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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 7, 2025 | Praetorian Capital Management | 3.6% | 6.1% | JOE | asymmetry, Capital Allocation, catalysts, Restructuring, special situations | The letter focuses on special situations and idiosyncratic opportunities where corporate actions, restructuring, or capital allocation drive returns. Management highlights asymmetry created by complexity and neglect rather than macro forecasting. The strategy seeks downside protection with meaningful upside from discrete catalysts. | JOE |
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| 2024 Q1 | May 8, 2024 | Praetorian Capital Management | -2.3% | 4.9% | AMRK, JOE, U-U CN | - | View | ||
| 2025 Q1 | Apr 24, 2025 | Praetorian Capital Management | 2.4% | 2.4% | JOE | - | View | ||
| 2025 Q4 | Feb 3, 2026 | Praetorian Capital Management | 0.2% | 12.4% | JOE, MRX | Capital markets, Dollar, emerging markets, inflation, Precious Metals, real estate, Refiners, value | For the past decade, Emerging Markets have been in a relative bear market but have gotten quite cheap from a valuation perspective. The catalyst for unlocking this value is a potential decline in the US Dollar tied to Trump Administration policy changes, as MAGA policies require a weak Dollar policy. A weakening dollar would be a boon to Emerging Markets economies that frequently borrow in US Dollars. In an inflationary world with loss of faith in Central Banks, precious metals tend to do well. The fund owns two companies that should be beneficiaries of precious metals either appreciating or at least staying at elevated prices. Neither company is directly in the mining business, which is risky and capital intensive, though one is a service provider to miners. Refiners have suffered for over a decade but China has chosen to shut teapot refiners and pivot larger refiners to petrochemicals. For the first time in many years, the crack spread has become elevated on a forward basis, indicating market tightness. The position works as a hedge should global economic growth accelerate or if the US Dollar weakens enough that EM energy demand can increase. The fund has a croupier basket focused on transactional and intermediary businesses including brokers, exchanges, and other market intermediaries. These are companies where the wealthy will spend more time as cities devolve into chaos while escaping taxes. In increasingly volatile and financialized markets, CFOs will feel a need to hedge commodity risks, currencies, interest rates, and other derivatives. | MRX JOE |
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| 2025 Q3 | Oct 23, 2025 | Praetorian Capital Management | 5.7% | 12.2% | JOE | emerging markets, gold, inflation, Macro, Treasuries | Praetorian cautions that global capital destruction and AI overinvestment signal a speculative bubble nearing exhaustion. The manager favors real assets and croupier exposures like exchanges, brokers, and precious metal firms that benefit from asset inflation. The letter stresses holding cash and Treasuries for future dislocation opportunities and emerging-market catalysts. | JOE JOE |
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| 2024 Q3 | Oct 20, 2024 | Praetorian Capital Management | -2.3% | 4.9% | AMRK, JOE, SII, TDW, U-U CN, VAL | - | View | ||
| 2024 Q4 | Jan 30, 2025 | Old West Capital Management | -2.5% | 13.1% | AFM CN, Gold, JOE, NGEX CN, VIRT, WILD CN | - | View | ||
| 2024 Q4 | Jan 2, 2025 | Night Watch Investment Management | -2.9% | 10.3% | 1126 HK, 2318 HK, ALLFG NA, AMRK, DSGR, JOE, MRX, UAL | - | View | ||
| 2024 Q4 | Jan 12, 2025 | Praetorian Capital Management | -14.8% | -10.6% | AMRK, JOE, SII, TDW, VAL | - | View | ||
| 2024 Q2 | Jul 21, 2024 | Praetorian Capital Management | -2.3% | 4.9% | AMRK, JOE, NVDA, SII, TDW, VAL | - | View | ||
| 2023 Q3 | May 10, 2023 | Praetorian Capital Management | -2.3% | 4.9% | JOE, U-U CN | - | View | ||
| 2022 Q3 | May 10, 2022 | Praetorian Capital Management | -2.3% | 4.9% | BLDR, JOE | - | View | ||
| 2023 Q2 | May 7, 2023 | Praetorian Capital Management | -2.3% | 4.9% | BNO, JOE, U-U CN | - | View | ||
| 2023 Q1 | May 4, 2023 | Praetorian Capital Management | -2.3% | 4.9% | JOE | - | View | ||
| 2023 Q4 | May 1, 2024 | Praetorian Capital Management | -2.3% | 4.9% | JOE, U-U CN | - | View | ||
| 2022 Q4 | May 1, 2023 | Praetorian Capital Management | -2.3% | 4.9% | JOE, KAP LI, U-U CN | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 21, 2026 | Fund Letters | Harris "Kuppy" Kupperman | St. Joe Company | Real Estate | Real Estate Operating Companies | Bull | New York Stock Exchange | AFFO, inflation, land, migration, Rea lestate | View Pitch |
| Jan 8, 2026 | Fund Letters | Harris "Kuppy" Kupperman | The St. Joe Company | Real Estate | Diversified Real Estate Activities | Bull | New York Stock Exchange | AFFO, Florida Panhandle, inflation hedge, land bank, migration, Real Estate, Residential Development | View Pitch |
| Nov 29, 2025 | Fund Letters | Harris "Kuppy" Kupperman | The St. Joe Company | Real Estate | Real Estate Development | Bull | NYSE | AFFO, Demographics, Housing, inflation hedge, Land value, migration, Real Estate | View Pitch |
| Nov 28, 2025 | Fund Letters | Harris "Kuppy" Kupperman | The St. Joe Company | Real Estate | Real Estate Development | Bull | NYSE | AFFO, Demographics, Housing, inflation hedge, Land value, migration, Real Estate | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||