Enjoy! 🍿
About the Capital Compounders Show: 🚀 From public company CEOs and hedge fund managers to investors and visionary leaders who are building, financing, and investing in the newest high-growth companies, I’ll be bringing you their strategies, stories, and wealth-creation / company building tips that you can apply too!
Enjoy! 🍿
About the Capital Compounders Show: 🚀 From public company CEOs and hedge fund managers to investors and visionary leaders who are building, financing, and investing in the newest high-growth companies, I’ll be bringing you their strategies, stories, and wealth-creation / company building tips that you can apply too!
Enjoy! 🍿
About the Capital Compounders Show: 🚀 From public company CEOs and hedge fund managers to investors and visionary leaders who are building, financing, and investing in the newest high-growth companies, I’ll be bringing you their strategies, stories, and wealth-creation / company building tips that you can apply too!
Enjoy! 🍿
About the Capital Compounders Show: 🚀 From public company CEOs and hedge fund managers to investors and visionary leaders who are building, financing, and investing in the newest high-growth companies, I’ll be bringing you their strategies, stories, and wealth-creation / company building tips that you can apply too!
About the Capital Compounders Show: 🚀 From public company CEOs and hedge fund managers to investors and visionary leaders who are building, financing, and investing in the newest high-growth companies, I’ll be bringing you their strategies, stories, and wealth-creation / company building tips that you can apply too!
Enjoy! 🍿
About the Capital Compounders Show: 🚀 From public company CEOs and hedge fund managers to investors and visionary leaders who are building, financing, and investing in the newest high-growth companies, I’ll be bringing you their strategies, stories, and wealth-creation / company building tips that you can apply too!
In this video, I’m going to reveal Jesse Livermore’s 21 Trading Rules:
Jesse Livermore was one of Wall Street’s most legendary stock traders. Known as the ‘Boy Plunger’ and the man who famously shorted the market during the 1929 crash, Livermore’s story is a rollercoaster of astronomical success, devastating losses, and timeless lessons for traders.
Livermore was a self-taught trading prodigy who made – and lost – fortunes during some of the most volatile times in market history. Most famously, he made $100 million shorting the market during the 1929 crash. At his peak, Jesse Livermore was worth what would equate to $1.5 billion today. What makes him even more legendary is that Livermore traded on his own, using his own funds, his own system, and not trading anyone else’s capital. Livermore started trading at the age of 14, making his first profit of $3.12 at the age of 15 and $1,000 later at that same age. At age 20, he made $10,000, and then the rest is history…
Now let’s get into Jesse Livermore’s 21 trading rules. These aren’t just rules – they’re a blueprint for navigating the unpredictable world of the stock market. And make sure you listen until the end, because I’ll also share with you Jesse Livermore’s little-known book – published close to 100 years ago – and available again now.
Rule #1: Nothing new ever occurs in the business of speculating or investing in securities and commodities.
Rule #2: Money cannot consistently be made trading every day or every week during the year.
Rule #3: Don’t trust your own opinion and back your judgment until the action of the market itself confirms your opinion.
Rule #4: Markets are never wrong – opinions often are.
Rule #5: The real money made in speculating has been in commitments showing in profit right from the start.
Rule #6: As long as a stock is acting right, and the market is right, do not be in a hurry to take profits.
Rule #7: One should never permit speculative ventures to run into investments.
Rule #8: The money lost by speculation alone is small compared with the gigantic sums lost by so-called investors who have let their investments ride.
Rule #9: Never buy a stock because it has had a big decline from its previous high.
Rule #10: Never sell a stock because it seems high-priced.
Rule #11: Become a buyer as soon as a stock makes a new high on its movement after having had a normal reaction.
Rule #12: Never average losses.
Rule #13: The human side of every person is the greatest enemy of the average investor or speculator.
Rule #14: Wishful thinking must be banished.
Rule #15: Big movements take time to develop.
Rule #16: It is not good to be too curious about all the reasons behind price movements.
Rule #17: It is much easier to watch a few than many.
Rule #18: If you cannot make money out of the leading active issues, you are not going to make money out of the stock market as a whole.
Rule #19: The leaders of today may not be the leaders of two years from now.
Rule #20: Do not become completely bearish or bullish on the whole market because one stock in some particular group has plainly reversed its course from the general trend.
Rule #21: Few people ever make money on tips. Beware of inside information. If there was easy money lying around, no one would be forcing it into your pocket.
