6min chapter

The Market Huddle cover image

Chasing Commas (guest: Joseph Wang)

The Market Huddle

CHAPTER

Is the Argentinian Stock Market Bottomed?

The argentinian stock market, it does look very bullish. When your currency is eating it. There are a number of people out there starting ask the question whether brazil is bottomed. I don't even know how to trade block block cheese. Someone, anyone ever, like, we got to find some hone that's actually traded some block cheese and isn't from, you know, i anyway. We wrap up the talking charts with some global equities.

00:00
Speaker 2
What do most investors get wrong? In other words, what parting advice or wisdom would you offer for family offices and investors, private investors in the room? Okay,
Speaker 1
I'll give you some bonus answers to that. Please. Don't feel it's not okay to be alone. Don't invest with a group under the FOMO. Don't say, because everyone's going into Sequoia, I want to go into Sequoia as well. Think things through and find managers who are unique, stick out, have a process, and work through the process. Because those people are very successful and they're not afraid of being alone. I'm not afraid of being a lone wolf by myself in any position. There's a guy who I respect greatly in this country. His name is Roland Kuyper. He's probably the best investor I've ever known. I think Ubin's number two. But Roland is fantastic. And he's nasty. He's smart. He asks tough questions. He's cheap as a nickel whistle. And he's driven. And he doesn't mind being alone because he has tremendous confidence in his ability. So find managers who are confident, who are battle tested. They can be young. Don't look for guys who check all the boxes, you know, who meet all the things that everyone needs. Find people with process, discipline, smarts who think these things through. And I think don't go to where the crowds are, where, you know, everyone rushed to SBF. Everyone rushed to crypto. Everyone rushed to the pot stocks, everyone rushed to online gambling. All the fads in Canada, they all just, they all blow up. And the scamsters sort of jump from one to another. When you see something popular in this country, stay away from it. Go elsewhere. Don't go, please don't invest in Canadian-based AI. You will probably lose 98% of your money. You know, if you want to trade it, trade it. But stay away from that stuff. So people think, you know, you can't perform every day. The markets are sort of like a pinball machine and they're broken. But get a theory, get a thought, get something that you think can work with smart, patient people, and when you hire managers, let them do their jobs. I mean, the one thing I couldn't stand was, you know, my investors knew what I was in. They knew why I was in it. It would go against us for a while. I mean, I remember Lafayette University, and I'm not afraid to mention their name. They had a lot of money with us, and we were short this thing called Novastar, and that's the one that Harvard Business School wrote the case about me on. And I don't know, the stock went from like $40 to $100, and the guy calls me up and he says, what's your lost discipline in Novastar? I said, I have none. They said, like, what does that mean? I said, this thing is a scam. This thing is a fraud. I've been to their offices. They don't exist. I'm working on it. He says, well, you need to have a lost discipline. I said, I don't have a lost discipline. I have my money in the fund. I know I'm right, and I'm going to see this thing through. He says, that's not acceptable. We're going to put in a withdrawal request at the end of the quarter. I said, I'll make it easy for you. I said, I'll send it to you at the end of the week. And we sent him his money. And the stock was about 98, as I recall. And we're getting our brains beat in. And I can sleep it was bothering me. Stock went from 98 it went to about 105 then it went from 105 to zero that's spelled Z-E I called up that guy when the stock was three this is the truth when it was three, they announced earnings and they wrote off $50 a share when the stock was three. And I just said, you know, when you hassle me like this, no one's harder on me than me. That is for sure. again, the lesson is when some legitimate operator runs your money, they are plenty hard on themselves when they're not performing. They don't need you ragging their ass, why are you doing so bad? They know why they're doing so bad. They feel it and they keep score. And I told this guy, I said, you know, you ingrained this in my head that I was going to work my ass off to prove your sorry ass wrong. And I did. And the stock is now three. And you could have made a pot full of money if you didn't hassle me. This is a tough, tough, tough gig for tough, tough, tough people. And you've got to find tough people willing to fight it out, willing to be alone, willing to see it through, willing to take the pressure, and then, you know, the world's broken, so you don't always win, so we'll see. That's a long answer to your question.
Speaker 2
Mark, that was incredible and comical. Comical? Oh, my Lord.
Speaker 1
No, it was amazing. Can I pick up my glasses now?
Speaker 2
Yeah, you can pick up your glasses as long as you don't punch me. I know. But really, we cannot thank you enough for flying all the way from Montana to join us. I flew from Spain to come
Speaker 1
in here. Oh, OK. I came, you know, we were in in Europe for 17 days. And then we figured we'd come to Arctic Mexico to see you. And then I'm going to San Francisco tomorrow. Well, we really do appreciate it. Well, you do a great job. Thank you. And it's an honor to be here for you.

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