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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, SII | Cash, Dollar, Event-Driven, inflation, Reboot, value | In an inflationary world with loss of faith in Central Banks, precious metals tend to do well. The fund owns three companies that should be beneficiaries of precious metals either appreciating or at least staying at elevated prices. | JOE JOE |
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| 2024 Q2 | Jul 1, 2024 | Night Watch Investment Management | -2.9% | 10.3% | ASML, ATRO, BC, CWH, DSGR, JOE, NE, NVO, TDW, VAL | aerospace, consumer, energy, Europe, Housing, Offshore Drilling, value | Valaris is the largest offshore drilling company globally, positioned to benefit from growing offshore oil demand in Brazil and Western Africa. Day rates have risen from $200k to $500k per day as the market has tightened, with the company expected to generate $1.65B in free cash flow at current rates. | VAL |
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| 2024 Q1 | May 8, 2024 | Praetorian Capital Management | -2.3% | 4.9% | AMRK, JOE, JOY.TO, TDW, U-U.TO, VAL | Crisis Hedge, energy, inflation, Precious Metals, uranium, value | Society will eventually settle on nuclear power as a compromise solution for baseload power generation at a time when there is a deficit of uranium production compared with growing demand. As aboveground stocks are consumed, uranium prices should appreciate towards the marginal cost of production. Sprott Physical Uranium Trust is sequestering available above-ground stockpile through ATM offerings. | JOY.TO AMRK JOE U.TO TDW VAL |
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| 2025 Q1 | Apr 24, 2025 | Praetorian Capital Management | 2.4% | 2.4% | JOE, NE, TDW, VAL | Credit Stress, Dollar, emerging markets, Energy Services, interest rates, Recession, trade war, volatility | Liberation Day triggered a trade war with rapidly changing rules that are paralyzing business planning. The manager believes this uncertainty will lead to recession and compound existing economic trends. | JOE NE TDW VAL |
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| 2026 Q1 | Apr 22, 2026 | Praetorian Capital Management | 16.4% | 16.4% | JOE, MRX | commodities, emerging markets, geopolitics, inflation, Refiners, trading, volatility | JOE MRX |
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| 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% | ALLFG.AS, B3SA3.SA, JOE, SII, XP | AI Bubble, Capital markets, Economic Decline, emerging markets, gold, inflation, real estate, value | The fund owns the ecosystems of bubbles including brokers, exchanges, intermediaries, and back-office settlements. These croupier businesses should benefit from government desires for asset inflation while being somewhat insulated from economic deterioration. | JOE JOE |
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| 2024 Q3 | Oct 20, 2024 | Praetorian Capital Management | -2.3% | 4.9% | AMRK, JOE, SII, TDW, U-U.TO, VAL | Concentration, Crisis, energy, Fiscal Crisis, inflation, Precious Metals, uranium, value | Society will eventually settle on nuclear power as a compromise solution for baseload power generation at a time when there is a deficit of uranium production compared with growing demand. As aboveground stocks are consumed, uranium prices should appreciate. Sprott Physical Uranium Trust is purchasing uranium through an ATM offering, which should accelerate price realization by sequestering available above-ground stockpile. | SII JOE AMRK U.TO TDW VAL |
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| 2024 Q3 | Oct 1, 2024 | Night Watch Investment Management | -2.9% | 10.3% | 1126.HK, 2318.HK, ATRO, BC, BLDR, DSGR, JOE, LEG, SEG, VAL, XFAB.PA | Automotive, catalysts, energy, global, Offshore, semiconductors, value | X-FAB is positioned to benefit from the expected bottoming of the semiconductor cycle after 4-6 quarters of downturn. Order intake has turned sharply higher since Q1 with book-to-bill of 1.2x in both quarters. The automotive sector is expected to return to growth in Q4 with industrial and medical recovering during 2025. | XFAB.PA |
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| 2024 Q4 | Jan 30, 2025 | Old West Capital Management | -2.5% | 13.1% | AEM, AFMJF, Gold, JOE, NGXXF, VIRT, WLDBF | Copper, Entertainment, gold, Media, Metals, Mining, value | Portfolio has large exposure to metals and mining with strong fundamental outlook and low valuation. Supply of many metals is insufficient to meet future demand, and prices are too low to incentivize new development. Prices must rise to levels that make development projects economical. | WLDBF |
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| 2024 Q4 | Jan 2, 2025 | Night Watch Investment Management | -2.9% | 10.3% | 1126.HK, 2318.HK, AER, AL, ALLFG.AS, AMRK, ATRO, DSGR, JOE, MELE.BR, MRX.L, RELY, UAL, VAL, XFAB.PA | aerospace, catalysts, China, energy, Europe, global, Onshoring, value | Offshore energy exposure was the largest detractor in 2024, but the thesis remains unchanged. The move from oil & gas production in Western countries to offshore regions like Brazil and Western Africa creates supply/demand mismatch. Day rates for floating rigs have increased from $200k to $500k, though H2 2024 saw a pause due to shortages in subsea equipment and FPSOs. | View | |
| 2024 Q4 | Jan 12, 2025 | Praetorian Capital Management | -14.8% | -10.6% | AMRK, JOE, NE, SII, TDW, VAL | Concentration, energy, inflation, Offshore, real estate, value | Manager believes offshore oil will gain market share from shale as best US shale basins mature and production stagnates. Offshore equipment fleet has shrunk by half due to decade-long bear market, while demand for higher quality drillships grows. No new equipment likely to be built until dayrates reach levels where current owners earn excess profits. | View | |
