A Survey of Capital Controls and Black Market FX: A Refresher for Developed Market Investors
For this first February post, I am stepping back to cover a broader topic important for international investors to understand. We will talk about FX regimes, capital controls, and black market FX—parallel market foreign exchange in PC lingo. Few investors from the US or Europe born after 1980 have never had to deal with the uncertainty surrounding foreign exchange rules, buying, or selling international securities. The dollar has been floating since 1971, and although many European countries have switched from Francs, Lira and D-Marks to Euros, the rules have been pretty straightforward. We’ll let our currency float and occasionally talk it down (rarely up) if it appreciates (depreciates) too much.
Beyond Gazprom Stock and The RSX ETF
The Investment Case for Russia Right Now, Part 2
Following last week’s piece, I wanted to delve into some specific names in Russia, both to consider and to possibly avoid. The background risks and tailwinds discussed in the last post apply to all of these names and should be incorporated into any analysis.
Beyond Gazprom Stock and The RSX ETF:
The Investment Case for Russia Right Now, Part 1
One cannot write long about international and Emerging Markets investing without covering Russia. Russia is a member of the BRICS ensemble and, back in the ‘90s, was the first home-run emerging markets trade of the modern era. Many EM veterans cut their teeth in the ‘98 Russia default and its privatizations earlier in that decade on the equity side. Perhaps ironically, the Russian market’s lack of excitement today makes many of its companies a compelling opportunity now.
The Recent Investment Cycle in Greece
…and Three Greek Stocks to Consider Now
Nearly four months ago, I published two posts explaining how investors can understand and take advantage of market cycles. However, the real challenge and opportunity are in execution, so today I’ll cover an example of an actionable cycle in Greek stocks to make the theory tangible.
5 Investing Tips for 2021 and The Castaway Capitalist’s 2020 Log
When I tried to co-launch a new investment manager a few years back, I started the habit of reviewing the prior investing year’s actions and setting goals for the new one. This post is a summary of my review of 2020.
Hungry for Knowledge and Ready to Improve Your Investing Skills?
The Castaway Capitalist’s Resources Page is Up and Running!
I have created a page for investors looking for additional resources. You can access the page from the menu bar at the top right of the main page or here.
4 Reasons to Invest in Uranium NOW
And the Best Stock to Consider
The holy grail of investing is finding large mispricings with a clear and imminent catalyst to realign prices. These can be found due to market structure and non-economic factors, like human behavior (as discussed in my prior article on cycles), which causes people to extrapolate recent history beyond what is appropriate.
Technical Analysis: An Important Tool for Value Investors
Between 2012 and 2014 I had been researching small oil and gas companies throughout Africa, Latin America and the Middle East and had assembled a basket of stocks and bonds issued by low-cost producers in those regions. Oil had started coming off the highs in the earlier part of 2014, but my analysis had shown that even under much lower oil prices, these companies were able to generate sufficient cash flow to pay an attractive return to the bonds or stocks owned. Despite taking unrealized losses on the positions through the year, I had the conviction that they would turn around based on my analysis of the fundamentals.
Market Cycle Highs and Lows: Why They’re Important and How You Can Prepare For and Profit From Them, Part II
Most impactful things in life take time for their significance to become apparent. For me, surfing is one of those things. Now, to put all my cards on the table, I am NOT a good surfer by any objective assessment, but learning to surf has vastly enhanced my perspective on investing.
Market Cycle Highs and Lows: Why They’re Important and How You Can Prepare For and Profit From Them, Part I
Most impactful things in life take time for their significance to become apparent. For me, surfing is one of those things. Now, to put all my cards on the table, I am NOT a good surfer by any objective assessment, but learning to surf has vastly enhanced my perspective on investing.
Why Surfers Make Great International Investors
Most impactful things in life take time for their significance to become apparent. For me, surfing is one of those things. Now, to put all my cards on the table, I am NOT a good surfer by any objective assessment, but learning to surf has vastly enhanced my perspective on investing.
Why I am writing this blog: Lessons from a Career Investing in International Markets
Before I get started, the Castaway Capitalist has a confession to make: I am a recovering hedge fund research analyst. Whew, I feel better already!
That being said, you are not here for me; you are here to learn about international investing. You’re in the right place. In this blog, I will impart wisdom through the lens of my successes and many failures—along with a few well-documented lessons from others.
