Archive - No Deep Dives

Q2 2025 Portfolio Review

Up 10.34% in Q2 25, 10.25% YTD

Jul 1 •

June 2025

Adam Waterous unscripted

Strathcona Resources: Capital Allocation Champions? Examining the CMD and older founder interviews.

Published on Pemcap’s Substack • Jun 27

Portfolio Spotlight: Bekaert

Elevated quality at 7x P/E

Jun 19 •

May 2025

ACKCHYUALLY: Pabrai Didn’t Beat Blackjack. He Got Lucky

His "system" is just variance

May 27 •

April 2025

The Trade War Nobody Wins. Except ...

Why tariffs, supply chain cracks, and dollar weakness set up aircraft lessors for another big win

Apr 29 •

Q1 2025 Portfolio Review

Flat YTD vs -8.7% for S&P 500 in EUR

Apr 15 •

January 2025

Q4 2024 Portfolio Review

Up 4.14% in Q4, 27.8% for FY24

Jan 17 •

Model Portfolio Going into 2025

19 Shades of Value

Jan 8 •

November 2024

TT Electronics: Turnaround with Takeover Chatter

Cheap valuation, merger arbitrage upside, and the chance of a higher bid make this a compelling watch

Nov 21, 2024 •

Digesting Millicom’s Tower Monetization

Sale-leaseback announcement with SBAC leaves TIGO stock unmoved. Clarity on 2025 capital allocation is what investors need now.

Nov 11, 2024 •

October 2024

Q3 2024 Portfolio Review

Up 2.8% in Q3 24, 22.7% YTD

Oct 22, 2024 •

July 2024

Quick (pre-Q2 24) Millicom Update

Reject the $24 bid. Still ridiculously cheap with improving fundamentals and tons of upside optionality

Jul 29, 2024 •

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