INSIDER NEWSLETTER FAQ
QUESTIONS ABOUT THE TRIAL
After you buy a subscription, our email system may take up to 15 minutes to send you your welcome email (containing login instructions etc), the latest issue of the newsletter, and other goodies. If you have not received a message from us, it most likely means one of two things: 1) Our emails have been caught in your spam/junk filters, so check there, and be sure to add [email protected] to your safe senders list. If that doesn’t work it’s probably 2) the email address you entered may contain a typo, in which case you should email us. Our payment processing system will process payments regardless of whether you are getting the content, so it’s important that this is fixed asap and you are getting our emails.
We will send you reminders, then automatically deduct US$35 from the payment method you signed up with, unless you cancel your trial. This will occur every 30 days until you cancel (which you can do here or by emailing us). This automation is not designed to extract money from our subscribers using underhanded methods; it’s a matter of efficiency. We’re a small team who cannot process thousands of transactions per month manually.
You pay $1 for the first 30 days, and then $35 per month to continue. You can cancel at any time by submitting this form.
You will receive login credentials in the welcome email when you sign up. The login page is here: https://capexinsider.com/login/. If you are having password problems, follow the “Forgot Password?” process found on the login page.
You can cancel your subscription at any time by submitting this form or writing to [email protected]
Although we offer a 30 day money back guarantee for the full Insider membership, we do not offer the same with the newsletter. The $1 trial is there to try the service, if it’s not for you, then the most you stand to lose is $1 (which bought you access to hundreds of back issues, and over a thousand trade ideas!)
Your $1 gives you access for 30 days regardless of whether you cancel or intend on continuing your subscription. If you cancel within your trial period, after the 30 days, you will no longer receive the newsletter, and you will not be billed. If you’re unsure, reach out to us by email and we’ll confirm
They’re in the section called “The Big 5” each week, found at the bottom of each issue. These are ‘ideas’ that we are putting out there for people to research on their own. Some of these ideas make it into our Glenorchy Capital or Insider, others don’t, but they are all “interesting” enough for us to bring to the attention of our readers.
Yes, we’d be honoured, whether it’s social media, for work or fun. Please attribute anything we’ve published to us.
Yes, please share with your friends or loved ones. Or people who you take a small amount of delight in triggering. As long as you’re not taking liberties with the amount of people you’re sharing with and the regularity with which you’re sharing, we’re cool.
The newsletter is a standalone part of the full subscription to Insider. This is where we have 3 official portfolios (1 simplified portfolio, 1 asymmetric gains portfolio, and 1 diversified income portfolio), research reports explaining our reasoning behind each of the trades, a community forum, a monthly Q&A with our managing partners and much more. You can view what’s in the full subscription here
If you’re an Insider Newsletter subscriber wanting to join the full Insider membership, or Glenorchy Capital, then we simply roll your existing subscription into the new service (the newsletter is included in all our services). This happens automatically when you purchase an Insider membership or join Glenorchy Capital. You won’t be subscribed to separate products/services.
Guidance on how to invest in our portfolio stocks and manage money in general is included in the full Insider subscription (along with the Insider Newsletter). If you’re subscribed to the Insider Newsletter only, it’s assumed you know how to buy a stock. This video series goes through how we allocate capital and use position sizing to manage risk. If you need more guidance, consider joining Insider or joining us at Glenorchy Capital.
Interactive Brokers. We don’t get paid for saying that, it’s what we use because they’re the cheapest, with the widest access to the world’s markets. Here’s a video we put together on why we use and recommend that brokerage (especially helpful if investing in foreign markets is new to you). And this video was done to help our full Insider members on setting up their brokerage accounts.
Yes, providing you meet some requirements. Go here to find out more.
We’re apolitical, and tend to receive grief from all colours of the political rainbow. Here’s the deal: we’re capitalists, who live in a world driven by capitalism, which we personally believe is the best way a society can operate while respecting individual liberty and affording the majority of people with a good standard of living. So, while we may from time to time cast judgement on politics where the objective is to destroy that system, our profession is strictly identifying where to allocate capital. The Western world has become a lot more politically extreme, and so politics plays a much bigger role in the global macro sense, which is why we often cover politics where other fund managers cannot (due mostly to social pressure or immediate career risk). So fear not, we are not politically aligned – we are apathetic to all parties.
MEMBERSHIP QUESTIONS
The Insider Newsletter is a subscription to the email newsletter we send our full Insider members and clients of Glenorchy Capital. In there, you’ll get our latest thinking on the markets we’re investing in, the events around the world that shape those investments , and 5 or so trade ideas from our trading desk.
You pay $1 for the first 30 days, and then $35 per month to continue. You can cancel at any time by submitting this form.
You will receive login credentials in the welcome email when you sign up. The login page is here: https://capexinsider.com/login/. If you are having password problems, follow the “Forgot Password?” process found on the login page.
