Thread by @uv_shares

11 highlights from our dinner with Kuppy

For the 99.9% of Undervalued Shares readers who couldn't attend this week's dinner with investment legend Harris "Kuppy" Kupperman in person.

Read on for @hkuppy's (slightly paraphrased) thoughts on…

1/ … when to sell physical uranium holdings: "I am going to sell when the supply and demand go one of two ways: i) the price goes up, then we will sell because I was proven right; ii) a bunch of new mines comes online, and it turns out I was wrong."

2/ … an eventual target price for uranium: "I think if it gets to 'escape velocity', which is above USD 65, I genuinely think the price will go to at least a few hundred, potentially a few thousand. … I have never seen a commodity with this kind of deficit."

3/ … being forced to sell one of his 'core bets': "I'd probably choose the newspapers, because they are probably the least imminent. I genuinely think uranium is imminent. I think offshore is actually happening. My other choice, Florida, is just booming."

4/ … investors' biggest blind spots: "I think most people right now don't believe that interest rates can go up. … People have been in this weird ZIRP world for 40 years, where rates are on a trend down, and they just do not understand that we will not return to this world."

5/ … the reason behind structural inflation: "All the previous drivers of disinflation are now in reverse. … We could now only grow our way out of our national debt, but Western governments hate economic growth. So, we can only default through debasement and money printing."

6/ … investing his own money over a hedge fund: "I'd probably be more concentrated on the stuff I really love. I feel like we spend about 90% of our energy on 20% of the portfolio. However, as a fund, you simply cannot own just five stocks. Even if they really are the best."

7/ … his investor hero: "I really appreciate Bob Robotti. … Robotti puts a bunch of semi-bankrupt companies together, they get synergies, and that industry goes from ten players to three or four. Margins go up, and the Return on Invested Capital goes crazy."

8/ … generating new investment ideas: "We mostly look around and check on what government has done this week that is really stupid. … This creates a lot of opportunity for investing as they don't care about effects that happen beyond the election..."

9/ … his favourite author: "That's definitely Jim Rogers. 'Investment Biker' is the classic that everyone should read first, but his subsequent books are just as entertaining and insightful. I also really like the late Sam Zell."

amzn.to/43MI3sL

10/ … a recommended (training) book: "That would be 'Tomorrow's Gold'. It's by Marc Faber. I just read it again. I read it all the time. It is really the best book there is. ... Just live and breathe this book."

amzn.to/3OcpacP

11/ … what he likes best about our industry: "Our industry is truly fascinating. There are simply so many ways how to go about it! You can choose your own idol or create your own adventure."

End/ Interested in the long-form version of this article? Move over to:

undervalued-shares.com/weekly-dispatc…