John W.

Monarch Cement $MCEM is now my largest position. I would not be surprised to see this business fetch an unsolicited bid from PE or a strategic if the discount persists. DYODD, I am often wrong.

$EXFY Expensify is deep value with insider buying, positive FCF, and tangible assets: Price = .77, EV per share = .89, 52 week price change = -76% FCF is consistently positive, EV/GP = .77, Cash per share = .68, P/TB = .60, EV/Rev = .12,  Market cap = 72.01M, Enterprise value = 17.02M,  EXFY owns its corporate headquarters in Seattle. The property is mortgage free and has a fair value of approximately $20 million. This compares favorably to its current enterprise value of $17 million. Further, there was material insider buying during March 2026, as 10% owner Steven J. McLaughlin purchased 2,263,444 shares at an average price of .94 per share, totaling $2,134,309. McLaughlin, who owns 13,987,003 shares, is the Founder and CEO of Financial Technology Partners, a boutique investment bank focused on fintech.

This might be the cheapest name in my portfolio. Nankai Plywood (TYO 7887). 0.22x P/B Book value: ¥23,917/share. Price: ¥5,370. Market Cap: $36m usd Total current assets: $130m. Total liabilities: $60m 2.8% Dividend BV CAGR 5y: 4.6%, 10yr: 3.7% P/E LTM: 2.7x / Forward P/E: 8.6

Covered a small short position I had in $WLTH and flipped long. They charge 9 basis points for Direct Indexing the S&P 500 and 12 basis points for the Nasdaq, 0.25% for an ETF portfolio, it's actually very reasonably priced. One of the highest savings yields, free wire transfers, the direct tax loss harvesting program, for a robo-advisor its a pretty comprehensive offering at razor-thin pricing. Stock panicked on the AI fear, but I think the move is massively overdone. The type of clientele who pays for Roboadvisors and automated tax loss harvesting likely isn't the clientele that would prompt Claude to generate a portfolio and blindly follow it. Closed the short and flipped slightly long, not a high conviction trade but the stock is much more attractively valued than it was a few months ago.