You can cancel your subscription at any time by submitting this form or writing to [email protected]
The newsletter is a standalone part of the full subscription to Insider. This is where we have 3 official portfolios (1 simplified portfolio, 1 asymmetric gains portfolio, and 1 diversified income portfolio), research reports explaining our reasoning behind each of the trades, a community forum, a monthly Q&A with our managing partners and much more. You can view what’s in the full subscription here
They’re in the section called “The Big 5” each week, found at the bottom of each issue. These are ‘ideas’ that we are putting out there for people to research on their own. Some of these ideas make it into our Glenorchy Capital or Insider, others don’t, but they are all “interesting” enough for us to bring to the attention of our readers.
Interactive Brokers. We don’t get paid for saying that, it’s what we use because they’re the cheapest, with the widest access to the world’s markets. Here’s a video we put together on why we use and recommend that brokerage (especially helpful if investing in foreign markets is new to you).
Yes, providing you meet the requirements. Go here to find out more.
Yes, we’d be honoured, whether it’s social media, for work or fun. Please attribute anything we’ve published to us.
Yes, please share with your friends or loved ones. Or people who you take a small amount of delight in triggering. As long as you’re not taking liberties with the amount of people you’re sharing with and the regularity with which you’re sharing, we’re cool.
Given the nature of what we do, it might be unclear as to whether you should upgrade from the Newsletter to the full Insider membership or Glenorchy Capital. Our staff are on hand to help you (and not sell you into something that is not right for you). Email us with details of your situation and someone senior will respond with straight forward feedback.
TRADE EXECUTION QUESTIONS
Interactive Brokers. We don’t get paid for saying that, it’s what we use because they’re the cheapest, with the widest access to the world’s markets. Here’s a video we put together on why we use and recommend that brokerage (especially helpful if investing in foreign markets is new to you). And this video was done for full Insider members on how we set up our IB accounts.
No. But for some issues it might feel that way. Navigate to the Big 5 database in the members’ area to see a list of all the recommendations (you can search the exchanges you have access to).
You might notice a lot of ideas published are not on the major Western markets. This is just a function of us looking for the deepest value / asymmetry. While finding the more obscure stocks we publish via the OTC market (like ADRs/GDRs) is an option, we are of the opinion that your brokerage should give you direct access to as much of the world as possible. This video was made for our Insider members who wanted to set up their IB brokerage accounts the way we set up ours, and will be helpful if you’re generally wondering about how to invest internationally.
If you’ve not done so, watch our video Brokerages and Finding Stocks which explains how you can access our ideas or find alternative instruments. Otherwise, all of the recommendations we publish are available through Interactive Brokers. If you cannot find a stock mentioned using and you’re using IBKR, then check your account settings – you may need to request access in your account. This video was made for members of our full Insider service in order to guide through the account setup. If your account has access to the things you want to buy, try using Trader Work Station (TWS), which is IBKRs app for desktop and has enhanced access to markets compared with their mobile app or web portal.
Some investors are limited to trading only US markets, through their work. If you do not have such restrictions and can invest globally, then we recommend opening an account at Interactive Brokers (we do not get paid to recommend, but here’s why) and setting their account up in order to be able to invest internationally (video guide here). If you are limited to US markets, through your work or through your pension arrangements, then we do offer a portfolio we recommend via the full Insider service, specifically designed for investors who want to keep things simple.
No, with our strategy (full breakdown video series here), stop losses are more of a hindrance than a help. With much of our investing taking place in highly volatile sectors, you’re likely to get unintentionally stopped out of positions that you might be wanting to hold for many months or years. We advocate for small position sizes view our entire position in any one stock as the stop loss. If it goes to zero, that’s bad luck, but accounted for given it should be in a basket with other asymmetric picks.
Members are often concerned if a stock is denominated in a foreign currency, citing that as a risk (e.g. buying a company priced in EUR when rthe investor’s base currency is USD). We are not concerned about this at this point. For starters, there’s no “good” currency out there, all are falling in value relative to goods and services. Secondly, most of the companies we’re investing in have revenues in USD, and often operating costs in a “weaker” currency relative to the USD (long term). And finally, you’ll find that if currency becomes a real issue to a business, it will simply change the currency it sells its goods or services in. If / when FX risk becomes a larger issue, we will address it.
Newer members will often be concerned if the price of a “Big 5” stock has risen substantially (e.g. 50%), and wonder whether it is still a good idea to invest. Usually, the answer is yes… unless otherwise stated, we are targeting minimum 300% returns with each of our “ideas”, and often the reality of achieving high returns means waiting many months or years in order to realise the gains. So, unless a “Big 5” idea has achieved >200% since being published, it probably means we’d still find it interesting. Watch our entire investment series in order to understand this issue on a deeper level.
We suggest following our allocation strategy, which you can learn about through our Investor Series. In summary, do not allocate more than 2% to any one asymmetric idea, or 10% to any one industry / theme / sector.
INVESTMENT STRATEGY QUESTIONS
Asymmetry. We invest across dozens of positions that all exhibit high return relative to the risk. This series covers the strategy in detail.
