Something Cataclysmic Seems Inevitable

One of my favorite investors, Harris Kupperman, says "the fastest rate cycle in decades will not end with a whimper" - and I couldn't agree with him more.

I’m extremely excited to bring you today a continuing look at the world of macro from one of my favorite commentators on markets, Harris Kupperman. Harris released his fund’s Q4 2022 several weeks ago which can be read here. It contains a wealth of thoughts and ideas - not only on Harris’ individual positions - but on the state of markets and macro in general.

For those that don’t know him, Harris is the founder of Praetorian Capital, a hedge fund focused on using macro trends to guide stock selection. Mr. Kupperman is also the chief adventurer at Adventures in Capitalism, a website that details his investments and travels.

I find Harris’ opinions - especially on macro and commodities - to be extremely resourceful. I’m certain my readers will find the same. I was excited when he offered up his latest thoughts to Fringe Finance, published below.

Please also make sure to read the disclaimer at the bottom of this post.

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I Just Don’t Know…

Long-time readers of this site know that I prefer an investing style that is both highly-concentrated and hyper-aggressive. My only goal is to maximize returns over rolling three-year periods. As a result, I’m completely agnostic about volatility, usually running my book well over 100% net-long, while rarely hedging. At the same time, I’m not a masochist. I have come to learn that there are times to press it, and times when there’s rather little to do.