₿ TIME TO GET BACK INTO BITCOIN?
Long-time readers will know we got into Bitcoin back in 2016, but unloaded it in March of 2021 for a simple reason. We were getting concerned that the pointy shoes would never leave crypto alone as it’s an escape route.
Looking at Bitcoin’s run this year and the myriad of bullish headlines, should we perhaps be getting back in?
Chris touched on Bitcoin and the state of the crypto market in the most recent Insider Newsletter issue. Here’s an excerpt:
To be fair, I think Bitcoin can and probably will run a bit for the simple reason that the SEC are now going after many of the unregistered securities... urgh, I mean tokens.
The rules have always been pretty clear, and the fact is many of the ishtcoins issued fall into the classification of securities under the law. They’re all going down. Bitcoin, on the other hand, is a commodity. As such, it will likely get net inflows from the crypto crowd. In the longer run (next few years), I remain somewhat pessimistic to the idea that any government of significance will allow it to remain unscathed from the pointy shoes.
As such, we remain out of this market. It simply doesn’t present the type of asymmetry we like to find. Frankly, when you can buy energy companies at valuations so cheap they defy imagination, the trade is more about relative value.
Which brings us to the next point...
WALL OF CASH
A few weeks ago, we made a confession in these missives about energy stocks.
We laid out our thesis for offshore energy stocks and said our excitement about these stocks is comparable to that of an 18-year-old at a Miss Universe wet t-shirt contest.
Now, this triggered even more people than we’d hoped, but our excitement hasn’t wavered. Quite the opposite, as the offshore oil story just keeps getting better and better. Case in point:
A wall of cash? We like the sound of that. Now, to be honest, CEOs have been known to talk nonsense all the time, but when we look under the bonnet, the numbers seem to stack up.
Plus, here’s another crazy thing...
If you told us 12 months ago that crude oil will be down almost 20% come July 2023, we would have never guessed that the offshore oil service stocks in our portfolio would be up 60% or more.
Right now, we just need to be patient and wait for this story to play out. Tom Petty was correct. The waiting is indeed the hardest part.
More By This Author:
Here We Go AgainObscure But Desirable Corner Of The Market: Offshore DrillingGetting Run Over By Tesla
Disclaimer: This is not intended to render investment advice. None of the principles of Capex Administrative Ltd or Chris MacIntosh are licensed as financial professionals, brokers, bankers or even ...
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Disclaimer: This is not intended to render investment advice. None of the principles of Capex Administrative Ltd or Chris MacIntosh are licensed as financial professionals, brokers, bankers or even candlestick makers in any jurisdiction, anywhere on this big ball of dirt.We do NOT know your individual situation, and you should always consult with your attorneys, accountants, financial planners, and those that are sanctioned to provide you with advice. DO YOUR OWN DUE DILIGENCE.
But seriously, all investments carry risk. Some of what I discuss arguably carries great risk. Investments which can lead to you losing 100% of your capital and maybe more if you are stupid and use margin.If you invest more than you can afford to lose, or borrow money from Joey down at the tavern, Master Card or Visa to make your investments, then you need to go and read a different website.
But really seriously…
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