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Island Investing

Riffs, rants, and the upside of investing from way off Wall Street


Category: Our Portfolios

Things Investors Should Not Fear

I sent out my latest Letter to Investors in the Tarpon Folio this weekend. Here’s a link if you’d like to read my thoughts on the debt ceiling, the end of QE2, inflation, interest rates, high gas prices, the property bubble in China, and/or a handful of other topics I’ve been getting emailed about lately. […]

Webinar on Spoke Funds® next Monday

Just a heads-up for any portfolio managers in the crowd… Next Monday, May 16, from 4:00 to 5:00 EST, I’m going to be joining Zack Miller of for a webinar called: “From the ground up: How to build a successful money management firm.” The pitch for it is below. Join us if you can, […]

Two Potential Catalysts

This week saw a couple of potential catalysts arrive for two of our companies in Tarpon. First, the unexpected one. Pentwater Capital Management, the fifth-largest holder of shares in Leap Wireless (LEAP), is going activist. As in, it’s nominating three directors to the board to give the existing directors and management a few swift kicks […]

Closets Are For Clothes, Not Fund Managers!

It’s right there on page 227 of my 1990s copy of Random Walk Down Wall Street. By the time the portfolio contains close to 20 equal-sized and well-diversified issues, the total risk (standard deviation of returns) of the portfolio is reduced by about 70 percent. Further increase in the number of holdings does not produce […]

Why We Own Global Ship Lease (GSL)

The below is from my latest letter to Tarpon Folio investors, which went out this morning. Tarpon was up 5.6% in October, with much of that due to our holdings Global Ship Lease. GSL was up 74% in October. My thoughts on the business are below. Sign up to receive these letters here. Background on […]

The Biggest Moat in the World

Had some back and forth the past few days with some folks about Google’s stellar Q3 results. I have owned a decent sized position in Google since I launched the Tarpon Folio two years ago, and added more shares this summer. They got way too cheap. As I told some folks earlier, though, benefiting from […]

Triple Digit Milestone for Gecko Folio

Quick mid-month update: Gecko Folio recently passed the 100% return club. Gecko, my high yield Spoke Fund®, was launched at the end of January 2009 and is still yielding just over 7.0%. Goes to show you what sort of inefficiencies there were among high yield bonds and master limited partnerships (MLPs) back at that time….I […]

My September Letter to Investors

I sent out my latest letter to investors in the Tarpon Folio last weekend. Here’s a snip: One of the more common questions I got over the summer was with regards to the level of cash inside the portfolio. As I’ve mentioned previously, I assume each of you holds your cash somewhere else – at […]

My Two Cents on Neutral Tandem and Tinet

Here were my first quick (and now belated, sorry) impressions that I’ve been sharing to some other fund managers about Neutral Tandem’s acquisition of Tinet: I like the TNDM deal with Tinet…hard to argue that it’s not an intelligent use of cash. Fits strategically, moves EE forward by light years, which is important for network […]

Spillover from Twitter on $FCEC

Quick note: the below will probably make little sense to most readers, but I wanted to put some more thoughts down for a couple of guys on Twitter…and it’ll take longer than 140 characters to do it. It deals with evaluating a potential merger arbitrage investment among a couple of small banks in Pennsylvania. I […]