Those Stupid Oil Tankers Again

by | May 7, 2020 | General | 0 comments

Of course, I am pissed off when it comes to the oil tanker stocks because I could have put this specific money in other things like Oroco, Gran Colombia, or GoldX, which are doing fantastic.

Today, I received a phone call from a guy that never calls me. When I answered I said, “I know why you are calling. Somebody must be watching the tankers.” People are more predictable than they think. Of course, it was about the tankers crashing.

The other day, I received a message from a mother that wanted advice because her son went on margin to buy NAT and the entire family is stressed out.

While many are surprised by today’s action because DHT and STNG reported fabulous numbers and gave fantastic guidance, I am not that surprised at all. In order to care about the fundamentals, you actually have to understand or care about them.

There are too many people that piled into these names that have no clue what they own. I bet most of the them didn’t even bother to read the annual reports of these companies or educate themselves on the sector. They just listened to some clown make a video on YouTube about buying oil tankers and they just bought.

Right now when someone emails me or calls me with questions about the tankers, I just say read The Shipping Man by Matthew McCleery. This book is perfect. It tells you exactly what type of animal you are dealing with because the oil tankers are wild animals. They are not domesticated animals. If you don’t read it because you are too lazy, then you might as well just flush the money down the toilet. You will lose money because you will get shaken out of your positions at the exact times that the market is about to turn. Just read the fucking book. Also, reread the following article.

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About Mariusz Skonieczny

Mariusz Skonieczny is the founder of Classic Value Investors.