Energy (oil, gas, coal, base metals, uranium), shipping, agriculture, precious metals, along with a few geographical plays like Argentina, Eastern Europe and a few others make up the bulk of Glenorchy Capital and the Insider portfolio. The world is now in a period of deglobalisation, which will have the net effect of reducing efficiency, redrawing trade norms and making “stuff” more expensive. This is where the big returns are, at relative low risk.
We are investors who are looking for safe ways to multiply our capital. That usually means buying things when they’re cheap and unpopular, which means it’s not unusual to have a multi year view on any one position. Patience is the trade-off for high returns. We live in a world where the financial industry is incentivised to be impatient (with quarterly benchmarks and the last decade of “growth” investing). The average holding period for investors on the NYSE shrank from 8 years in the 1950s to under 8 months in 2020. Patience is an edge, and we plan to outperform the market on an annualised basis by investing in deep value opportunities that others do not have the patience – or intestinal fortitude – to withstand.
Our portfolios (for Glenorchy Capital and also the full Insider service) are comprised of dozens of small positions, spread across different industries. The exact number changes frequently, but is generally between 70 – 100 individual positions. One of the reasons we advocate holding many small positions (e.g. 2% max per individual stock), is that if something goes wrong with the investment, it’s not going to cause you to worry too much. This could be nationalisation of the stock, bankruptcy, the CFO embezzling money, some geopolitical/unforeseen event etc. But if a trade goes our way, it might grow from 1% to 5% or 10% of our portfolio. This is why we use the concept of asymmetry. Just as we don’t invest more than 2% in any one stock, we also do not invest too much in any one sector/theme/industry, for the same reason.
We suggest following our allocation strategy, which you can learn about through our Investor Series. In summary, do not allocate more than 2% to any one asymmetric idea, or 10% to any one industry / theme / sector.
We are often asked about new technology that will revolutionise energy or the economy etc. From experience, investing in new technology that is not proven (someone has paid for it and it’s being practically implemented) is high risk. So we do not get involved. We are generalists who use industry experts where needed, but new, breakthrough technology, is often littered with conflicts of interest. The rewards may be very high for investing in a breakthrough technology early; but the likelihood is that it’s luck, which is not a viable investment strategy.
We view gold as insurance against loss of faith of fiat currency, and believe everyone should own a % of their net worth in physical gold/silver bullion. As an “investment”, our view is that investing in gold miners carries much higher reward, as their price is usually leveraged to gold. If you’re wanting to invest to counter inflation, oil tends to outperform gold substantially.
We’re apolitical, and tend to receive grief from all colours of the political rainbow. Here’s the deal: we’re capitalists, who live in a world driven by capitalism, which we personally believe is the best way a society can operate while respecting individual liberty and affording the majority of people with a good standard of living. So, while we may from time to time cast judgement on politics where the objective is to destroy that system, our profession is strictly identifying where to allocate capital. The Western world has become a lot more politically extreme, and so politics plays a much bigger role in the global macro sense, which is why we often cover politics where other fund managers cannot (due mostly to social pressure or immediate career risk). So fear not, we are not politically aligned – we are apathetic to all parties.
ALL OUR PRODUCTS & SERVICES
Glenorchy Capital – where we manage money for clients.
Insider – where we share what we are doing in Glenorchy Capital with members so they can use / replicate it themselves.
Insider Newsletter – a regular newsletter containing ideas from our research for the above services.
Insider Newsletter is a regular newsletter containing investment ideas that we think look interesting, containing commentary affecting the portfolios of Insider and Glenorchy Capital. The newsletter is sent to all full Insider members and clients of Glenorchy Capital. $35 per month, after a $1 trial.
Insider includes the newsletter, but also access to three portfolios: 1) a “starter” portfolio which captures simplified exposure to all the industries and themes we are investing in with Glenorchy Capital. 2) Our flagship “asymmetric gains” portfolio, which is an advanced version of the skeleton portfolio, and that closely resembles what we do in Glenorchy Capital and 3) a “diversified income” portfolio of global stocks targeting stable, low risk income of 8%+ per year. In addition, there’s monthly Q&As with managing partners, a private chat forum for our members, and an archive of everything we’ve ever published. $2,499 per annum.
Glenorchy Capital is an SEC regulated, licensed registered investment advisor which manages client’s money. Clients get free access to Insider. This is a fee-based service.
Given the nature of what we do, it might be unclear as to whether you should upgrade from the Newsletter to the full Insider membership or Glenorchy Capital. Our staff are on hand to help you (and not sell you into something that is not right for you). Email us with details of your situation and someone senior will respond with straight forward feedback.
Insider is a subscription service where you pay to receive investment ideas and learn how we manage money. Glenorchy is where we manage your capital for you. Bother services use the exact same investment theses and share a majority of themes / industries / individual positions. What will suit you comes down to the time you’re willing to spend, and your personal circumstances (we can only accept qualified clients and qualified purchasers into Glenorchy Capital).
They vary depending on how much you invest with us, but are split between a management fee (up to 2%) and a performance fee (up to 20%). These are calculated and charged during each year. Register on the website to learn more.