Founder, Praetorian Capital
6 dated public stances tracked since 2022-10-19, most recently 2022-10-19. Each line carries the date and the venue it came from; quotation marks mean verbatim. Methodology.
The stances below are c8alpha's editorial distillation of Harris Kupperman's public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. Harris Kupperman is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
Raw direction-aware returns on public statements — long calls credited when the price rose, shorts when it fell, shorts capped at −100% — in a rising market this mostly measures who was long, not who has skill. Returns run from the stance date; calls are rarely closed publicly, so fixed 90-day / 180-day / 1-year horizons are used. A horizon shows only once it has fully matured, and only at 5+ scored stances. “% correct” is the share of those scored calls whose direction-aware return was positive at the horizon — in a rising market a bullish call is correct by default, so read it beside the market, not alone.
Every tracked call with at least one matured horizon: the rows behind the Returns
line above. A dash is a horizon that has not matured yet.
2022-10-19
BNO
bullish
Meb Faber · video
Brent backwardation generates roughly 2% monthly roll yield (30-40% annualized) while also capturing oil price appreciation, and Brent's global pricing benchmark status insulates it from single-country price cap risk
“that two to three percent monthly yield is 30 to 40 a year that I make in a pretty risk-free way”
90d -3.1% · 180d -3.8% · 1y +10.4%
Harris “Kuppy” Kupperman - Oil is the World’s Central Banker Now
2022-10-19
SRUUF
bullish
Meb Faber · video
Uranium faces a structural 35-million-pound annual supply deficit, Russia's exit from Western enrichment worsens it, and a global nuclear renaissance (China, India building plants; European plants staying online) drives accelerating demand against flat supply
“find something that's in a deficit and find a reason why the price is about to go up”
Harris “Kuppy” Kupperman - Oil is the World’s Central Banker Now
2022-10-19
OIL
bullish
Meb Faber · video
A ~5-million-barrel structural deficit is converging as SPR releases end, China COVID lockdowns lift restoring 2M bbl/d of demand, Russian production declines 1-2M bbl/d, and ESG-driven underinvestment has permanently impaired the Western supply response
“I think oil is gonna do a supernova”
90d +1.2% · 180d +1.1% · 1y +16.6%
Harris “Kuppy” Kupperman - Oil is the World’s Central Banker Now
2022-10-19
VAL
bullish
Meb Faber · video
Offshore drilling demand will grow strongly through the decade as ESG-agnostic nations (Guyana, Suriname, Namibia, Brazil) accelerate exploration and discovery cycles, while the largest driller trades at a fraction of fleet replacement cost
“over the rest of this decade you're going to see a lot of growth in Energy Services offshore”
90d +27.4% · 180d +14.1% · 1y +21.7%
Harris “Kuppy” Kupperman - Oil is the World’s Central Banker Now
2022-10-19
TDW
bullish
Meb Faber · video
As the largest offshore services company, Tidewater benefits from the same ESG-agnostic exploration boom in Guyana, Suriname, Namibia, and Brazil, with equipment priced at fractions of replacement cost providing a valuation floor
“a lot of this equipment trades at fractions of replacement costs”
90d +53.0% · 180d +75.1% · 1y +166.6%
Harris “Kuppy” Kupperman - Oil is the World’s Central Banker Now
2022-10-19
COPPER
bullish
Meb Faber · video
Base metals face the same supply-deficit dynamic as oil due to years of underinvestment, while demand accelerates simultaneously from India's economic ascent and the massive metals intensity of green energy infrastructure buildout
“India and the green economy at the same time and I think you're just going to see the demand for Commodities stay super elevated”
90d +28.4% · 180d +24.8% · 1y +11.7%
Harris “Kuppy” Kupperman - Oil is the World’s Central Banker Now
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