And there you have it – Jesse Livermore’s 21 trading rules, each one offering a wealth of wisdom that still holds true today. From managing your emotions to staying disciplined, these rules go beyond just trading strategies – they’re about developing a mindset for long-term success.
But remember, Livermore’s life was also a cautionary tale. Even with all his knowledge, he struggled with the emotional and psychological pressures of trading, which ultimately led to his tragic death. Let his lessons guide you, but also remember the importance of balance and mental health in your own journey.
Like I mentioned earlier, it’s not very well known, but Jesse Livermore is the author of a book called “How to Trade in Stocks“, published in 1940 – almost 100 years ago.
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We’re so back. Depressed valuations, coupled with declining interest rates and returning ‘animal spirits’ are fueling the next bull run in Canadian small caps. And there’s one hedge fund manager in particular who’s capitalizing bigly. In fact, his fund was just named the #1 Hedge Fund by Performance in Canada for 2024…
Up a whopping +74% (net of fees and expenses) for the 12-month period ended June 30, 2024, Jordan Zinberg’s Bedford Park Opportunities Fund was recently awarded first place at the Canadian Hedge Fund Awards for Best 1 Year Return in the Equity-Focused category.
Zooming out, the fund’s 5-year annualized return as of October 31, 2024 stands at an impressive 18.4% net of fees and expenses.
Zinberg got his start at RBC Dominion Securities, and then joined Donville Kent Asset Management (DKAM) in the early years of Jason Donville’s freshly launched hedge fund – contributing to its explosive growth throughout an almost 10-year stretch as Jason’s right hand-man. Then in 2018, Zinberg ventured out to launch his own hedge fund – Bedford Park Capital.
The Bedford Park Opportunities Fund runs a concentrated portfolio of small, and mid-cap Canadian stocks. Among its top holdings are:
– Source Energy Services ($SHLE)
– Propel Holdings ($PRL)
– Mainstreet Equity ($MEQ)
– Lumine ($LMN.v)
– Goeasy ($GSY)
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Upon closer examination, the multi-baggers $SHLE, and $PRL did most of the heavy lifting for the fund’s record-breaking +74% year. Looking at my own portfolio, I have some overlap with Bedford Park’s top holdings; $MEQ, and $LMN.v.
Bedford Park’s website reveals their 4-pronged approach to investing in the public markets:
You can tune into BNN where Zinberg is frequently featured as a guest on their market Call segment. For Zinberg’s past opinions from the show, you can visit my friends at Stockchase who document all the stocks mentioned on Market Call.
I will absolutely be continuing to follow Jordan Zinberg’s Bedford Park Opportunities Fund into 2025 and beyond. While for anyone it would be challenging to immediately repeat a blow-out year, I’m confident the best is yet to come. Maybe Jordan will share his best ideas for 2025 that I can broadcast to all of you in a future newsletter (stay tuned…).
In other news:
– I’m planning a major relaunch of my Youtube channel, and will be interviewing some amazing CEO’s from my favourite companies across Canada. Subscribe now so you don’t miss the re-launch, and subsequent interviews
– I recently visited Sheldon Inwentash (founder, ThreeD Capital), and his son Jakson at their 130 Spadina Avenue Toronto office. Sheldon has a big vision for his next venture capital firm – ThreeD Capital (CNSX: IDK) – and so I was curious to hear how everything was going – including their key investments. You can listen to our exclusive conversation here (note: I do not hold any ThreeD Capital shares, nor was I paid for this interview)
– You might not know this, but DKAM / Jason Donville is back onX.com (Twitter). You can follow Donville + team here: @DonvilleKent. Notably, DKAM placed 2nd at the Canadian Hedge Fund Awards for the 2024 year. Their fund was up +52%!!
– It’s hard to believe, but my bestselling book Market Masters was released 8 years ago, time flies!
– I stumbled upon a really great clip of Bill Ackman as he opens up about his divorce and then rebuilding life from a low point. Much respect to Bill Ackman for showing this kind of vulnerability. Life’s not always easy…
– Maclean’s has released their annual list of Canada’s Richest People – “an extensively researched ranking of the country’s wealthiest grocers, tech giants, developers, investors and other mega moguls”
– David Barr (PenderFund) released an update on the Pender Small Cap Opportunities fund. You can watch the full video here
– I can’t help but think, what’s going on at Bell Canada ($BCE)? While the 10% divy yield is tempting, I’m a growth investor at the core. Will pass. But is anyone biting?
