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The Contrarian Investor Podcast Posts

Season 2, Episode 35: How Bubbles and False Narratives Made Financial Markets

With Jamie Catherwood, Author of InvestorAmnesia.com

With the Dow Industrial Average hitting 30,000 on the day of this recording, revisiting historical booms and busts feels particularly timely.

Jamie Catherwood, the author of InvestorAmnesia.com and a self-proclaimed financial history nerd, is a perfect guide to this discussion.

We discuss booms in treasure hunting, bicycles, railroads, breweries, and of course tulips (which it turns out was greatly exaggerated. The guest debunks this).

Content Segments

  • What epoch in financial history is perhaps most apt in light of today’s period? (3:38);
  • How long do these cycles typically last? (12:40);
  • Bubbles in transportation technology: bicycles, railroads (twice), now electrical vehicles (16:25);
  • “Tulip mania,” often cited as the “mother of all financial bubbles” was in reality nowhere near as crazy as commonly believed (18:40 );
  • What are common elements that prick bubbles? (27:08);
  • The role of central banks and the money supply in the bursting of bubbles (29:59);
  • Background on the guest (40:36);
  • How he started his website on financial bubble history (45:44)
  • Contrarian investors through history (51:59);
  • Epilogue: bonus content for supporters of Tottenham Hotspur only (57:05).

More Information on the Guest

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Season 2, Episode 34: The Bullish Case for Precious Metals, Energy Stocks

Featuring Theron De Ris, Eschler Asset Management

Theron De Ris of London-based Eschler Asset Management joins the podcast to discuss why now may be an optimal time to invest in shares of precious metals companies and energy concerns.

One of De Ris’ favorite stocks — and primary portfolio holdings — is discussed at some length in the second half of the program.

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Contrarian Calls, Revisited: Quintessential Capital’s Short of Akazoo

Gabriele Grego of Quintessential Capital Management used the inaugural Contrarian Investor Virtual Conference to announce his short of Akazoo (NASDAQ:SONG).

“We believe Akazoo is a scheme orchestrated by management to profit while egregiously deceiving investors,” Grego said during the presentation. “We see signs of very suspicious accounting manipulation,” including cash inconsistencies and “a total lack of income taxes.”

What Happened

Akazoo shares sold off immediately after publication of Grego’s report. After closing the previous session at $2.53, SONG dropped to $2.22. A series of law firms quickly lined up to launch lawsuits against the company.

A week later the stock was trading at $1.14,. The company fired its CEO and Nasdaq suspended trading in its shares. On May 21, an Akazoo special committee of independent directors announced that management and associates “participated in sophisticated multi-year fraud.”

Nasdaq delisted the shares on May 27.

Akazoo has since become a poster child for SPAC misconduct, with the Financial Times devoting an article to Grego and his report (see below).

Shameless Plug Alert: The next iteration of the Contrarian Investor Virtual Conference, our fifth, takes place Dec. 10. Get tickets here.

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