TIP708: Why Wall Street’s Playbook Is Broken w/ Harris Kupperman
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You're listening to TIP. Today's guest is Harris Copperman. The founder of Praetorian Capital, a fund that has absolutely crushed the SP 500. delivering net returns of seven hundred and eleven percent since twenty nineteen. compared to the S P five hundred's toll return.
Of 155%. Now Harris has a unique investing style, blending businesses that benefit from secular inflections or cyclical tailwinds. with event driven special situations. Like any value investor, he loves a good deal. And lately, he's been finding plenty in hard assets.
While many investors have shifted towards capital like businesses. Harris has taken an opposite approach. About half of his capital is invested in hard asset rich companies. His reasoning is pretty compelling. Inflation drives up the replacement costs of these assets that benefit existing owners. There's a limited supply in industries that he's invested in, such as shipping, energy, and real estate.
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