Research from Superfluous Value, Superfluous Value

Superfluous Value

Research from Superfluous Value

Stock selection has rarely been as important as it is today. After a roaring decade for US markets and with signs of mania everywhere, the S&P 500 as over-priced as it has ever been.

But, there is better way. Superfluous Value is a contrarian, deep-dive into the markets forgotten by the 60/40 instos and indexing, momentum chasers. Where the hot money has long moved on, it leaves behind investments offering great safety and prospective returns.

I believe the 2020s will look diametrically opposite to the recent past, with Emerging Markets, the UK, Japan and commodities set to rip and I intend to be holding the best opportunities available as they do.

Please feel free to come along on the journey.

Contrarian Deep-Dive into the Markets

Equity Bottom-Up

<ul><li>Everyone ends up bagholding a steaming pile of turd in the markets sometimes and for me that time is apparently now. The company is Saipem (SPM.IT)</li><li>In mid-January, in a drastic turnaround from its October update, Saipem informed the market it would incur a loss equal to more than one-third of its equity</li><li>We are still in a period of extreme uncertainty regarding what any raise/dilution will look like</li></ul>

Everyone ends up bagholding a steaming pile of turd in the markets sometimes and for me that time is apparently now. The company is Saipem (SPM.IT)In mid-January, in a drastic turnaround from its October update, Saipem informed the market it would incur a loss equal to more than one-third of its equityWe are still in a period of extreme uncertainty regarding what any raise/dilution will look like

Italy

Saipem S.p.A. offers construction and offshore and onshore drilling services. The Company installs sub-sea pipelines, installs fixed platforms, manages complete onshore construction projects, and drills for oil mainly in Italy, Algeria, Nigeria, and the Arabian peninsula.

Saipem SpA (SPM IM)

Mid-debacle thoughts: Saipem

Everyone ends up bagholding a steaming pile of turd in the markets sometimes and for me that time is apparently now. The company is Saipem (SPM.IT)

Superfluous Value