| 2024 Q2 | Jul 21, 2024 | Praetorian Capital Management | -2.3% | 4.9% | AMRK, JOE, NVDA, SII, TDW, U-U.TO, VAL | commodities, energy, Inflection, Oilfield Services, Precious Metals, small caps, uranium, value | Society will eventually settle on nuclear power as a compromise solution for baseload power generation at a time when there is a deficit of uranium production compared with growing demand. As aboveground stocks are consumed, uranium prices should appreciate. Sprott Physical Uranium Trust is purchasing uranium through an ATM offering, which should accelerate price realization by sequestering available above-ground stockpile. | SII AMRK JOE VAL TDW |
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| 2023 Q3 | May 10, 2023 | Praetorian Capital Management | -2.3% | 4.9% | JOE, U-U.TO | Argentina, Energy Services, Geopolitical, inflation, real estate, uranium, value | Society will eventually settle on nuclear power as a compromise solution for baseload power generation at a time when there is a deficit of uranium production compared with growing demand. As aboveground stocks are consumed, uranium prices should appreciate towards the marginal cost of production. Sprott Physical Uranium Trust is purchasing uranium through an ATM offering, which should accelerate price realization by sequestering available above-ground stockpile when utilities need substantial purchases to re-stock. | JOE U-U.TO |
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| 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, JOY.TO, TDW, U-U.TO, VAL, YPF | Crisis, energy, inflation, oil, uranium, value | Society will eventually settle on nuclear power as a compromise solution for baseload power generation at a time when there is a deficit of uranium production compared with growing demand. As aboveground stocks are consumed, uranium prices should appreciate towards the marginal cost of production. Sprott Physical Uranium Trust is purchasing uranium through an ATM offering, which should accelerate price realization by sequestering available above-ground stockpile when utilities need substantial purchases to re-stock. | JOY.TO JOE ATU.TO |
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| 2023 Q1 | May 4, 2023 | Praetorian Capital Management | -2.3% | 4.9% | JOE, JOY.TO, U-U.TO | commodities, Crisis, energy, oil, uranium, volatility | Manager believes an imminent energy crisis will supersede interest rate impacts, driven by reversing headwinds including China reopening, depleted strategic reserves, and OPEC production cuts. Expects oil prices must rise to destroy 5-7% of global demand to balance markets. | JOE JOY.TO U-U.TO |
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| 2023 Q4 | May 1, 2024 | Praetorian Capital Management | -2.3% | 4.9% | JOE, U-U.TO | aerospace, deep value, Inflection, Oil Services, uranium, value | Society will eventually settle on nuclear power as a compromise solution for baseload power generation at a time when there is a deficit of uranium production compared with growing demand. As aboveground stocks are consumed, uranium prices should appreciate towards the marginal cost of production. The deficit problem is so severe and immediate that utilities and fuel buyers are starting to see the writing on the wall. | JOE U-U.TO |
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| 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 |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Praetorian Capital Management | St. Joe Company | Real Estate | Real Estate Development | Bull | New York Stock Exchange | AFFO, demographic trends, Florida, inflation hedge, land bank, Population Migration, real estate development, ROIC, tax advantages, Value to Growth | View Pitch |
| Apr 28, 2026 | Fund Letters | Praetorian Capital Management | St. Joe Company | Real Estate | Real Estate Development | Bull | New York Stock Exchange | Demographics, Florida, growth, inflation hedge, land, migration, real estate development, Value | View Pitch |
| Apr 28, 2026 | Fund Letters | Praetorian Capital Management | St. Joe Company | Real Estate | Real Estate Development | Bull | New York Stock Exchange | Florida, high-ROIC, inflation hedge, land bank, Population growth, real estate development, Tax Migration, Urban Exodus, Value Investment | View Pitch |
| Apr 27, 2026 | Fund Letters | Praetorian Capital Management | The St. Joe Company | Real Estate | Real Estate Development | Bull | New York Stock Exchange | Demographics, Florida, High Growth, inflation hedge, land bank, Population Migration, real estate development, Tax Haven, Urban Exodus, Value Investment | View Pitch |
| Apr 24, 2026 | Fund Letters | Praetorian Capital Management | St. Joe | Real Estate - Diversified | Real Estate Development | Bull | AFFO, Demographics, Florida, inflation hedge, land, migration, real estate development, ROIC, Tax Arbitrage | View Pitch | |
| Apr 13, 2026 | Fund Letters | Praetorian Capital Management | St. Joe Company | Real Estate | Real Estate Development | Bull | NYSE | AFFO, Florida, inflation hedge, land development, Population Migration, real estate development, ROIC, tax advantages | View Pitch |
| Apr 13, 2026 | Fund Letters | Praetorian Capital Management | The St. Joe Company | Real Estate | Real Estate Development | Bull | NYSE | AFFO, Demographics, Florida, inflation hedge, land development, migration, Real Estate, ROIC, tax advantages | View Pitch |
| Apr 13, 2026 | Fund Letters | Praetorian Capital Management | St. Joe Company | Real Estate | Real Estate Development | Bull | NYSE | Demographics, Florida, inflation hedge, Land Banking, Population Migration, real estate development, Tax Migration | View Pitch |
| Apr 13, 2026 | Fund Letters | Praetorian Capital Management | St. Joe Company | Real Estate | Real Estate Development | Bull | NYSE | AFFO, demographic trends, Florida, inflation hedge, Land Banking, Population Migration, real estate development, ROIC, Tax Haven, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Praetorian Capital Management | St. Joe Company | Real Estate | Real Estate Development | Bull | NYSE | Florida, inflation hedge, land bank, Population Migration, real estate development, tax advantages, Urban Flight | View Pitch |
| 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. | ||||||||