About TheOldEconomy and its author
I am Mihail, a market participant, reader, and writer.
Helping adventurous investors find asymmetric Alpha ideas in obscure market niches by cutting the noise from the signal | Ask me about shipping, mining, energy, and banking.
Thanks for having you here. This is your TheOldEconomy guide. Let’s start with TheOldEconomy objective.
Quality and Execution Reign Supreme
Does the information quantity mean a superior analysis, hence profitable trades?
Definitely, not.
We don't need all the information. We need the right information at the right time.
It sounds like an easy task, but it is not. As investors, we face three common obstacles:
Too much noise and not enough signal.
Too much hype and not enough sanity.
Too many ideas and not enough execution.
Overwhelming information flow suppresses the signal. Emotionally charged bytes make us blind to our own blindness.
Furthermore, we neglect the most vital aspect of investing: risk management. In other words fail to execute our ideas in the best way possible, considering payoffs and odds.
Neglecting execution is like multiplying by zero.
TheOldEconomy’s goal is NOT to make you addicted to its content nor to devour your time reading countless reports, assuming that it will deliver Alpha. Instead, its objective is:
Deliver Alpha while saving your time.
TheOldEconomy’s means to an end are:
The right information at the right time
No fluff, just actionable ideas
Meticulous execution
Do you want to be drawn into the informational tsunami and keep disregarding execution, or do you crave change?
If you want to be on the other side, where the informational quality reigns and execution is king, the next paragraphs are for you.
Let’s start with TheOldEconomy’s portfolio performance?
Portfolio performance
Since its inception on January 1, 2023, the TheOldEconomy portfolio has achieved an 85.65% total return, or a 31.6% YTD CAGR.
Take a look at some of TOE holdings now.
The portfolio is quite eclectic, comprising a uranium miner, LPG carriers, Latin American banking, and a PGM play. There is no trendy stuff, only floating steel, ounces, barrels, and LatAm. Most importantly, the book includes all the essential execution data, such as size, stop-loss, take-profit, and notional value.
Here are some of the successful trades over the last 24 months.
Cameco Corporation (CCJ)
Golar LNG (GLNG)
Argentina (YPF, BMA, and IRS)
Navios Maritime (NMM
General Dynamics (GD)
Agnico Eagle (AEM)
Most of the trades were executed via call options. They delivered gains of over 500% on invested capital. This is the charm of using DOTM calls. The stock can appreciate by 100%, while the call option on the same stock can appreciate by more than 500%.
Alpha is a function of quality and execution. They are my guides in ever-changing markets. Yet the guide is not the strategy.
TheOldEconomy Grand Strategy
I consider investing a three-dimensional activity. It is an intersection between market, strategy, and instruments. In other words, this is the Old Economy’s Grand Strategy.
Shipping, mining, and energy, plus LatAm; thematic bets, litigation cases, and distressed debt; equity, bonds, and options—that’s it. This is my investing process from a bird's-eye view.
If you like to venture into arcane corners of the market with the ultimate objective to harvest Alpha TheOldEconomy has something for you.
TheOldEconomy Membership Plans
TheOldEconomy plans mirror my investing process:
Exploration Phase: sniff through regions and industries for attractive thematic bets.
Research Phase: deep dive into a few names that offer lucrative asymmetry and attractive probabilities.
Strategy Phase: put everything together in an actionable portfolio where the whole is greater than the sum of its parts.
With each step, the value added grows. Stage one focuses on idea exploration, stage two on deep research and execution on individual position, and stage three on comprehensive strategy at a portfolio level.
Explorer: Expand your investment horizons with alternative ideas every week. As an Explorer, you’ll unlock insights into under-the-radar markets like shipping, mining, energy, and Latin America, broadening your options and sparking new opportunities, all at no cost.
Researcher: Go beyond ideas- turn them into action. As a Researcher, you receive two in-depth, actionable deep dives each month: one equity and one fixed income pick. Each report is packed with thorough analysis, clear valuations, and step-by-step execution guidance, empowering you to invest confidently. As a Researcher, you gain access to all Explorer perks.
Strategist: Integrate every insight into an actionable portfolio. As a Strategist, you gain access to TheOldEconomy portfolio, combining all research, trade execution, and portfolio management in one place. As a Strategist, you gain access to all perks for Explorer and Researcher.
If you feel tempted, take a look at the link below. Become a Researcher or Strategist to unlock your investing edge.
Do not miss the opportunity to elevate your investing process with TheOldEconomy memberships.
What TheOldEconomy Readers and Members Are Saying
Hardcore retail investors, fund managers, and institutional investors are among readers and paid members. Let’s examine what they say about TOE.
Don't miss this opportunity to transform your investment strategy! Become TheOledEconomy Premium Member to unlock your investing edge.
Upgrade now and join the ranks of our most successful investors!
Mihail in other media
You can take a look at my work for Seeking Alpha and Emerging Real Estate Digest. Take a peek at the links below:
My articles for Emerging Real and Emerging Business:
Milei’s Historic “Pacto de Mayo” to Revive Argentina’s Economy and Real Estate Market
Navigating the Platinum Market: The Role of South Africa's 2024 Elections
My reports for Seeking Alpha:
Afya: Asymmetric Bet On The Solid Brazilian Demography And A Great Business
Denison Mines: Top Projects, Robust Balance Sheet, And Deeply Undervalued
BBVA: Macro Bet On Turkey And Mexico's Growth Potential For Income-Minded Investors
Agnico Eagle: Asymmetric Bet On Gold With Capped Downside Using LEAPS Options
Everything described in this site, TheOldEconomy.substack.com, has been created for educational purposes only. It does not constitute advice, recommendation, or counsel for investing in securities.
The opinions expressed in such publications are those of the author and are subject to change without notice. You are advised to do your own research and discuss your investments with financial advisers to understand whether any investment suits your needs and goals.
