Radio among others. The team has also received coverage in The Christian Science Monitor, Forbes, American Metal Market, American Iron and Steel Institute, Automotive Industry Action Guide, among many others. The team's principals have extensive global metals sourcing and trading experience having worked for consulting powerhouses Andersen and Deloitte Consulting and leading trading companies such as Stemcor and Glencore. Updated 14 times a week, MetalMiner continues to grow and attract an audience everywhere.
Wall Street Breakfast, Seeking Alpha's flagship daily business news summary, is a one-page summary that gives you a rapid overview of the day's key financial news. It's designed for easy readability on the site or by email (including on mobile devices), and is published before 7:00 AM ET every market day.
Wall Street Breakfast readership of over 900,000 includes many from the investment-banking and fund-management industries.
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Nicholas Marshi is the Chief Investment Officer of Southland Capital Management (SCM). The Company is a Registered Investment Adviser in Santa Monica, California. SCM's principal expertise is in the area of publicly traded leveraged finance to U.S. private companies, including the Business Development Company industry ("BDC"), high yield bonds and floating rate loans.
SCM manages two "hedge funds" devoted to equity investments in BDCs and other specialty finance lenders. The Company's first fund-BDC II-was launched in October 2009, and a second fund-BDC III- in January 2011.
Mr Marshi also edits the leading website devoted to regular updates on the BDC industry entitled the BDC Reporter, with regular analysis on over 36 companies and on trends in this under-known sector. Check out www.bdcreporter.com.
Prior to forming Southland Capital Management with Mr Hansen, Mr. Marshi managed two private equity firms: Kensington Capital Corporation ("KCC") and Southland Capital Partners "SCP"). Starting in 1990 and 1995 respectively , both firms were active in acquiring lower middle market private companies, principally in Southern California, in leveraged buy-out transactions.
Before founding KCC, Mr Marshi was the head of the Los Angeles office of Kleinwort Benson Limited, a British merchant bank, from 1987-1990. Mr Marshi was involved in leading investment banking, lending and principal investing activities (both directly in middle market companies and in funds managed by Kleinwort Benson and other institutions). Prior to joining Kleinwort Benson, Mr Marshi held various positions with Citibank at locations worldwide including Athens, Dubai, Puerto Rico and London.
Mr Marshi is a graduate of Tufts University (B.A.) and Harvard University (M.A.).
KL is a special situations and opportunistic fund, managing a concentrated portfolio. KL believes that minimizing losses in difficult periods is critical to generate attractive long term returns. The Fund’s objectives are to minimize losses and generate returns in excess of the special situation hedge fund index, which is expected to return 10% pa. over the next 3 years. KL’s competitive edge is its rare ability to combine detailed and independent value-investing research with a unique willingness and ability to trade special situation securities.
KL Investment Partners may change or exit its holdings (buy, sell, sell-short shares) without updating its Seeking Alpha articles and without informing the Seeking Alpha community.
KL's articles, blogs and comments are not an offer to sell or a solicitation of offers to buy any securities. Securities of the Fund are offered to selected investors only by means of a complete offering memorandum and related subscription materials. There is the possibility of loss and all investment involves risk including the loss of principal.
Arihaan Capital is a value-oriented investment partnership modeled along the Buffett Partnerships. The investment philosophy is rooted in deep fundamental analysis which enables Arihaan Capital to run a concentrated long/short portfolio of global equities. As of the publication date of articles submitted, Arihaan Capital may have long or short equity positions in the companies covered.
Now writing under: Cosmon Capital http://seekingalpha.com/author/cosmon-capital/articles#view=regular_articles
My investment philosophy follows that of Julian Robertson at Tiger Management, namely “I believe that the best way to manage money is to go long and short stocks...buy the best stocks and short the worst." Hence, trying to be a long/short generalist is how I would align myself. In writing some for Seeking Alpha I researched hundreds of companies and wrote articles before I became licensed and couldn't write any longer (per FINRA), but have recently returned to commenting and writing. For the first 8 or so months I wrote, my buy/sell suggestions returned ~54%.
Best calls were: Cal-Maine Foods (CALM) and White Wave Foods (WWAV)
Long ideas of interest (as of August, 2015):
I mainly source ideas through the following:
1. Thinking about a company's economics of business in terms of probabilities of value creation
2. Discerning what accounting is artificial growth and what is not
3. Forming a considerably large position in a company to ensure a worthy return
4. Looking for under-followed, undervalued companies with good management and mid-term catalysts in sight
5. Trying to discover underlying paper trails which can lead to a rush of revenue.
To everyone, may you mine the markets well and reasonably expect your return to be correlated with the passion and efforts you put forth, always remembering Munger's words to "profit from always remembering the obvious than from grasping the esoteric."
"There's two ways to win: appreciation to intrinsic value and appreciation from intrinsic value." - Bill Ackman
I am a lawyer and assistant professor living in New York. My work focuses on the intersection of energy policy and the economic feasibility of energy pathways. In addition to Seeking Alpha, my articles on renewable energy have been published by media sites including US News & World Report, Newsweek, The Huffington Post, and IFL Science. From a financial perspective I cover a variety of energy companies ranging from renewable energy to fossil fuels. While I discuss legal issues relating to these companies on occasion, my articles do not provide legal advice and nothing that I write on Seeking Alpha should be considered as such.
Prescience Investment Group is a research-driven, performance-oriented investment firm. Prescience manages a private investment fund on behalf of its clients and principals with the objective of generating superior absolute investment returns over the full cycle of market and economic conditions.
