Well, Well, it looks like Kupperman reinvented himself after a 5-year hiatus. He switched from Africa to Mongolia. Always, hard to reach destinations. He stressed that in our meeting in Miami Beach; that he was able to fly into remote locations, and find investment opportunities, others would never see. Looks like he imploded, AGAIN! And if he has any money, he must have cashed out in 2012. @Gaslight Capital Hopefully, this is an eye opener...
The chart posted is a stock chart tracking the price of the common stock in his company, and it is not a fund performance chart. For all we know the fund liquidated its real estate investments at a profit and the proceeds were distributed to the shareholders, the number of whom never seemed to exceed 3000 souls. I have no clue as to Kupperman's trading acumen. It is true that brilliant analysts are very often poor traders. Most people, in fact, undoubtedly including most of the people posting to this forum, are poor traders. As to the comments about the price of common stock in his company, it may be that the company has or is in the last stages of failure. Or it may be that the company qaccomplished its goals and has divested itself of its assets. As Harris Kupperman himself has said, "Companies can and do go bankrupt. Go to the library and look at a list of large companies from 1950—very few of them still exist. Go back another twenty years. Almost none of the companies from 1930 still exist." As a matter of fact, very few human beings from 1930 still exist. One who takes risks and fails is not by virtue of that failure a fraud. One who accumulates a high 8-figure liquid net before the age of 40 is not a failure when that fortune has been accumulated legally. And one who takes a company public only to see the price of the common stock languish in the pink sheets is often guilty of nothing more than failing to excite a market in the stock of said company. The majority of companies end up in that position. And that chart was not his investment performance, it was the price of his company's common stock. emini is likely going to test that June 8, 2020 high again. It's main task is to get above that level and stay above that level so as to force the S&P 500 stocks to gap open above that level. That may or may not happen. But that is the emini's task. Should the attempt fail, or not even be made, then I would look for price to pullback and test the levels of the lows of July 9-10 and 14, 2020 ($3105-$3120). It is a stock chart, not a fund performance chart.
All I know is from my experience, and my personal meeting with Kupperman. His fund did implode, and its shareholders were given "share certificates" as IOU's. I remember his last email, shocking, as it took less than a year, for him to lose it all, and be working from his living room. These are Facts. I was there. Funny coincidence, Kupperman quoted everything you have stated about companies in the 1930s (he is very well versed in Financial History), in our hour-long, Miami Beach meeting! It's HIS company, therefore, it's HIS performance. The fairy-tale ending you present, is a fairy tale... And I am pretty good at trading, btw
Re: reponse to me... I`m still in agreement with him on his statement regarding the market...changes nothing there. Agreed, most people are poor traders as it`s contrary to human nature & contrary as to what feels right... most people are incapable of being counter intuitive....
One of my favorite concepts is from Redneck, who retired after years here. He said that the only reason not to be profitable every day as a discretionary day trader... is not being able to get yourself out of the way.
I had an econ professor in college who said "If you want ten different opinions about a thing, ask ten different economists."
What the hell? The Yen has been selling off and now the market is getting hit. Bad news out of Japan?
Just ES being ES after hours. Typical one directional movement. Looks like VZ might be right after all.
It is no coincidence. It is a part of how he frames his worldview when he conducts macro analysis. The next line of that essay from which the quote came is "Your goal is to make sure that you only invest in things that will exist for at least the next few decades." Maybe he did blow up his first fund. He would not have been the first and certainly will not be the last. He has some market sense. He didn't amas a net worth of $75,000,000 thorugh fees alone. And he did beat out 9000 other players back in thestreet.com's 1999 trading challenge as an 18 year old kid. I mentioned him here because he has a blog and over the years he has shared some ideas worth knowing. I do not see why this discussion of him took the turn it did. I guess to make some people feel better abut themselves, perhaps?