– VitalHub ($VHI) recently made their their 20th and largest acquisition to-date of Strata Health! Will be exciting to see if VitalHub can become Canada’s next billion dollar company
– WELL Health ($WELL) recently reached a significant milestone, surpassing a $1 billion annualized revenue run-rate with record Q3-2024 revenue of $251.7 million—a 27% increase over Q3-2023, driven by strong organic growth of 23%. Tremendous progress!
– Stocks & Stones recently revealed some shocking, and encouraging stats from the TSX Venture exchange; volume YoY is up a whopping +50%, and value traded ($) up +59%. Booyah – let’s hope this Canadian micro & small-cap bull run is just getting started 🙂
– Since writing this feature on the ‘Dollar Store Wars‘ shaping up in Mexico, Pesorama ($PESO.v) opened their 24th Joi Dollar Plus store in Mexico City on Oct 26, 2024. Then notably on November 5th, Sumesh Paul Pathak (board member) made a new insider purchase totaling 200,000 shares @ 0.12 cents per share.
Regards,
Robin (r.speziale@gmail.com)
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If you enjoy what you just read…
***
Author’s Ownership Disclosure: $SHLE (no), $PRL (no), $MEQ (yes), $LMN.v (yes), $GSY (no), $IDK (no), $BCE (no), $VHI (yes), $WELL (yes), $PESO.v (yes)
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[Based on Q2 2024 13F Filings] Every 3 months, I like to check up on what the BIG Superinvestors – Warren Buffett, Bill Ackman, Francois Rochon, etc. – are investing in, as well as a select group of lesser known funds / investors that you’ll find featured below.
How do I track these buys and sells? Quarterly 13F filings…
👉 https://www.dataroma.com
Have a look. Are there any surprises that jump out at you?
📈 Highlights for me:
Buffett sells 50% of his Apple stake, trims 21% of Capital One, adds 262% to Sirius XM, and initiates new positions in Ulta Beauty, and HEICO
Ackman initiates new positions in Nike, and Brookfield, trimming his stakes in Chipotle by 23%, and Alphabet by 20%
Rochon doubles down on his Starbucks stake at a low point (and before the new CEO announcement)
Loeb adds 320% to Uber Technologies, 72% to Taiwan Semiconductor, and initiates a new position in Apple, rendering the company his fund’s 7th largest holding
Icahn initiates a new position in Caesars Entertainment
Tepper increases his Lyft position by 1,600%
Burry adds 88% to Baidu, and 24% to Alibaba, upping his overall bet on China
(Terry) Smith adds 39% to Texas Instruments
Chou increases his Stellantis stake by 1,400%, and makes many new additions to the fund
Watsa adds 51% to his Taiwan Semiconductor stake, and sheds the majority of his position in Micron Technology
Klarman reduces his Alphabet stake by 64%
Miller initiates a new position in Build-A-Bear Workshop
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Akre initiates a new position in Airbnb
Russo initiates a new position in DoorDash
Dorsey sheds 45% of his stake in Alphabet, and initiates a new position in Sprout Social
Li Lu, following in the foot steps of Buffett (albeit, late), initiates a new position in Occidental Petroleum
Einhorn initiates new positions in Peloton Interactive, Capri Holdings, and IAC, while doubling his stake in HP
Coleman (Tiger Global) initiates new positions in United Health, Qualcomm, Applied Materials, Zkh Group, and Rubrik, while increasing his stake in Grab Holdings by 39%
Gayner initiates a new and notable position in Franco Nevada
Druckenmiller adds to his #1 holding (Coherent Corp), and trims his stakes in the iShares Russell 2000 (Call), Microsoft, General Electric, and Nvidia
Greenblatt increases his stake in Nvidia (3rd largest position)
Dalio increases his stakes in Amazon, and Microsoft, while trimming his position in Apple
Pabrai increases his stake in Arch Resources by 180%
(Cathie) Wood increases her stakes in Tesla, Roku, Roblox, Palantir Technologies, Shopify, Intellia Therapeutics, PagerDuty, and Recursion Pharma
(Steve) Cohen initiates a new position in Apple, increases his bet on Dell Technologies by 1,666%, and trims Broadcom by 67%
(Howard) Marks initiates new positions in Liberty Global, Trip.com Group, Gerdau, and Altice USA, while nearly tripling his position in small-cap stock Vacasa
Sequoia reduces their stake in SAP by 32%
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🔎 As for the lesser known funds:
AltaRock Partners initiates a new position in Fair Isaac, increases their stake in Moody’s by 36%, and sheds Charter Communications by 99%
