Postcards: The BLS Deserves an Oscar for This Big Performance

I couldn't sleep last night because... well... we know the truth, and we deserve and have earned the dignity of hearing it from our leaders. They just won't admit the truth, which makes it much worse.

Dear Fellow Expat,

Look at the chart below. 

This is Tenaris SA (TS) 's year-to-date performance. The European-based steel company is down 8.4% this year. I wish it were doing better. 

Tenaris is our worst performer in 2024 within the Republic Risk Letter portfolio. 

Overall, the Portfolio is beating the S&P 500, and our shipping stocks are doing great. 

But Tenairis - which fits all of the metrics we look for in a reversion play - hasn’t found its floor yet.

Now, let’s say you write me and ask - nicely - "Garrett, could you explain why Tenaris is down 8.4% this year?"

Imagine if I answered, “What are you talking about? Tenaris is up 10%. It’s doing great, and we’re happy with the returns.”

“What!” you’d say, a vein popping in your forehead. “The stock is down 8.4%! Look at the chart.”

“No.” I’d reply, “This chart is wrong. Tenaris is doing great. And anyone who suggests that Tenaris isn’t doing well is a danger to America and rooting against our allies in Luxembourg.”

I’d hope, at worst, you t…