Introduction
Here I layout a rather broad bear/neutral thesis for DHT Holdings, Inc. (DHT). First I discuss the investment thesis for some one long this stock. Next I discuss the nature of the investment as one in a depreciating fleet of ships. I highlight how in many quarters and years stockholders have experienced decreasing equity from profits being outpaced by ship depreciation. Next I review the trades of insiders selling the recent spike. And before concluding, I discuss the skewed risk to reward ratio indicated by the convertible notes.
I feel it is important to