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Igor Tsukerman

 
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  • With Cuba Finally Coming In From The Cold, Sherritt Could Reap A Nickel Windfall [View article]
    What about the fact that the Moa nickel mine, which is now a joint venture between the Cuban government and Sherritt, was seized by the Cuban government form what is now Freeport-McMoran (FCX) in 1960? Sherritt may have to fight for it in court! The reason the Cuban announcement may still be positive for them is a possibility of acceleration of oil & gas development near-shore.
    Dec 24, 2014. 11:42 PM | Likes Like |Link to Comment
  • Irrational Exuberance: The Cuban Edition [View article]
    Yes, the filings are for CUBA CEF, which the bulk of the article was about. Sorry for the confusion, I wasn't replying to your comment. CUBV (CUBA Beverage Company) is so tiny, there's very little information available. From everything I've seen, it has really nothing to do with Cuba, hence my assertion of "mistaken identity" as far as some traders speculating on it.
    Dec 24, 2014. 07:44 PM | Likes Like |Link to Comment
  • Irrational Exuberance: The Cuban Edition [View article]
    Check out EDGAR insider selling filings: http://1.usa.gov/13Fbr67 Multiple insiders sold shares in the last several days including 200K shares by the CEO.
    Dec 24, 2014. 04:21 PM | 1 Like Like |Link to Comment
  • Irrational Exuberance: The Cuban Edition [View article]
    Thanks for your comment. Here's some information on Motif Royalty program: http://bit.ly/1CBVGvE
    Dec 24, 2014. 11:19 AM | Likes Like |Link to Comment
  • 3 Reasons Why Stratasys Beats 3D Systems [View article]
    riskrunner,
    We're in ONVO as well, although it's more of a biotech play than 3D, and also exhibits the same very high risk/reward ratio. To answer your question, we manage our positions in the short term using quantitative methods, and the targets are moving. But from the fundamental point of view, we're long for the reasons I stated above, and we'll stay long unless there's a new information requiring us to reconsider.
    Sep 21, 2014. 04:14 PM | 2 Likes Like |Link to Comment
  • 3 Reasons Why Stratasys Beats 3D Systems [View article]
    Yeti,
    Let me first disclose that my fund is currently long DDD, Arcam - a Swedish 3D printer that trades in US under AMAVF ticker, and Cimatron (CIMT) - a small-cap CAD software maker. We do not own SSYS at this time. Basically, to answer your question - both DDD and SSYS are the current leaders in the sector, and they're priced according to market perception of potential growth vs. potential risk, which are both high for both stocks. I wouldn't speculate on the price entry points that riskrunner mentioned, but he's correct that SSYS is currently riding upward momentum, while DDD is struggling to hold its ground. A big part of the story is a number of recent brokerage rating "upgrades" for SSYS citing their "good execution", while DDD's woes are tied largely to their "execution risk" following an acquisition spree. In my view, in an unpredictable high-growth sector like this brokerage ratings are often contrarian indicators for the long term. If every broker rates it a "buy" and the stock runs up, there's no more catalyst, and it's very vulnerable, and vice versa. Decent results for Q3 and clear signs that recent acquisitions are working for DDD could bring a huge boost to ratings and the price. Long-term projections are always difficult in a volatile growth sector, but the leaders are usually the best bets (just think back to the 90's Internet bubble survivors - AMZN, EBAY, YHOO). For what it's worth, I believe with the right execution, DDD is a better choice precisely for their industrial capabilities. When a certain tipping point of the right technology at the right price is reached, we may start seeing big manufacturing contracts coming in that will be the first signs of the new "industrial revolution" that this technology has been promising for years now. But again, that's my opinion, you should do your own independent research before making any investment decisions.
    Sep 20, 2014. 07:20 PM | 4 Likes Like |Link to Comment
  • 3 Reasons Why Stratasys Beats 3D Systems [View article]
    "DDD is known for creating printers for consumers, while SSYS has a much larger presence in industrial markets." Ummm, no, actually, it's the opposite. Stratasys has MakerBot, which has a good chance to dominate the "desktop" consumer space (see, for example, here: http://tinyurl.com/ogk...). DDD's recent acquisitions have directly positioned it at leadership in healthcare and aerospace, as described by a recent SA article here, among others: http://tinyurl.com/kb4... . It looks like your entire SSYS vs. DDD argument is upside down.
    Sep 19, 2014. 03:29 PM | 6 Likes Like |Link to Comment
  • Frontier Markets: The Hedge You Need To Consider [View article]
    vicwoods, I tend to agree with you regarding ETF choices. EMFM is actually about half EM and half FM - hence the ticker (I'm working on a focus article about it). I like your mutual fund choices, and I own 3 of them, but WAFMX is the best and now closed to new investors. So is another of my holdings, Goldman Sachs N-11 Equity C (GSYCX), which focuses on the "Next 11" markets. Another fund I can recommend is Parametric Tax-Managed Emerg Mkt Instl (EITEX), which also has a piece in EM and unfortunately requires $50K minimum initial investment. The best African fund, in my opinion, is Nile Pan Africa C (NAFCX), which is small and charges a whooping 3.25% management fee.
    Aug 9, 2014. 06:39 PM | 1 Like Like |Link to Comment
  • No Fees Please! Create Your Own 'Mini-ETF' [View article]
    Nice article, but the idea is hardly original. Of course, if you do your homework you may be able to get alpha compared to a fixed index. But even assuming you can do that, there's also a not so negligible cost of commissions, and the amounts necessary to keep this portfolio with the desired weights may become significant unless you operate with high capital or willing to deal with odd lots (in which case, commissions are even higher percentage-wise). There's a solution out there, however. Motif Investing lets you create essentially your own ETF (up to 30 stocks) and trade it through their brokerage, while they charge one flat commission and keep account of partial shares. There are a few competitors (Flat Fee Portfolios comes to mind), but Motif is the leader and named #4 on CNBC list of Top 50 Industry Disruptors. Others have already mentioned it in their comments, and you may want to look into that; with that platform, you thesis looks much stronger.
    Jul 23, 2014. 10:37 PM | Likes Like |Link to Comment
  • ORBCOMM, Inc.: Why I Have Reservations [View article]
    Thanks for the article. Just a quick correction: the ticker for Rogers Communications is RCI, not RIC.
    Jul 4, 2014. 03:55 PM | Likes Like |Link to Comment
  • This Fixed-Income ETF Has Its Trade-Offs [View article]
    According to the article, the portfolio is constructed using non-convertible high yield bonds. Yet, according to the Morningstar fund portfolio page (http://bit.ly/VDxree), 1.31% is classified as convertible bonds. Which is it?
    Jul 1, 2014. 07:20 PM | Likes Like |Link to Comment
  • U.S. Energy: Myths/Realities And The 2 Elephants In The Room [View article]
    "There is a 60% energy loss in generating electricity: that mean to produce 100 MTOEs of electricity, it takes 167 MTOEs of other fuels."
    Excuse me, but if my math is correct, 60% energy loss or 40% conversion means that it take 250, not 167, fuel MTOEs to produce 100 MTOEs of electricity.
    Jun 16, 2014. 12:41 PM | Likes Like |Link to Comment
  • Moo... Agribusiness Dividend Stocks [View article]
    Thanks for the article. Just a note that if you'd like to concentrate on fertilizers, there's a a better pure play ETF: SOIL.
    Jun 12, 2014. 11:09 AM | Likes Like |Link to Comment
  • Clear And Present Danger To The World Economy [View article]
    Thank you for your comments. First of all, when you quote the article, please make sure you know the context. The quote you used is immediately preceded by "President Obama already visited Saudi Arabia recently and was widely speculated to.." As in, it's not a fact or my opinion, but rather a possibility, should the sanctions go to the next level. There were other, even more radical ideas with regard to the oil price war, such as George Soros' suggestion to open US Strategic Oil Reserve (for example, http://bloom.bg/1i5a0xj) The oil market is big, with many players involved, and any attempt to manipulate the price would have to be concentrated and agreed upon to succeed; it would be controversial, to say the least, and would hurt virtually every producer - I think we're actually in agreement on that one.

