Sort of want to troll that person.

Won’t. But the desire is big.

Trading sardine though. For sure.

Competitors have limited access to the capital markets.

Eventually there will be a shortage for these vessels if no boats are produced.

It’s basically a capital cycle call.

~12 years.

See s25.q4cdn.com/923634175/fi...

Think your hatred makes sense. Investment hypothesis can be distilled to:

Buying well below replacement value. Until TDW hits $3-4Bn in mkt cap or day rates go way higher there’s almost no incentive to build any new boats.

Yeah, I had some Mexico exposure that did quite well YTD.

I like offshore services a lot right now. Especially after this past week.

Trying to figure a smart way to play it. TDW is Robotti’s idea. I think it’s a layup here. Would sell around $90-105.

Ha. Prolly buy a ton of private credit and QQQ to fade my thoughts!

Idk. Just something Bessent cited as a reason for long delays around April.

He advocated more of a flex staffing regime. Seems not impossible for basic Q&A.

I don’t think I want that

No doubt.

I own a good amount of treasuries. So owning more doesn’t make a ton of sense.

Kind of thinking of it as a business risk barbell.

In 1999 real businesses weren’t terribly overvalued. It was speculative bullshit that was.

Don’t think this is quite the same given where many quality businesses trade.

Outside some liquidity draining event FANGM seems reasonable enough to me.

If a crash happens equity isn’t where I’d wanna b

I’d rather own treasuries.

Or cyclical equities. I’m leaning towards some cyclicals.

Hated has usually done well for me. Last year it was financials. Though, someone did that for me.

Worked. Pretty damn well.

Yep. It does.

Life sciences isn’t loved. And it isn’t “a value investor’s” part of the market.

Something like offshore oil services, which is a value investor playground, will probably also do well.

Not sure how likely that is.

Appreciate the mention. 👊🏻