Idea Brunch

If you can read only one Idea Brunch interview, let it be this one with @majgeoinvesting

Loved doing this interview with @irbezek on current events in Venezuela and Latin America Ian is a full-time investor based in Colombia and an excellent follow. After ~100 @IdeaBrunchEmail interviews in the last four years, this is an all-time favorite. readideabrunch.com/p/idea-brunch-…

Hinde Group founder @marcjwerres sat down with @StockJabber for a second interview on @IdeaBrunchEmail . The interview revisits Marc's highest conviction idea from last year, $IBKR, discusses the firm's research process, and outlines a new large-cap special situation. 🧵👇

1/ Gymkhana's co-portfolio manager @astetsen was featured in @IdeaBrunchEmail from @StockJabber! Read the full piece 👇 readideabrunch.com/p/idea-brunch-…

Andrei Stetsenko of @GymkhanaFund runs an India-dedicated long-only small-cap equity fund that has an annualized USD return net of all fees, profit allocations, and Indian taxes of 13.2%. If you believe in India's potential, this interview is for you! readideabrunch.com/p/idea-brunch-…

Over the last four years, I've interviewed nearly 100 emerging investors for Sunday's Idea Brunch. Below are some of the small long-biased investors that are A+: 1/ Brian Bellinger of Monimus Capital 2/ Christian Putz of ARR Investment Partners 3/ Jacob Rowe of Rogue Funds 4/ David Orr of Militia Capital 5/ Michael Melby of Gate City Capital 6/ Nat Stewart of N.A.S. Capital 7/ Jon Cukierwar of Sohra Peak Capital 8/ Ryan Rahinsky of Blue Outlier Capital If you are an institutional allocator looking for new stockpicking talent, all these funds would be a great addition IMO.

Information arbitrage, perfectly defined throughout this week’s @IdeaBrunchEmail with @Sophoninvest. Couldn’t have said it better myself. Within seconds of reading, you’ll see why “turning over rocks” investors will keep their edge in the microcap world—regardless of AI.

Very much enjoyed having @Sophoninvest on Idea Brunch. If you invest in microcaps they are a must-follow and their interview is a must read readideabrunch.com/p/idea-brunch-…

I was recently interviewed by @StockJabber at his @IdeaBrunchEmail. Talked a bit about my background and some stocks I like at the moment. Check it out below! Really enjoyed this one readideabrunch.com/p/idea-brunch-…

@majgeoinvesting @japan_guru_x Thank you for sharing Maj!

Excerpt from @IdeaBrunchEmail on two of @japan_guru_x favorite investors. One who grew his personal net worth from less than $100K to 250 million (managing his own money) and the other who who 93x-ed his fund👇 readideabrunch.com/p/idea-brunch-… Let me introduce you to two people. One is Tatsuro Kiyohara. He is former Nomura / Goldman, and a legendary fund manager from Tower Investments who 93x-ed his fund. He declined George Soros’ money twice, in order to keep his fund at the optimal size. The way he made bold contrarian bets amidst the market downturn, like buying REITs during 2008 Lehman collapse, or buying 5% of Olympus in the face of heavy selling amidst its accounting fraud scandal and rumored ties with yazuka, and emerging a big winner almost every single time, is just admirable. If I were to recommend a book about Japan equity investing, I’d say read Kiyohara’s “My Investment Strategy” (waga-toushi-jutsu). Maybe an English version is not yet available, but I bet LLM AI would solve that soon. I respect one more person. Going by a pseudonym “cis”, he is a legendary Japanese retail trader. Cis started trading since high school age. Avid gamer, he would work shifts, make some money on pachinko slot machines, and put those money into stocks. Initially, he lost almost all his money and came close to quitting. But he persevered, and gradually developed his unique day trading strategy. The bedrock principle of his trading style can be summarized as “Buy high and sell higher. Sell low and sell lower.” This is starkly different from Kiyohara’s approach. But he has grown his personal net worth from less than 100K USD to 250 million USD – all through short term trading of stocks and futures, without ever managing other people’s money.

A masterclass on the Japanese markets with @japan_guru_x readideabrunch.com/p/idea-brunch-…

A fave passage from @IdeaBrunchEmail interview with Adrian Courtenay, Managing Director at GreenAsh Partners and Fund Manager of GA-Courtenay Special Situations Fund. I think full-time/microcap investors can especially relate. Drawdowns always seem to occur at the most inopportune times. Murphy’s Law.👇 “Our fund structure addresses a fundamental reality: periodic market crashes of 30-50% are inevitable features of our financial system, not outliers. These crashes are most aggravated when governments and their institutions face conflicting mandates. We saw this during COVID when governments had to choose between public health and economic productivity, and during the 2007-08 crisis when the Fed struggled between controlling inflation and addressing credit stability. When these conflicts arise, government institutions become paralysed or their orientation can invert, and markets plunge. The critical insight is that market crashes often coincide with personal liquidity stress for fund unit holders. The result is that even if a fund performs well long-term, unit holders may crystallise losses at precisely the wrong time by redeeming during crises to meet personal needs like paying down mortgages or covering school fees. This creates a large gap between fund performance and average unit holder returns. Our structure targets resolution to this problem through an operating method that also aims to eliminate the speculative elements in traditional hedge fund design. We maintain full equity deployment in carefully selected equity special situations while using strategic leverage to finance a positive carry hedge. This hedge consists of merger arbitrage positions and index put options working in concert.”

A masterclass on special situations and merger arb investing from @ACourtenEye readideabrunch.com/p/idea-brunch-…

I'm excited to interview @majgeoinvesting in @IdeaBrunchEmail tomorrow. Maj is a prolific microcap investor and entrepreneur, best known for spotting microcap multi-bagger turnarounds early and conducting in-depth interviews with microcap management teams. His primary service, GeoInvesting, is the gold standard for delivering small-cap, institutional-quality research to individual investors. More recently, Maj has expanded his services with @MSMicrocaps and @TeamPraaP. If you want Maj's expertise, favorite picks, and to learn from his entrepreneurial journey, make sure to get his interview in your inbox tomorrow. At 7,400 words, this interview is one of the longest and most informative Sunday Idea Brunch interviews yet. I learned a great deal from Maj, and I'm sure you will too. readideabrunch.com

Today, we interviewed Nicholas Marshi, an expert in the BDC sector who has been investing in BDCs for 20 years. Nick is one of a kind, and if you invest in BDCs, he is a must-follow. readideabrunch.com/p/idea-brunch-…

@atelicinvest .@IdeaBrunchEmail is the best way to follow emerging managers and their top stock picks. Some highlights include @Mike10947310 pitching $TSSI in June 2024 (+500%) and @blueoutliercap pitching $GEO in January 2024 (+150%). Links: readideabrunch.com/p/idea-brunch-… readideabrunch.com/p/idea-brunch-…

Idea Brunch with @Nsacheti of Papyrus Capital Nitin has excellent insights into short-selling, energy infrastructure, and much more. Enjoy! readideabrunch.com/p/idea-brunch-…

New Idea Brunch with @valuedontlie As one of the few public market investors who also has experience as a private market operator, Colin brings great perspective and new ideas to Idea Brunch. Thank you Colin! readideabrunch.com/p/idea-brunch-…

Honored to be interviewed by @StockJabber on his Sunday Idea Brunch, where he interviews emerging fund managers We discussed my fund and several of my favorite ideas such as $RH, $CLS, and $MU Link to the interview in the comments below