    Just like with any other economic sanctions, it's a double-edged sword, but the impact on Russian economy would still be the greatest, as they derive 70% of their exports from oil and gas. Yet, Obama's Saudi visit preceded by the NATO emergency meeting and immediately followed by Putin's phone call almost definitely had non-public oil discussions. Getting all these pieces together to see a bigger picture is commonly referred to as "mosaic theory", but I understand some natural skepticism about it.

    Which brings me to the final point. I know that my thesis and the subject itself are very controversial. I expect many readers to disagree with some or all of my assertions or recommendations. I'm open to and welcome healthy criticism and any respectful point of view. However, in my experience, taking quotes out of context, making assumptions about the author's expertise, jumping to conclusions, and getting personal is rarely the way to go to win an argument. Or respect, for that matter.
    Apr 19, 2014. 05:06 PM | 1 Like Like |Link to Comment
  • Clear And Present Danger To The World Economy [View article]
    If you want to judge my article on the basis of a one-day performance of RUSS (and what a day you picked!), then I'm afraid you missed the entire point. Also, I'd like to clarify this for all readers. Yes, by rules, I had to disclose a tactical position in RUSS in my fund at the time of writing the article. However, "Sell everything and put your life savings in RUSS" are the words you won't find in my article. RUSS is 3x daily short Russian index; not only it's 3x more volatile than volatile Russian stocks and funds, but due to its daily compounding there's a significant tracking error if held over longer periods. Anyone interested in investing should first carefully read Direxion prospectus and understand the risks involved. That's why I wrote that RUSS is an alternative, "very aggressive option", next to a dozen other macro trade ideas and specific funds I discussed for "the coming months". Every investor should read the article carefully and do their own research and due diligence before investing.
    Apr 18, 2014. 04:19 PM | Likes Like |Link to Comment
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53 Comments
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