Covering everything from workers’ compensation to terrorist attacks, the founders of this insurance company are excellent stewards of shareholder capital and they oversee a disciplined and profitable underwriting process, generating high margins and increasing market share.
Just a few years before Michael Lewis was at Salomon Brothers, eventually writing his best-seller Liar’s Poker, Porter & Co. Distressed Investing analyst Marty Fridson was in another part of the building at One New York Plaza, identifying profitable trade opportunities in the debt market. He shares details in today’s Journal.
When investing in distressed debt, be very selective about which distressed bonds you buy. Buying a market basket of assets – a quick, efficient way of adding to equity holdings – is not a smart alternative with distressed debt.
One-third of the reserves of our biggest banks are deeply underwater today. As Porter writes, Bank of America is in a deeper hole than all of them. And even if you don’t keep your money there, you might end up paying for it.
It’s no secret that Warren Buffett has been selling shares of Bank of America. These details are public. What nobody has figured out is why Berkshire has sold almost all of its bank stocks since early 2020.
Nearly a decade ago, Porter made a big gold-stock recommendation that generated massive returns. Now we see another huge opportunity in this space. In fact, this setup could prove to be even better than the last one – because there is one key difference now.
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Central-bank gold buying increased enormously after COVID. So far in 2024, demand is surpassing those record amounts, with 483 tons purchased in the first half of 2024 – a new record. Who is buying? The countries that have firmly rejected American hegemony.
Porter Stansberry’s Permanent Portfolio
Less than six weeks ago, on Friday, September 6, we recommended buying shares of Sagimet Biosciences (Nasdaq: SGMT). Since we published our report, Sagimet’s management has appeared at several institutional-investor conferences and has also released a fuller data set confirming its blockbuster Phase II clinical trial results for the company’s lead drug candidate denifanstat. Yesterday,