Excess Returns 6x Earnings. 10x Potential. | Harris Kupperman on the Inflections Wall Street Misses
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Mar 30, 2026 
Harris Kupperman, hedge fund manager and founder of Praetorian Capital known for inflection investing. He explains finding unloved assets with asymmetric upside. He discusses using macro, politics and elections to spot big moves. Argentina and other international opportunities get special focus. He contrasts long-horizon, low-downside trade structures with short-term Wall Street thinking.
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How Buying The Argentine Bolsa Played Out
- Kupperman's Argentina trade started by buying a basket pre-election and later the Bolsa when he wanted downside insulation.
- The Bolsa traded at ~6x earnings in USD with rising volumes and privatization tailwinds, offering multi-year earnings and multiple expansion.
Hold Inflection Trades With A Multiyear Timeframe
- Hold inflection positions long enough and size for limited downside; don't trade in and out on quarterly noise.
- Monitor political approval and thesis changes, and exit when the tailwind shrinks or better opportunities need capital.
Investigate Misses Before Selling
- Before selling on disappointing data, investigate whether the thesis is postponed or broken by talking to industry insiders.
- Many misses are lumpy budget or timing issues, so learn the real cause before recycling capital.