AKO Capital initiates new positions in Amazon, and Canadian National Railway, adds 143% to Accenture, and sheds 48% of their Estee Lauder position
RV Capital initiates new positions in Deere & Co., and Salesforce
Polen Capital significantly ups its stake in Shopify by 1672%, rendering it a top 20 holding, and also initiates a new position in Pinduoduo PDD Holdings (Temu parent company)
Greenlea Lane Capital initiates a new position in Tesla, and increases its bet on Trupanion by 159%
Shawspring Partners significantly reduces its stakes in Sea, and Coupang by 55%, and 35% respectively, while initiating new positions in nCino, and Procore Technologies, as well as increasing its bet on Blend Labs by 59%
Wedgewood Partners increases its take in Edwards Lifesciences by 44%
Abrams Capital Management initiates a new position in Loar Holdings – effectively rendering the company its largest in the fund (40%) – and sells 73% of its stake in U-Haul Holding
TCI Fund Management adds 398% to its existing stake in Alphabet (going against the general selling trend seen by others), and initiates a new position in Ferrovial
FPA Crescent Fund initiates a new position in Vail Resorts, and sheds 42% of its stake in Broadcom
Makaira Partners initiates a new position in recent IPO Savers Value Village, and increases its bet on Cactus by 5x
* Please note that these 13F filings are as of June 30, 2024 and therefore might not accurately reflect today’s positions of these investors/funds
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⭐ How to invest like a Superinvestor..
While DIY investors (like myself) don’t have access to expensive Bloomberg terminals, in-the-know brokers, or top-notch analysts, there are completely free resources available online that I use on a frequent basis (and you can too):
Idea Generation
StockCharts Predefined Scans (New 52-week Highs)
Baystreet New Listings:
Social/Forums
Second Opinions
Stock Lookup & Tracking
Insider Information
Superinvestor & Hedge Fund Watch
News
Financials & Press Releases
Stock Screeners
Financial Performance
Regards,
Robin (r.speziale@gmail.com)
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If you enjoy what you just read…
Author’s Ownership Disclosure: Apple (yes), Alphabet (yes), Uber (yes), Microsoft (yes), Nvidia (yes), Amazon (yes), Tesla (yes), Shopify (yes)
Today is my birthday. We’re going on a road trip with our newborn – Victoria. It’ll be nice to get away and enjoy the outdoors. If you want to help me stay caffeinated on the drive, you can buy me a coffee 😉 (got any coffee shop recommendations? Let me know!)
We’re nearing the end of summer. This is usually the time of year that I enjoy reading new books – typically on investing. But, like most of you, I’ve read (and re-read) most of the well known books on investing – The Intelligent Investor, One Up on Wall Street, Common Stocks and Uncommon Profits, etc.
If you’re looking for new reads, the good thing is that there’s absolutely hidden gems that can be discovered.. little known books on investing that were published but not well advertised, distributed, or shared word-of-mouth… Some of these books you’ll see listed below (#4, #7, #8, #14, #16) I actually found at local thrift stores near me.
So, here are the 19 must-read little known investing books that you’ve probably never heard of (and if you have, you’re elite-level good!):
Confessions of a Street Addict
Capital Returns: Investing Through the Capital Cycle: A Money Manager’s Reports
Seeking Wisdom: From Darwin to Munger
How I Made $2,000,000 in the Stock Market
The Investment Zoo: Taming the Bulls and the Bears
There’s Always Something to Do: The Peter Cundill Investment Approach
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+ MY BOOK 🙂 Market Masters: Interviews with Canada’s Top Investors ― Proven Investing Strategies You Can Apply
The Dhandho Investor: The Low – Risk Value Method to High Returns
Concentrated Investing: Strategies of the World’s Greatest Concentrated Value Investors
Pit Bull: Lessons from Wall Street’s Champion Day Trader
Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders
Get Smarter: Life and Business Lessons
Fear, Greed and the End of the Rainbow: Guarding Your Assets in the Coming Bear Market
Bull!: A History of the Boom and Bust, 1982-2004
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Happy reading!! (got any book ideas for me? Let me know)
Regards,
Robin (r.speziale@gmail.com)
If you enjoy what you just read…
Robin R. Speziale 
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