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Peter DeCaprio

@cppinvest

2 Feb

1/ With markets riveted by the action in $GME, attention has been turned to evil short sellers, which is natural. The action in $GME is made more compelling by the breathless reporting in the media that it was so heavily shorted, with more than 100% of its float short. Ooohhh.

2/ You know why investors get involved in heavily shorted names, and keep shorting them?

Because it works.

From March '08 through March '20, the most expensive to borrow US equities underperformed the least expensive to borrow shares by an average of 1.3% per month.

3/ Except for now. January 21 was the worst month in history for the most-heavily-shorted stock factor. And it hasn’t just been January. The rolling 12m average spread between high and low fee shares turned positive recently for and has remained there since.

Read 25 tweets

Peter DeCaprio

@cppinvest

18 Dec 20

Covid isolation is negatively impacting the elderly.

Been visiting my 85 y.o. father-in-law this week. A month ago he fell and broke his hip, had surgery the week before Thanksgiving. Was ornery post-surgery and making slow progress on recovery. His only contact has been with

my mother-in-law and the in-home nurse/aide. He's been sleeping in a hospital bed downstairs in what used to be the living room. He was spending too much time in the bed and in his wheelchair and grouchy. He wants to be in FL and is mad that he isn't. He's mad that he fell.

All perfectly normal and understandable. We show up two days ago, one week after he got home from the hospital. At first he was listless and uncomfortable we were there. We moved the furniture around that was piled up to make room for the bed and other medical equipment.

Read 8 tweets

Peter DeCaprio

@cppinvest

14 Nov 20

https://twitter.com/orthereaboot/status/1327673925992591362

1/ For you youngsters that are unfamiliar with the inner workings of our business, let me translate this. All public registered vehicles are required to have a distributor by statute. Your distributor handles your broker dealer relationships (managing the various platform

https://twitter.com/orthereaboot/status/1327673925992591362

2/ requirements and regulatory compliance), and they oversee your factsheets and public communications (as does internal compliance). For that, most statutory distributor relations cost between 5-10 basis points per year. Kelso/Resolute was Ark's distributor.

3/ In addition, many firms also hire distributors or third-party marketing firms to push their products through the broker dealer channel. It used to require a pretty heavy monthly retainer plus a portion of the management fee as compensation. Howevah. . .

Read 13 tweets

Peter DeCaprio

@cppinvest

14 Nov 20

1/ Here’s an interesting Covid dilemma brought to you by the fucking idiots in local government that can’t think their way out of a paper bag:

85 year old man falls and breaks hip and requires surgery. Leaving aside for the moment the limited to non-existent visiting hours and

2/ the issue that creates (ask any doctor what the typical elderly reaction is to post surgery anesthesia recovery and how being around familiar faces helps), family of said 85 year old is now faced with a dilemma.

What’s the rehab plan?

3/ Normal course would be some time in a rehab facility immediately after to insure physical therapy is maximized and supervised by pros. However, because of nonsensical and draconian reactions to all things Covid, in NY if a congregate care facility is struck by a single case

Read 6 tweets

Peter DeCaprio

@cppinvest

11 Nov 20

@TweetMacro

1/ I just listened to a fascinating call arranged by our friends @TweetMacro with John Fund, the Wall Street Journal columnist and author of books on voter fraud. Here’s the punch line: there was undoubtedly fraud in this presidential election but not enough to move the needle.

2/ Fund’s basic point was this election was rife with improprieties – probably more than most – but it’s too much for Trump to prove it in a short timeframe, and then get the establishment that has attempted to thwart him at every turn for four years to do anything about it.

3/ So Trump needs to run the process through to the December meeting of the electoral college, and then concede. But, that doesn’t change Fund’s other important point: we spend too much time on who is in office and not enough on how they got there.

Read 22 tweets

Peter DeCaprio

@cppinvest

8 Nov 20

1/ Last week The Second Biggest Idiot to Occupy a State House (BIOSH2) mandated that all MA residents MUST wear a mask at all times when outside the home, else one risks getting fined $300. You’re probably sitting there wondering, “how stupid can he be?” Allow me to show you.

2/ In the past two weeks, we’ve had 16,000 positive cases and 164,000 total since The Worst Plague of All Time graced our shores. BIOSH2 probably looks at this chart and says: “How many dumb conclusions can I draw from it?”

3/ Of those 16k cases, 83% were in the 0-59 age group. Those 16k cases have resulted in a grand total of. . . 185 hospitalizations. 73% of the hospitalizations over the past two weeks were in the 60+ cohort and 10% in the 50-59, proving that younger peeps don’t really suffer.

Read 21 tweets

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