Transport Sector, China and Asia-focused Research

Charles De Trenck

Equity Bottom-Up

Nordic American Tankers / Equity Bottom-Up

We are finally trading in a proper bear market, with the market getting comfortable trading down while bull buyback activity appears more subdued. This should be a welcome cleansing. Of course, nobody wishes for the bottom to fall out. But it is a good thing that people are finally listening to investors like Carl Icahn. As a sign of going mainstream we can see even Vanity Fair is picking up on this with articles such as <a href="http://www.vanityfair.com/news/2015/09/carl-icahn-trump" target="_blank">http://www.vanityfair.com/news/2015/09/carl-icahn-trump</a>. See also <a href="http://www.businessinsider.com/carl-icahn-video-called-danger-ahead-2015-9" target="_blank">http://www.businessinsider.com/carl-icahn-video-called-danger-ahead-2015-9</a>. Ichan has been at it for a while, as have other investors and analysts. The market has only begun listening very recently.While it is a time to remain conservative in general, it is also a time to add to wishlists and to begin accumulating some selected names on wishlists. It may be painful. But there are precious opportunities.See the checklist and recommendations further below, focused mostly on my core expertise. In Transport, tankers remain a good place to hold some exposure, although we also have to exercise some patience on the long term theme of US resumption of US oil exports. In commodities more directly, the pain in Glencore has been totally predictable. And this is opening up some choices for us. For Asia investors I also add a few reminders on where to look. Title borrowed from Jimmy Cliff

 We are finally trading in a proper bear market, with the market getting comfortable trading down while bull buyback activity appears more subdued. This should be a welcome cleansing. Of course, nobody wishes for the bottom to fall out. But it is a good thing that people are finally listening to investors like Carl Icahn. As a sign of going mainstream we can see even Vanity Fair is picking up on this with articles such as http://www.vanityfair.com/news/2015/09/carl-icahn-trump. See also http://www.businessinsider.com/carl-icahn-video-called-danger-ahead-2015-9. Ichan has been at it for a while, as have other investors and analysts. The market has only begun listening very recently.While it is a time to remain conservative in general, it is also a time to add to wishlists and to begin accumulating some selected names on wishlists. It may be painful. But there are precious opportunities.See the checklist and recommendations further below, focused mostly on my core expertise. In Transport, tankers remain a good place to hold some exposure, although we also have to exercise some patience on the long term theme of US resumption of US oil exports. In commodities more directly, the pain in Glencore has been totally predictable. And this is opening up some choices for us. For Asia investors I also add a few reminders on where to look. Title borrowed from Jimmy Cliff

Commodities: The Harder They Come, The Harder They Fall... One and All