Bullseye explores, celebrates and invests in American Ingenuity, managing a portfolio of 35-50 publicly-traded US equities with significant runway for growth. These are dynamic, US companies propelling the world forward across multiple industries. Frequent focus sectors include Energy, Health and Technology. Every pick shares three defining attributes: great story, compelling data, newsy catalyst.
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  4. Podcast - Meet the people driving American Ingenuity (2x/month)
  5. Access - Call or email Adam directly with questions or comments

Adam Johnson

Adam Johnson anchored several business programs at Bloomberg Television over five years, interviewing CEOs, heads of state, and Nobel laureates. His daily video investment blog, Insight and Action was sponsored by a major U.S. lender. Previously he managed global risk assets for ING Furman Selz and Louis Dreyfus, trading oil futures, listed equities and equity options. Adam began his career at Merrill Lynch with a degree in economics at Princeton.


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Hard Assets, Real Money

Capitalizing on Cheap Oil
  • Nation’s largest pipeline system spans 90k miles across 38 states and accounts for 30% of US capacity
  • Current pricing dislocations enable physical operators to buy/store/hedge product at significant profit
  • Multiples on energy companies reflect extreme pessimism and create compelling entry points

Opportunistic Buyer – I was twenty-five and working at Europe’s oldest commodity firm when I made the trade of my life. We had stockpiled several million barrels of heating oil in anticipation of a cold winter, but as I watched the spread between jet fuel and heating oil collapse to zero… since all the storage tanks were full… I convinced my boss to deliver our entire heating oil position into the NY Mercantile Exchange and replace it with jet fuel. I reasoned that this was like buying steak for the price of hamburger, and when when markets normalized, we’d be richly rewarded. Winter eventually arrived, and since jet fuel has a lower freeze point than heating oil, the nation’s truckers once again started adding jet to their diesel. Prices re-inflated and we booked inordinate gains. I see a similar trade taking shape today, and I’m not alone. When oil futures fell to an unthinkable negative $35 last month because storage had been filled to capacity, the nation’s largest pipeline operator started buying. Like me a few years ago, the company got creative and found extra places to stash stranded barrels, especially in out-of-the-way locations. I sense profit on the horizon, and since this company’s stock trades at just six times earnings, I too am buying.

May 22, 2020

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Plugging Back In

5G Leader Returns
  • 5G rollout presses forward in China, S. Korea and the US despite timing setbacks from quarantine
  • Demand for data is forecast to increase fivefold by 2025 according to Boston Consulting Group
  • The global leader in 5G patents trades near the lower end of historic valuation creating compelling value

Hello Again – Discipline and flexibility are not two words I would typically associate with one another, and yet that’s exactly what I’m doing with this new/old pick. Early in 2018 I bought the world’s leading 5G patent holder as a promising growth story, then sold when its stock surprisingly accelerated to my target just months later. I returned for a second time after the “December to Remember Selloff” knocked shares back into the buy zone, and once again booked profits after a move to the target. Now I’m returning for a third time. What I’ve learned in this process is that discipline involves setting a target in advance… and selling when it is reached… while flexibility means being able to toggle back and forth between buyer and seller. Again, two concepts which I wouldn’t have linked together automatically, and yet they complement one another quite logically. So, with the world’s 5G pioneer once again in range, I return as a buyer.

May 22, 2020

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Your Questions…

My Responses
  • Thank you for your trust as we navigate the evolving landscape and plot our pathway to recovery
  • Your many emailed notes and thoughtful questions demonstrate our collective resilience and resolve
  • Posing questions and collaborating on solutions offers a vital and proactive way to strengthen our process

One Plus One Equals Three – I am a firm believer that two smart people working together often reach a better, faster decision than if each had been working alone. Partners help us see things we might not have seen on our own, and ultimately the sum of the parts is greater than the whole. With this in mind, I am digging into the many questions and comments I’ve received during the market’s stunning reversal from March lows, responding in public so we can all benefit. Your questions invariably make me sharper, primarily because they force me to re-examine my assumptions and crystalize a viewpoint. For this I am extremely grateful. I also realize that many of the inquiries I receive are relevant to other readers as well. If one person has asked a question, chances are others have been wondering the same thing too. So, thank you and please keep them coming.

May 22, 2020

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As in CVS opens 16 drive-through corona testing sites in Arizona as part of a pilot program before rolling out national coverage.
#AmericanIngenuity

165

As in tanker operator Frontline Ltd sees earnings quadruple to $165M due to surging demand from speculators for “floating storage” since oil tanks on land are already full.
#AmericanIngenuity

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As in the first all-electronic trading sessions in the NYSE’s 228-year history have resulted in better execution for customers than when traders handled orders manually, according to a new study by the Social Science Research Network.
#AmericanIngenuity

 

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“My ideal investing is stuff that looks a little crazy now and in 3-5 years is obvious.”
– Reed Hoffman, Co-Founder LinkedIn.
#AmericanIngenuity

“You’re talking about achieving Instagram-like scale in a matter of weeks, which is extremely difficult unless you have a compelling value proposition.”
– Covid Watch software engineer Jesse Colligan on building the data-tracking platform from scratch
#AmericanIngenuity

“Last quarter was unlike anything I’ve ever seen. It was volatile. It was intense.”
– Target CEO Brian Cornell on keeping up with a 141% surge in e-commerce orders.
#AmericanIngenuity