OWTW
CapEx Team

Inflation: Talk Dirty to Me – OWTW

Ah, those Perrier-sipping, pointy-shoed central bankers… It wasn’t that long ago when they assured us we were crazy to even mutter the dreaded “i” word — even as raging consumer goods prices were obvious to everyone (but them). But after a while, the charade became too obvious. They admitted that there was some inflation, after all. But — like everything bad in life — it, too, shall pass. “Transitory” became the word du jour. Fast forward to today… The pointy-shoes

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OWTW
CapEx Team

Santa’s Out of Coal Too – OWTW

  MAKING HISTORY We highlighted the predictive power of magazine covers in these missives before. More often than not, they tend to time market tops (and bottoms) with stunning accuracy. The following gem adorned the cover of The Economist in early December 2020. The political class in power has been hellbent on making coal history. Instead, coal is making history. And not in the way the pointy-shoes had intended. And not just that. The above cover nailed the beginning of a

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OWTW
CapEx Team

You Can’t Make This Sh*t Up – OWTW

While cheerleaders of the “green economy” would have you believe that you’re either out of your mind to invest in coal… or a reader of ours (or both), this is happening in the world. You really can’t make this sh*t up. The thing that should be as exciting to you as being elected to judge a wet t-shirt contest featuring Scarlett Johannson is the fact that, while coal prices have been doing what we promised they’d do (go higher), coal

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OWTW
CapEx Team

No Love for Commodities – OWTW

  HIGH YIELD: A LOSING PROPOSITION Take a look at this chart and then ask yourself what happens when folks wake to the reality that inflation is transitory in the same way as tofu is tasty? Suddenly, that capital seeks inflation protection, that’s what.   NO LOVE FOR COMMODITIES Now, where could that capital seek a safe haven? Hint… For the majority of investors out there, commodities are still as hated as ever. To get a better sense of just how out

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OWTW
CapEx Team

WallStreetBets, Meet Yellowcake – OWTW

After helping push up meme stocks to the moon, WallStreetBets has now zeroed in on an unlikely target: uranium. Yes, you read that right! If you are a long-time reader, uranium has probably been on your radar for a while (in Insider we first dipped our toes in uranium stocks in September 2016 and then doubled down on them in late 2018), and you are probably tired of hearing us drone on about it. That said, the author of this

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OWTW
CapEx Team

Bargains in a Bubbly World – OWTW

📦  ANOTHER “TRANSITORY” ISSUE THAT WASN’T Turns out the supply chain shortages that have been plaguing the global economy for the last 12-ish months aren’t as “transitory” as we were told all this time. Who woulda thunk it? If you’re a long-time reader, this shouldn’t come as a surprise. It’s something we have been highlighting for well over a year now as we saw country after country either willingly or unwillingly but coercively lock down their economies and pha-kup supply chains.

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OWTW
CapEx Team

The Biggest Bubble of All Time – OWTW

At the risk of sounding like a broken record, we remind folks of one of the grandest bubbles of all time, one that we have been positioning for: an unwind of the value of financial assets relative to hard assets. It is so easy to see the bubble. But waiting for the bubble to unwind takes years, and it is the waiting that is the hardest part. One thing we do know is that you really, really, and we mean

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OWTW
CapEx Team

The Greatest Error in History – OWTW

The following quote from John Hussman caught our attention (h/t to @SeekerRisk for the annotated chart): With that in mind, we often get asked the question along the lines of, “Markets seem over extended. How about buying some puts to provide downside protection?” We always encourage folks to stick with their trading strategy. If you are a value investor, then look for value situations and don’t be concerned about what happens with the S&P, Nasdaq, etc. If you are a genuine

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