For the past several months here at Porter & Co., we’ve urged long-term investors to be cautious. We continue to believe a severe economic contraction is approaching. But that doesn’t stop us from finding shorter-term bullish opportunities.
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Betting on perfection is a fool’s errand in any environment. It’s particularly risky today as the economy teeters on the edge of recession and a looming debt crisis. Fortunately, the bubble in AI and tech stocks is setting up a tremendous opportunity elsewhere.
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In our view, the distress ratio is likely to double or triple from its current level by late 2023 or early 2024. And that means a crop of new distressed opportunities will soon arise.
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Tesla’s rivals have been investing heavily in their own EV production and are now, for the first time, challenging the company in quality, innovation, and performance. This means that Tesla is now staring down a threat unlike any it has seen before.
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America is not yet lost. But we are very close to the complete collapse of not only our financial system, but our entire way of life.
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The reality is that the Fed’s actions could have the near-opposite effect of QE. Instead of easing financial conditions and boosting asset prices, they’ll likely lead to further tightening and hasten the arrival of the impending credit crunch.
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In today’s “two-for-the-price-of-one” recommendation, we pair one of the best distressed debt vehicles available, with a company that offers an inflation hedge through its exposure to higher commodity prices.
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In light of the past week’s extraordinary market events, we’re releasing this “state of the markets” briefing.
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In today’s special edition of Something You Don’t Know, you’ll find an important briefing from credit analyst and author Martin Fridson, who leads Porter & Co.’s Distressed Investing team.
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Current Fed Chairman Jerome Powell wants to put an end to inflation. Unfortunately – for Powell, for markets, and for investors – it appears increasingly unlikely that he’ll get his wish.
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