Ina, The African Farmer

It sounds like the most popular is FRA/Italy, Thailand

No, I’m not. The moment you open the 10-K of a company trading at 0.3× tangible book, it’s like a succubus of deferred tax assets emerges, whispering “temporary impairment” while you realize the CFO’s last name matches the auditor’s. You scroll further and your Tylenol-induced autism from 12 years of watching Buffett interviews amplifies every red flag to 100 dB in your skull. You check your phone and see the stock just dropped another 18% because the CEO “retired to pursue other interests.” Instead of clarity you start convincing yourself the land value alone justifies enterprise value while another press release drops — “strategic review initiated.” These filings never prepare you for the horrors that can ensue from deep value. You ever hear a microcap blow earnings like a humpback whale in mating season? I have. It’s horrific — guidance reduced, covenant breach imminent, each disclosure driving you further insane wondering how much “non-recurring” expense one quarter can hold. Just because a balance sheet looks pristine doesn’t mean the business isn’t bleeding to death behind it. Ben Graham warned us, but we didn’t listen. You think it’s over. It’s not. Post-analysis, one might hope for peace — but you’ll hear the “HARGH… PUI” of another goodwill write-down hitting the income statement. God help you if they classify it as “adjusted EBITDA neutral.” The great spitting sirens of finance aren’t the meme-stock bros — it’s the auditors washing your intrinsic value down the sink while you doomscroll Fintel for insider buys that never come. Lord help you when the catalyst never arrives. You thought you were buying a cigar butt with one puff left, but turns out it was soaked in diesel and lit by management’s stock-based comp. But it’s too late — you’ve averaged down three times and told your followers this was “the most asymmetric setup of 2025.” Thoughts and prayers. Deep value was the intelligence community’s final psyop — to convince men that “margin of safety” still exists in an era where the only safety is selling to the next fool before the delisting notice hits.

I was in the woods for a week doing a bootcamp in a farm. I come back. $WBD and $PSKY still printing.