Ton Mile Trader

Ahoy there, from an offsite thread with an OCNF investor that is mad at our sector.  My response below.

Hi Simon,

Your post sounded authentic and it reminded me of some bad memories.  When I first began investing in WT, my strategy could have been described as a traditional long.  When the nature of the sector (with all the evident improprieties) became clearer, I was disenchanted with the entire maritime investment idea, and I took what was left of my marbles and went to play elsewhere. 

During my sabbatical from shipping, I learned that every sector I investigated had nuances and disturbing revelations if I dug a little below the polished surfaces.  That is when it started becoming evident to me that there was nowhere I could put my money and feel comforted with being sure management has my best interests in mind. 

Our sector is what it is, and with a different mindset I again invest almost exclusively in WT.  Going forward I hold the opinion that WT equities are better suited for an attentive momentum investor, verses a traditional long of a year or more.  This is not where I park money.  I am here to gain or lose money, investing in companies that I am convinced have a separate agenda than mine.  It does not matter if they are honest or not.  What matters is I place my bet when the share price is responding to shipping conditions beneficial to the owners.  When the conditions have changed (and the owners begin to be pinched) I leave them to sort through it all, because I have already sold them out.

As for your unrealized loss I can only tell you my thoughts would be to protect what is left of your dry powder and return to shipping investments with a more gorilla warfare mentality.  I was a young Marine once upon a time, and we were taught rather than “go down with the ship”  we should swim over to the bad guys boat, and take it from them!

Good Fortunes