John Hjorth Posted January 20 Share Posted January 20 18 hours ago, Gmthebeau said: Never heard of this guy, but a search on the internet seems to reveal he has totally blown up multiple times. ... Well @Gmthebeau, Harris Kupperman is what he is, with his 'corner' at the Praetorian Capital website, his Twitter account, with among other things photos from his finca, and all that, 'finca' in Spanish simpy translates to English by 'property'. Source[s] for the above? Link to comment Share on other sites More sharing options...
Gmthebeau Posted January 20 Share Posted January 20 6 minutes ago, John Hjorth said: Well @Gmthebeau, Harris Kupperman is what he is, with his 'corner' at the Praetorian Capital website, his Twitter account, with among other things photos from his finca, and all that, 'finca' in Spanish simpy translates to English by 'property'. Source[s] for the above? like I said google search. https://www.elitetrader.com/et/threads/the-life-and-times-of-harris-kupperman-praetorian2.210143/ Link to comment Share on other sites More sharing options...
gfp Posted January 20 Share Posted January 20 Yeah, Prem blew up an Africa fund as well and we love him so whatcha gonna do but get back on that horse and try again Link to comment Share on other sites More sharing options...
Spekulatius Posted January 20 Share Posted January 20 Kuppy seems to have learned a few things along the way - he is more flexible and his risk management seems better. Many great investors blew up -Ackman blew up twice with his Target vehicle and Gotham Partners, that didn’t prevent him from being successful later, Link to comment Share on other sites More sharing options...
John Hjorth Posted January 21 Share Posted January 21 3 hours ago, Gmthebeau said: like I said google search. https://www.elitetrader.com/et/threads/the-life-and-times-of-harris-kupperman-praetorian2.210143/ @Gmthebeau, Peace. - But in my personal opinion - going forward here on CoBF, I think we all need to think about to be very specific [and careful] about very negative statements [here, in casu, such as yours, like "blown up multiple times" [you haven't posted even evidience here] and the likes], unless you can provide specific evidence and on a very specific level substanciate your findings, naturally according to what you're posting. If you are expressing your personal opinions in writing here on CoBF, it's not a bad idea also just to write about the causes / basis you are opinionated about that particular matter, and your reason behind your why! Link to comment Share on other sites More sharing options...
Gmthebeau Posted January 21 Share Posted January 21 (edited) 1 hour ago, John Hjorth said: @Gmthebeau, Peace. - But in my personal opinion - going forward here on CoBF, I think we all need to think about to be very specific [and careful] about very negative statements [here, in casu, such as yours, like "blown up multiple times" [you haven't posted even evidience here] and the likes], unless you can provide specific evidence and on a very specific level substanciate your findings, naturally according to what you're posting. If you are expressing your personal opinions in writing here on CoBF, it's not a bad idea also just to write about the causes / basis you are opinionated about that particular matter, and your reason behind your why! I just linked where some guy said he has blown up multiple times. He said he met him personally. If you don’t like it too bad. I will post as I see fit. I would suggest you mind your own business Please invest your money with him if you are a believer. If you are not willing to invest what does that say about you? Edited January 21 by Gmthebeau Link to comment Share on other sites More sharing options...
Gmthebeau Posted January 21 Share Posted January 21 4 hours ago, Spekulatius said: Kuppy seems to have learned a few things along the way - he is more flexible and his risk management seems better. Many great investors blew up -Ackman blew up twice with his Target vehicle and Gotham Partners, that didn’t prevent him from being successful later, and I never disputed any of that I said he may have better risk management. No clue. Just filling pieces that seem to be missing for whatever reason. If everyone feels he is so great you should invest in his fund. Buying research of ideas, which as I understand are not recommendations, seems like a waste. Better to put your money directly with the source if you believe in him. Link to comment Share on other sites More sharing options...
Santayana Posted January 21 Share Posted January 21 Lol, some random guy on a random website makes claims that there is no other evidence for, and people should take it seriously. Link to comment Share on other sites More sharing options...
Gmthebeau Posted January 21 Share Posted January 21 6 minutes ago, Santayana said: Lol, some random guy on a random website makes claims that there is no other evidence for, and people should take it seriously. you don’t have to believe anything it’s just information. You should invest in his fund before it closes. The whole “ Mongolia” thing apparently traded on the Canadian exchange and was just wound down, I guess not a total loss just substantial. “Mongolia has been part of my life for over a decade, and I always believed that we could somehow turn things around if we simply waited long enough for Mongolia’s economic fortunes to recover. Unfortunately, this recovery has never arrived, and it became apparent that the time had come to extract our remaining capital and engage it in more lucrative purposes” https://www.mongoliagrowthgroup.com/wp-content/uploads/2023-Q3-Shareholders-letter.pdf Link to comment Share on other sites More sharing options...
Gmthebeau Posted January 21 Share Posted January 21 (edited) Based on my calculations from his reported revenue of the newsletter he has somewhere around 180 subscribers taking the revenue divided by cost of subscription. 180. Lol ~ I shouldn’t laugh though because he appears to be making a lot of money off it even at 180ish subscribers. Edited January 21 by Gmthebeau Link to comment Share on other sites More sharing options...
John Hjorth Posted January 21 Share Posted January 21 So much for you continuing posting very strenuous posts here on CoBF. Link to comment Share on other sites More sharing options...
Gmthebeau Posted January 21 Share Posted January 21 I gave you the link to the whole Mongolian thing John, which you wanted to pretend like didn't exist and people just making this stuff up. Perhaps you should do some better strenuous work yourself. You seem lacking. Link to comment Share on other sites More sharing options...
