I’m on vacation this week, but thought I’d at least share a note with some updated thoughts on a few of our Real Money Portfolio holdings, since we had quite a few of them report this week. That’s not really the market’s focus as I type, of course, I guess we’re all watching Russia’s invasion of the Ukraine and worrying about what that might mean.

The sad thing, of course, is that we can’t know. We can have opinions, and we can guess, but the chattering experts on Russia and geopolitics pretty obviously don’t know, either, so I won’t spend a lot of time pretending that I know whether this is a skirmish that the world will mostly end up ignoring, like Russia’s invasion of the Ukraine eight years ago, or the flash point for years of global conflict that ties in with China and rising authoritarianism globally and a re-division of East and West. I’m not making any big portfolio adjustments related to this latest market turmoil, and I’m also not buying or selling in any big way this week based on my re-assessments of companies following their quarterly updates. I’m currently relying on the hedges I have in place, and the diversification in my portfolio, and waiting to see where and how the dust settles from this latest panic.

So for now, all I can offer is a few updates from our companies, and a few updated thoughts from me…

Camping World Holdings (CWH) has been putting up caution flags for me this year (I wrote about that last month), as the warnings from the RV manufacturers turned into concerns that we might be passing the peak in RV sales, which has some risk of leaving Camping World, as the largest dealer, with inventory that they built up at just the worst time, right before they have to start discounting to move merchandise. That, plus what looks to me like the increasing absenteeism of CEO Marcus Lemonis, who seems more interested in being a Hollywood star than a CEO, still gives me pause. That’s in the “no likey” column.

The quarter that CWH reported was just fine — great, even — with very strong revenues and earnings that were better than expected. The margins did start to drop a bit as the inventory levels started to build, but that’s not necessarily a ...