KIRBY CORP

71.15 -2.44 (-3.43%) Sell

KEX investors looking to preserve capital

13 min read

KEX delivered massive losses today. On a longer term basis, investors in KIRBY CORP made -0.0% per day. Thursday's performance of -3.43% was a significant underperformance compared to it's daily average.

[Themes containing KEX]

Buy-and-Hold investors in KEX experienced a maximum drawdown of -20.35% over the last three months. It returned -12.7% during this strong down trending period. There were no long signals during this period, where the short signal generated good profits of +9.6% for investors.

Trend

KEX has been underperforming the SP500 index in recent time, after having outperformed till 4 Jun, 2018. Over the last 2 years 11 months and 9 days, KEX outperformed the SP500 index on 51% days.

During the last three months KEX delivered profits on 50% days. However, it still managed to end this period in a loss. It's best return during this period (of +6.25%) was on Tuesday, 30 Oct, 2018. While it's worst loss in the same period (of -6.96%) was on Monday, 29 Oct, 2018. There was initially a bullish trend during this period which started on 28 Sep, 2018 and went on till 3 Oct, 2018. The bullish trend returned +4.55% to investors. This was followed by a bearish trend that started on 17 Oct, 2018 and ended on 24 Oct, 2018. This bearish trend lost -17.85% of investor capital.

On monthly basis, KEX delivered profits in more months over the last year, than losses. KEX delivered profits less regularly than SP500 index. KEX was also a more risky investment than SP500 index as it's worst month in the last year, Oct 2018, returned -13.24% compared to -7.28% returned by SP500 index in Oct 2018. KEX had a shorter streak of profitable months than SP500 index. It only went up in 5 straight months during the last year. It is interesting to note that both KEX and SP500 index significantly outperform during months when quarterly/annual results are announced.

Minimizing downside risk while maximizing the upside is a powerful concept.
-- Mohnish Pabrai

KEX is becoming more volatile overall. In comparison, the SP500 index is seeing a rise in volatility. During the last three months, there was a significant fall in KEX's volatility from 14 Sep, 2018 to 2 Oct, 2018. While there was a significant surge in the SP500 index's volatility from 14 Sep, 2018 to 29 Oct, 2018.

Advanced/professional short-term investors should note that KEX has significant positive skewness in it's return distribution. This indicates that investors can expect KEX to recover from drawdowns quickly. Which makes KEX a good candidate for investing on short-term bullish trends or even counter-trends hoping for a pull-back.

KEX has more chance of extreme outcomes than the SP500 index. Therefore, KEX must receive a lower allocation than SP500 in your portfolio. SP500 index usually has shorter drawdown period than KEX.

Based on your interest in KEX you may find it interesting to know that EHC is a small cap that has shown remarkable performance and deserves to be on every investors' watchlist.

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