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Igor Tsukerman  

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  • Robotics And Automation: The New ETF And Where To Invest [View article]
    Thanks for your comments. I do recognize your nanotechnology reference. The ETF (PXN) has really closed; here's an interesting article on what happened to the constituents: http://bit.ly/1JBRc9y With regards to ROBO, please keep in mind that this article and the ETF are nearly two years old now. There are two main questions that remain here for me. 1. There are very few "pure plays" and those have been bid up. The ETF took the approach of indexing many related companies that derive only small portion of revenue from robotics which provides diversification, but also get away from the investment theme somewhat. 2. You're absolutely right that it's hard to predict eventual winners and losers. But isn't that the case in every investment segment? Don't put all your eggs in one basket and try to go with several industry leaders if you can. One thing is for sure, robotics will be much bigger than the nanotechnology fad, it's already a part of defense and industrials spaces, and once it's fully entranched in the consumer space it will be here to stay.
    Jul 2, 2015. 12:34 PM | Likes Like |Link to Comment
  • The Electric Utilities' Fight For Survival [View article]
    Actually, utilities are highly regulated, and one of the conditions of their monopoly or near-monopoly in most locales is that they can NOT raise prices for electricity. It may be taken for granted by the consumer, but it's done exactly for his protection. Therefore, the author's argument here makes perfect sense.
    Jun 13, 2015. 03:07 PM | 2 Likes Like |Link to Comment
  • Pair Trade Opportunity Exploiting Irrational Exuberance Over The Herzfeld Caribbean Basin Fund [View article]
    Obviously, you nailed the issue on the head. The NAV is so ridiculously higher than the value of the underlying portfolio which anyone can assemble separately, that it should be the end of any argument. However, others have written about it even here on SA, including myself - I even used "Irrational Exuberance" in the title: http://seekingalpha.co.... Yet, the $CUBA CEF remains in the 30-60% premium range. The big part of the problem is liquidity. The fund is too small, and borrowing shares for shorting would cost 15-17% annually currently. It was even higher a few months back. Every time there's a Cuba news perceived to be a positive, the price spikes, which possibly causes a short squeeze, and even the fund management has acknowledged this behavior. It's a rare market anomaly that could persist for a while. For full disclosure, we're short $CUBA, but we're managing this position very carefully.
    Jun 6, 2015. 07:49 PM | Likes Like |Link to Comment
  • Comparing America's Next 3 Business Equipment Companies [View article]
    Thanks for the article. Business Equipment is indeed a very interesting little niche industry benefiting from US companies sitting on large piles of cash, and I enjoyed your comparison. I do have a few comments. First, PAY is not really in this industry; it's a payment processor company, but it's defaulted here. It's similar to Electronic Arts which makes computer games, but is typically comparable to leisure sector rather than software. The business equipment industry is, in fact, so small that in addition to the five companies you discussed there's only two more barring the microcaps: Knoll (KNL) and Acco Brands (ACCO). Both are under $1B in cap and both have been rallying in addition to healthy yields. Plus, ACCO trades at under 10 P/E and only 1.2 P/B. Do you have an opinion on these names?
    Mar 13, 2015. 06:12 PM | Likes Like |Link to Comment
  • At The Crossroads Of Emerging And Frontier Markets [View article]
    Thanks for your comment. Brazil may have a great future long-term, but there's little to like in the near-term for my taste. Infrastructure plays seemed to make sense prior to the World Cup, but government's economic policy killed any momentum. I'm not that optimistic now about the 2016 Olympics as a catalyst, but perhaps there will be some changes between now and then. In general, as I said in the article, I would prefer a basket of smaller Emerging and larger Frontier countries.
    Feb 2, 2015. 02:09 AM | Likes Like |Link to Comment
  • 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 | 1 Like 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
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