Prices for stocks, bonds and real estate are near all-time highs. Meanwhile, government, corporate and consumer debt are also at all-time highs.

And in the face of record valuations and record debt, we're seeing rising interest rates (the yield on the 10-year Treasury hit 3% last week for the first time since 2014) and other signs of inflation like rising oil and copper prices.

Who knows how much longer this bull market, fueled by $4 trillion from the Fed and low interest rates, can continue.

That's why I've been advising you to raise some cash. But, even in today's market, you can find value if you know where to look.

And Sovereign Man's Chief Investment Strategist, Tim Staermose, recently found one of the most exciting opportunities I've seen in awhile.

Since we've been talking so much about finance and economics so much in Notes recently, I wanted to share a great piece on value investing we originally ran last year.

You'll find it below…]

In 1982, a man named Jim Tisch bought seven supertankers for $42 million. He found them by cold calling companies he found in the Yellow Pages.

Yes, $42 million is a lot of money… but these tankers were each four football fields long. That's a lot of steel. And they could carry between 2-3 million barrels of oil.

And these ships were built just eight years earlier at a cost of $50 million apiece.

Jim Tisch is the son of the legendary Laurence "Larry" Tisch, the late billionaire founder of Loews. Corp – a conglomerate that has owned hotels, movie theaters, insurance, cigarettes, oil and watches over the years.

And like his Dad, Jim had a nose for value…

Low oil prices in the early 1970's (around $3 a barrel) caused demand to soar. To keep up with the growing demand, everyone rushed to build supertankers (which can take years to complete).

Then the Arab oil embargo in 1973 sent oil prices soaring to $12 a barrel by 1975.

The Iranian Revolution (and ousting of the Shah) followed in 1979… And Iran drastically slashed its output. Oil jumped to over $37 a barrel.

Now there was much less oil coming out of Iran (and a year later, Iraq), but the tankers were still floating in the water.

Tisch started sniffing around for tankers in the early 80s, when, according to Tisch, only 30% of the global fleet was necessary to meet demand.

That's why he was able to buy at an almost 90% discount. As he said at a 2006 speech at Columbia University:

[S]hips were trading at scrap value. That's right. Perfectly good seven-year-old ships were selling like hamburger meat – dollars per pound of steel on the ship. Or, to put it another way, one was able to buy fabricated steel for the price of scrap steel. We had confidence that with continued scrapping of ships and increased oil demand, one day the remaining ships would be worth far more than their value as scrap.

By 1990, the market for tankers was turning around… too many ships were scrapped and the volume of oil coming from the Persian Gulf was increasing.

Noting the strength, Tisch sold a 50% interest in his ships for 10 times his initial investment.