Whensthepaintdry? Posted January 21 Share Posted January 21 Who cares. Everyone has their opinions. Thank you for sharing. I appreciate hearing about his previous endeavors. I’ve heard worse things spoken about a fund manager who funds a school for charity on here lol. Link to comment Share on other sites More sharing options...
Spekulatius Posted January 21 Share Posted January 21 (edited) His early exploits can still be found here in his blog: https://adventuresincapitalism.com/author/admin/page/66/ He definitely had thing going on with real estate in Ulan Bator (Mongolia) which don’t ended well for investors. In my opinion, it’s clear he has come a long way. Edited January 21 by Spekulatius Link to comment Share on other sites More sharing options...
gfp Posted January 21 Share Posted January 21 Mongolia Growth Group is still publicly traded - https://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=CA%3AYAK&insttype=Stock&freq=2&show=&time=20 Link to comment Share on other sites More sharing options...
gfp Posted January 21 Share Posted January 21 19 hours ago, Gmthebeau said: If everyone feels he is so great you should invest in his fund. Buying research of ideas, which as I understand are not recommendations, seems like a waste. Better to put your money directly with the source if you believe in him. His US fund has a $5m minimum for new investors. Maybe some of the big guys or offshore investors could slide in. I think the "newsletter" product, KEDM, is primarily special situations, event-driven, arbitrage type ideas. It is a monitor of all the potentially compelling current event driven situations. I haven't seen many of these in his actual fund but he does allude to the event driven book in his letters. I don't know what the idea is behind KEDM, but if it helps pay the salaries of a team of researchers that are also working for the fund then there is something helpful there. Link to comment Share on other sites More sharing options...
thowed Posted January 22 Share Posted January 22 Kupperman seems interesting, but there seems to be a bit of a cult about him, which is an immediate red flag for me. So it's good for people to be aware of his history, so they can do more research and make their own judgement. Personally it would be too high risk an investment for me for what he does, but I imagine that if he can get 60% of his investments right then he could do very well. Link to comment Share on other sites More sharing options...
rkbabang Posted January 22 Share Posted January 22 1 hour ago, thowed said: Kupperman seems interesting, but there seems to be a bit of a cult about him, which is an immediate red flag for me. As opposed to Buffet and Munger? Link to comment Share on other sites More sharing options...
thowed Posted January 22 Share Posted January 22 4 minutes ago, rkbabang said: As opposed to Buffet and Munger? Ha ha! No, this is the WRONG sort of cult! Tbh, I am more into managers with a bit more humility e.g. Buffett. In fairness Kupperman has owned up when he's been wrong in his letters, but his Twitter feed is pretty cringe-y. Too much self-aggrandising. Link to comment Share on other sites More sharing options...
MattR Posted January 22 Share Posted January 22 I know that he blew up once. He said so in one podcast. That doesn't make him a bad manager. Given what he holds and the results that he got, shows that he is much better at risk management. Everyone learns. Munger basically blew up his Partnership as well. Do we say that he is a bad investor? Link to comment Share on other sites More sharing options...
valueseek Posted January 22 Share Posted January 22 7 hours ago, MattR said: I know that he blew up once. He said so in one podcast. That doesn't make him a bad manager. Given what he holds and the results that he got, shows that he is much better at risk management. Everyone learns. Munger basically blew up his Partnership as well. Do we say that he is a bad investor? When did Munger blow up? In the 70’s? Link to comment Share on other sites More sharing options...
gfp Posted January 22 Share Posted January 22 5 minutes ago, valueseek said: When did Munger blow up? In the 70’s? He didn't really, but his fund had a drawdown Link to comment Share on other sites More sharing options...
thepupil Posted January 22 Share Posted January 22 (edited) 6 minutes ago, valueseek said: When did Munger blow up? In the 70’s? he had a 55% drawdown 73/74. might be bigger peak to trough. I wouldn't consider it a "blow up", particularly in the context of the returns in the years leading up to it/overallrecord.. note: as an illustration of sequence of returns risk, if you put those two bad years in the earlier part of his TR, a high withdrawal rate (say 8%) bankrupts the strategy despite it making 20%/yr. I think this is an unfair hypothetical and do not at all mean to discredit the record. but just a good illustration (ie you can be a spectacular investor and make 20%/yr and far exceed the market but if you start at a bad time and have a big drawdown, a too high WR kill you). Edited January 22 by thepupil Link to comment Share on other sites More sharing options...
rohitc99 Posted January 22 Share Posted January 22 50 minutes ago, thepupil said: he had a 55% drawdown 73/74. might be bigger peak to trough. I wouldn't consider it a "blow up", particularly in the context of the returns in the years leading up to it/overallrecord.. note: as an illustration of sequence of returns risk, if you put those two bad years in the earlier part of his TR, a high withdrawal rate (say 8%) bankrupts the strategy despite it making 20%/yr. I think this is an unfair hypothetical and do not at all mean to discredit the record. but just a good illustration (ie you can be a spectacular investor and make 20%/yr and far exceed the market but if you start at a bad time and have a big drawdown, a too high WR kill you). +1 great point. also from his biography, i recall that he was quite upset with the drawdown. Not for his own capital as he had the confidence that the fund would recover, but for his partners. it seems that once the fund recovered, he basically closed it Link to comment Share on other sites More sharing options...
Gregmal Posted January 22 Author Share Posted January 22 Yea when you manage OPM you learn at some point that your gift is also your curse. Most people are shitty investors because they can’t handle volatility but still insist on being in the market. This is why they hold cash, sell early, waste money gambling on crashes. So being able to deal with volatility is certainly necessary for investing success, but having to manage OPM and deal with their emotions is another story and one that eventually you either learn to ignore, or come to resent. Link to comment Share on other sites More sharing options...
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