Its pure speculation my man. I don;'t; lknow for sure, just guessing based on that letter and what happened to the stocks he was in since august. One of my closest relatives was an investor with him and has lost his shirt but luckily pulled the money just in time before it was all goner. He may still be open for business, but I sincerely doubt it, given the high amounts in single positions, huge overhead, and extremely risky stocks he would buy. A recipie for disaster. whatcha mean getting in and out?? this guys fund bought ILLIQUID names on hunches... so what you talking about??
he has always had a lot of volatility, sometimes 50%ish swings if I recall correctly, but he's always come back to new highs from them as well.
It's possible I suppose. I have not talked to Harris in over a year, but I used to talk to him pretty often. I normally did not agree with his positions, and a lot of his opinions, but I always found them to be well thought out. He's not a person who just took shots in the dark.
latest word from Kupper is DOWN 58% and TRAPPED in illiquid names plus massive liquidations of the other stocks in portfolio making no win situation. I will not post them here, but some of this "managers" holdings will make you wet your bed-- really really sick that someone would invest this way. Pure gamble
really?I had email exchanges with this guy in the past and he seemed to know what he was doing, like he would know better then be massively long equities in 08
Whatsever you say, my man . LOL ! 96% LONG in nearly penny stocks--- You elite people will follow anyone! really truly sad Praetorian Capital Investments LLC Praetorian Offshore Investments Ltd. Performance Summary September 2008 Current Month Year-To-Date Performance Measures Time-weighted Rate of Return (Gross of Performance Allocation) -35.12% -58.55% S&P 5001 Rate of Return -9.21% -20.68% Exposure (as % of Equity, including the notional value of futures positions) Long 96.2% Short 0.0% Net Exposure 96.2% Holdings (as % of Equity, including the notional value of futures positions) Precious Metals Mining Equities 20.4% Base Metals Mining Equities 1.5% Mining Services Equities 41.5% Our performance this month was horrendous. Trading was down 1 percent and the rest of the loss was from large hedge funds liquidating positions that we also own. The enclosed Fund Performance letter has a great deal of information as to what happened to the portfolio in September and provides data regarding our core portfolio
1. If he's only down 58% I consider that pretty good given the volatility of his returns. What's he up since inception? I bet still a shitload. 2. He's way more smart than luck. He saw the commodities/metals/equities bull coming when prices were stagnant off the lows. He loaded up in small stocks that he could squeeze higher. You and I should wish we were that stupid. 3. The Index break has been easier to "see" than the implosion in commodity stocks. Surprising that banks are in trouble? Hardly. Surprising that ADM is 70% off it's highs? Frankly, I'm shocked. 4. He hits home runs. I'd rather be down 58% with a guy who can hit one out than be down -30% in some fixed income fund that was trying to return 6%. Like I say I don't know his numbers but I think he's still up and MANY mainstream funds are flat or even lower on the decade.
He focused on small names, good value, low P/E At the end of the day, the company can be a rare gem but if there is no interest in it, it will stay illiquid and slowly sell off. When market is going up, fund inflows are up, everyone is searching for something new, hence they eventually come around to the small cap gems. But when it's funds outflows that are up, noone cares about small undiscovered gems, so who is he to sell the stock paper to? Quite a lot of intelligent people fail to understand this. You may think you are an "investor" but come on, you buy stock paper and plan to sell stock paper to someone else. A true investor wants a true piece of the company, the price of stock paper matters little if you are able to extract true profits from the company.