Start of the Day with Chris Forte – Seessel

Posted on September 23, 2022 by Scott Shuda

Author and Gravity Capital Management Chief Investment officer Adam Seessel has an interesting resume. He graduated summa cum laude from Dartmouth College with a BA in Religion. As a journalist he won the George Polk Award, almost akin to the Pulitzer Prize for journalism and now is in capital management. He recently published a book, “Where the Money is: Value Investing in the Digital Age”. Here’s his recent take on things from the WTFinance podcast. . .

“All the great investors are what Buffett called “inversely emotional”. They train themselves over time to get excited when stuff goes down and to get a little nervous when things go up.

“So number one, you have to realize that this is a trait of good investors and to cultivate this trait. It takes some time. It’s like if you realize you get angry too much like, you can’t just stop getting angry. You say, “Well, okay, I realize I have an anger problem and I’m gonna work on it.”

“Number two is realize the market is just a place where business prices get found out, and if I’m really right on this, I’m going to make a lot of money.

“I tell the story in the book about my college buddy who just bought Apple – that was his retirement strategy and it’s worked out really well. But over the last 15 years, Apple has gone down in price at times, so that wasn’t fun for him but he just hung in there. He believed in the business. He was indifferent to the gyrations.

“Thirdly, I’ve lived through three or four crisis – the Dotcom bust, the Great Financial Crisis of 2008-9, The Pandemic, and now we’re getting through this slump. In every crisis the narrative is different in the details but it’s essentially the same narrative which is, “The world is going to end. It’s all over.”

“Like the Dotcom bust – “It’s over.” 911, “People are never going to travel again.” The Financial crisis, “Our financial system is broken, capitalism is broken.” The Pandemic, “No one’s ever going to travel again. Human activity as we know it is going to cease forever.”

“And now the narrative is interest rates, “The genie is out of the bottle. Globalization is over.” It’s always the same. The image makers say, “No, this time it’s different because of this and that.” They sound clever. You don’t sound clever if you say, “Yeah, everything is going to be okay. We’re going to muddle through.” That doesn’t sound very smart but it happens to be true through human history, so I’m betting on the “muddling through.”
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QUICKIES
*Perma-Fix: The Time To Act Is Now is published on Seeking Alpha written by Florian Buschek. “After a very slow first half 2022, all signs point towards the turnaround happening right now. A bad tape and institutional selling have suppressed the share price in the short term creating a fantastic opportunity to establish a position.”
*Aaron Warwick in his new Seeking Alpha article Intrusion Nears Pivot Point says INTZ continues to methodically prepare for the launch of its new Cloud and Endpoint products. These products, which significantly increase the company’s TAM, should be ready by EOQ3. A strategic partnership with a major company is expected to be announced within the next month or two.
*Scott Shuda posts Private Equity Scoops Up Oil And Gas Assets. Private Equity groups are becoming large financiers of fossil fuels as big banks wind down hydrocarbon investment. Banks and oil firms are accountable to their shareholders and to the
public, private equity firms are only accountable to their limited partners

*Paul Rieutort posts up the Harmonic (HLIT) Investor Presentation slides. HLIT is covered by Steve Kraus. I am all-in on HLIT.

*Popular Seeking Alpha author Lawrence Fuller: The Fed’s accuracy in predicting anything is horrible. I will continue to listen to markets and not Fed officials. The Fed will probably be as inaccurate in its outlook today as it was one year ago.
*Taxi! Kittyhawk, the flying car company funded by Google co-founder Larry Page is nearing the end. So much for an Uber like experience in the sky.
*Brad Pitt was asked who he considered handsome. His first two picks were Paul Newman in the past and George Clooney in the present. Chris Forte came in third.
*Dallas Cowboys linebacker Micah Parsons has 17 sacks in 18 career games, the first to do so. Von Miller and Reggie White had 14 sacks.

“If you could kick the person in the pants responsible for most of your trouble, you wouldn’t sit for a month.” – THEODORE ROOSEVELT

Good luck to all – Chris

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