Top 50 Microcap Investor List: Harris Kupperman
The next feature on our Top 50 Microcap Managers list is Harris Kupperman. After graduating from Tulane University with an undergraduate degree in history, Harris founded and currently operates as Chief Investment Officer of Praetorian Capital Management. Additionally, he went on to become Chairman/CEO of Mongolia Growth Group in 2011, “a Canadian publicly listed real estate company focusing its operations on the rapidly growing economy of Mongolia.”
Read our feature on Harris here
Opposing Ideas
“The test of a first-rate intelligence is the ability to hold two opposed ideas in the mind at the same time, and still retain the ability to function.” —F. Scott Fitzgerald
It’s easy voice your opinion these days. It’s easy to see others’ opinions. And it’s easy to filter out all opposing ideas and surround yourself only with people that agree with you. But good thinking requires one to see all sides—to realize that world is probabilistic and that you won’t always be right.
There are plenty of those opposing ideas in the economic world up for debate right now. Inflation versus deflation is one of those topics. Will the current high rate of inflation continue or go higher? Or will the pull of debt and demographics bring deflationary forces back into focus over the next few years? Many asset classes do well under one of those circumstances and could be disastrous under the other. Being open to both possibilities, and not going all-in on one or the other, is vital when thinking about one’s investments and portfolio construction.
Seeing both sides before taking action is important outside of investing as well. In a 2007 Commencement Address, Charlie Munger gave the prescription he uses to help keep an open mind and avoid becoming an ideologue on a given topic, and it’s a prescription we recommend one try as well:
I have what I call an iron prescription that helps me keep sane when I naturally drift toward preferring one ideology over another and that is: I say that I’m not entitled to have an opinion on this subject unless I can state the arguments against my position better than the people who support it. I think only when I’ve reached that state am I qualified to speak. This business of not drifting into extreme ideology is a very, very important thing in life.
Tweet Of The Week
In Case You Missed It…
Charge Enterprises Adds Three Independent Members to its Board of Directors
Terry Smith: How I built my £26bn fund
Howard Marks’ Latest Memo: “Selling Out”
Massif Capital’s Q4 Letter to Investors
Bill Nygren Market Commentary | 4Q21
Planet MicroCap Podcast: Ep. 209 - Kyle Cerminara
Investing by the Books Podcast: #13 Chris Mayer: 100-Baggers
Yet Another Value Podcast: Vadim Perelman’s Basic-Fit thesis $BFIT
3 Things (with Ric Elias) Podcast: The Future of Cities (Mayor Vi Lyles)
If you have not already upgraded your membership…
Avenel Financial Group, a merchant banking and advisory firm located in Charlotte, NC, launched a new business venture called the Co/Investor Club. The Co/Investor Club is a community of value-oriented investors that collaborate on investment opportunities and ideas. You are receiving this newsletter because you are a Free or Premium Member of the Co/Investor Club!
Chat with Mike
Whether you’re an executive with investment opportunities or a college student looking to network, we would love to chat with you!
Email our Founder, Mike Pruitt, at mp@coinvestorclub.com with questions and ideas or schedule a meeting.
Don’t forget to follow us on social media too!
Twitter:
LinkedIn:
For our disclaimer, please visit our website
Have friends that want to join? The Co/Report is public, so feel free to share!
Thank you for reading. Co/Report grows through word of mouth. Please consider sharing this post with someone who might appreciate it.