Category: Research
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Oil At Short-Term Bottom
“The most powerful word in the markets is “despite.” If you hear or see a comment like, “Despite the increase in oil inventories being much higher than expected, oil prices closed higher,” that is the tape telling you what is going to happen. Everyone saw inventories were much higher than expected. Why did the market…
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Ammo Inc (POWW): Q1 2022 Earnings Recap
POWW is an ammo and ammunition accessory manufacturer that sells its product through third-party retailers and its online marketplace, GunBroker.com. We’ve followed the company since May 2020, and it is one of our largest positions in the portfolio. POWW reported earnings on Monday (08/16) and crushed it. Here are some of the highlights: Revenues increased 360%…
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Dow Transports Breaking Out
“The people of the time scornfully looked down on earlier epochs with their wars, famines and revolutions as periods when mankind had not yet come of age and was insufficiently enlightened. Now, however, it was a mere matter of decades before they finally saw an end to evil and violence, and in those days this…
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Steven Wood: Constructivism & The Psychology of A Great Investor
This week we had a conversation with Steven Wood founder of Greenwood Investors. We covered a variety of topics ranging from joining the board of 500-year-old Portuguese Institution, Steven’s latest book “The Builders”, and the white paper he is publishing on how family businesses operate. Steven is a huge psychology geek and he gave us…
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How Businesses Win By Shortening The Customer Decision Process
“You can buy a person’s time; you can buy their physical presence at a given place; you can even buy a measured number of their skilled muscular motions per hour. But you cannot buy enthusiasm… you cannot buy loyalty. You cannot buy the devotion of hearts, minds, or souls. You must earn these.” – Clarence…
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Small-Cap Buy Signals Abound…
“Most of the time when markets move, no one has any idea why. A man who can tell a good story can make a good living as a broker. It was the job of people like me to make up reasons, to spin a plausible yarn. And it’s amazing what people will believe.” ~ Liar’s…
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How POWW Transformed Into An Online Marketplace Powerhouse
If you’ve followed Macro Ops over the last year, you know we love Ammo, Inc. (POWW). POWW makes various types of ammunition for both recreational and military/government applications. Their most popular product, STREAK, is unlike anything else on the market and easily 5-10x better than its competitors’ offerings. STREAK is the industry’s first non-incendiary tracer bullet,…
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CAPEX Anemia…
“When art critics get together they talk about Form and Structure and Meaning. When artists get together they talk about where you can buy cheap turpentine.”~ Picasso (Alex: there’s a trading parallel in here somewhere….) Good morning! In this week’s Dirty Dozen [CHART PACK] we take a look at ACWI breadth and trend data, go through…
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China Tech Sell-off Explained: Twitter Spaces Feat. Rui Ma
This week we’re releasing the recording of a Twitter Spaces I hosted on Tuesday (07/27).Topic: China Tech Sell-OffCo-hosts: Rui Ma (@ruima), Jessica Ablamsky (@jablamsky), BuyandHold (@BuyandHoldd), and Mayhem For Markets (@Mayhem4Markets)This was a fantastic discussion on all things Chinese investing from VIEs to venture capital flows, and even a few stock pitches. At one point…
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So Bad, It’s Good?
There are two competing truths in this market right now: Trend Fragility: Retail and fund managers are at or near multi-year highs in levels of risk-taking. Breadth vs price divergences is at historical extremes. Growth Expectations Rerating: Consensus growth expectations remain too bearish. This low hurdle creates a constant upward revising of expectations (positive surprises),…