We specialize in extensive, investigative research on difficult-to-analyze or obscure public companies in order to develop unique insights and identify singular investment opportunities. We seek out abnormally large disparities between what businesses are intrinsically worth and what they sell for and invest accordingly, long and short.
I have over 17 years experience in the hedge fund industry working as a Portfolio Manager, Domestic Equity Analyst and Trader. I was the Portfolio Manager of a domestic Hedged Equity product with gross assets that peaked over 1 Billion dollars, and I have over 18 years experience generating both long and short ideas in domestic equities. I am a fundamental, bottoms up, value investor in long investments, and catalyst oriented short investor. I like to employ technical analysis as a balance to my fundamental work, and also as a risk management characteristic to my overall investment philosophy. I am currently investing my own capital in a similar manner I employed while working in the hedge fund industry.
Jack Lifton is an Independent consultant and commentator, focusing on the market fundamentals and future end use trends of the rare metals. He specializes in the sourcing of nonferrous strategic metals and on due diligence studies of businesses in that space. His work includes exploration, mining, refining and the recovery of metal values by the recycling of not only metals and their alloys but also of metal-based chemicals used as raw materials for component manufacturing.
Mr. Lifton has more than 50 years of experience in the global OEM automotive, heavy equipment, electrical and electronic, mining, smelting, and refining industries. His background includes the sourcing, manufacturing, and sales of platinum group metal products, rare earth compounds, and ceramic specialties used to make catalytic converters, oxygen sensors, batteries, and fuel cells. He is knowledgeable in locating and analyzing new and recycled supplies of 'minor metals' including tellurium, selenium, indium, gallium, silicon, germanium, molybdenum, tungsten, manganese, chromium, and the rare earth metals.
Today he primarily consults to institutional investors doing due diligence on metals related opportunities and to natural resource ventures on technologies and markets.
Jack wrote a weekly column on minor metals for Resource Investor for three years until December 2008, during which he authored more than 125 original articles. He is also speaks on minor metals fundamentals and end-uses at private, public, and professional meetings.
Since 2007 he has made presentations at conferences, seminars, and workshops all over the world more than 50 times.
Caiman Valores is a Colombian based independent investigations and risk management consultancy. It specializes in South American listed companies and conducting regional economic and risk assessments. The principal of Caiman Valores "Matthew Smith" has over a decade of experience in the investment industry. During that time he worked in investment and risk management, investment advisory and corporate strategy. Over the years, he has spent considerable time analyzing investment solutions as well as designing and implementing risk management frameworks for two global banking institutions. Prior to embarking on a career in financial services he built a career in the field of risk management for government security agencies. He has travelled extensively through South America, speaks Spanish and enjoys learning about new cultures and languages as well as travel and adventure. Matthew has a Master of Business Law from the University of Sydney as well as a Master of Arts in International Relations and a Bachelor Degree in Political Science and Economics from the University of New South Wales. Please feel free to contact him regarding investments, writing, or speaking opportunities via email at email@example.com.
Independent. Insightful. Trusted. Morningstar provides stock market analysis; equity, mutual fund, and ETF research, ratings, and picks; portfolio tools; and option, hedge fund, IRA, 401k, and 529 plan research. Our reliable data and analysis can help both experienced enthusiasts and newcomers.
Chris Damas' contrarian equity research is broad based and covers energy production and infrastructure, metals, agriculture, chemicals, forestry, industrials, telecoms, retail, technology, financials, transports, renewables and special situations as well as US MLP's. Chris managed the second largest preferred share portfolio on Bay Street during the 80's and also follows currency and fixed income markets closely. His investment universe is broad and he spends most of his time hunting for actionable trade ideas and long term investment opportunities. His investment thinking and trading activity are now only available by subscribing to the US and Canadian versions of The BCMI Report (trademark) and The BCMI Flash (trademark) which are issued at least weekly and more frequently when opportunities and market conditions demand it.
Shmulik Karpf works as an equity analyst at Leumi Global Markets. Prior to that, he worked as an analyst at the Tel-Aviv Stock Exchange, He is also a certified corporate attorney in Israel. Shmulik constantly attempts to come up with new creative investment ideas that go beyond the standard line of analysis.
Asif Suria is an entrepreneur and investor with a focus on event driven strategies including merger arbitrage and insider trading. He publishes a weekly post that includes the latest mergers and highlights the largest spreads. He also publishes a weekly post that highlights the top 5 insider purchases and sales of the week. Asif is also one of the earliest contributors at Seeking Alpha and has been regularly contributing content since 2005.
Adam Gefvert is the head researcher for White Diamond Research, a research firm for hedge funds and high net worth individuals. Primarily a short seller, he has saved investors millions of dollars by exposing highly overvalued small cap stocks. He has a 90%+ success rate with his Seeking Alpha short ideas. He specializes in technology, energy, and biotech stocks, because those are the sectors with the greatest valuation inefficiencies.
You can follow Adam on twitter @shiningboy
I have been investing since late 2005. Interested in high yield stocks, options, E&P names, and financials
Currently work as a commercial real estate appraiser. Graduated Rutgers University in 2009 with a degree in Economics and completed my MBA at Rutgers Business School in 2015.
Hedge fund trader and analyst specializing in REIT, hotel, home building, real estate, financial, and consumer discretionary stocks. Preferred stock expert. Extensive experience investing using a variety of typical hedge fund strategies including long/short equity, merger arbitrage, capital structure arbitrage and distressed debt. Formerly, adjunct professor of Finance and Accounting at SUNY, Empire State College.