Eric G

We like $133.HK, it’s a time machine that gives investors exposure to China’s leading agentic AI model associated with Cursor/SpaceX at a $1.5bn valuation. Thanks to activist involvement, you also get paid an 8% dividend yield to wait for the re-rate. Full writeup: maiuspartners.com/p/back-to-the-…

🚨 The creator of Claude Code just shared a full walkthrough on how to actually use it the right way. 30 minutes. Free. Straight from the person who built it. Watch the workshop and save it for later. You’ll likely get more practical value from this than from most expensive coding courses online. Most people are only scratching the surface of what Claude Code can do. Then check out the guide below.

At the current Molybdenum prices, Greenland Resources' $MOLY NPV sits around here (~$2.5-3.0bn) 👇 Market cap of $170m.

$4441.T As of June 2025, employers are required to reduce customer harassment in Japan. The entire concept is a bit odd as someone not from Japan, but Tobila's Solutions Biz is growing quickly and provides a solution for this.

Bawag is a 4x for me in 4 years. It will be much more in next few. Great deal on PTSB.

Interesting to see recently listed EU defense small caps Gabler $X4K and Vincorion $V1NC not participating in the recent sector rally. On the other hand, nobody knows them yet. Both rapidly growing, profitable, good b/s, decent valuations. Doesn't matter whether Trump will exit Nato or not, EU defense has a LONG way to go. You'll probably do well over the next decade even from here owning a basket.

Michael Mauboussin on ROIC and Competitive Advantage If a business has a high ROIC from a high NOPAT margin, focus on differentiation If a business has a high ROIC from a high invested capital turnover, focus on cost leadership Very few businesses have both (generally reinforced by economies of scale)

@Larryjamieson_ $TPL is a fairly good example. But I imagine you mean: $MA $V $FICO $MSCI $MCO $SPGI

Midac (6564.JP) is a vertically integrated, extremely profitable waste management business that Tony Soprano could only dream of. Midac operates in a highly regulated and fragmented industry with inelastic demand and a finite supply that takes years to bring online. The company handles everything in-house, from waste collection and transportation to intermediate treatment and final disposal, addressing a major pain point for its industrial clients. Management has an enviable record: it grew revenue 3x and operating profit >10x over the past ten years. The OP margin hit 42% last year, driven by disciplined cost control, fixed-cost leverage, and mix shift toward disposal and incineration services. Unusually, the M&A strategy is creating substantial value as management buys out aging founders for a fraction of the residual landfill value. The remaining site life, ongoing capacity upgrades, and new developments provide growth visibility for decades. So, what is this gem worth? Certainly not a deep value setup: 11x EV/EBIT and 16x P/E on my FY 2027 numbers. Using reasonable assumptions five years out, I see an upside of 40-50%. Not good enough for me to pull the trigger just yet. If I get lucky, I would like to hop in below ¥1,700. For now, Midac will remain one of the prime targets on my watchlist.

$PROP. Long April $2 & $2.5 calls. Not financial advice, do your own research. HIGHLY SPECULATIVE!!!!!!!!!!! $PROP is death spiraling in the face of a looming dilution death sentence. They must refinance $158M toxic preferred debt held by Hudson Bay w/ $1.15 conversion floor by March 26th trigger date to avoid ~250 million new share issuance + warants vs. ~59 million shares currently outstanding. Yea, thats 5x dilution. Dont ask how this shitco mgmt team got itself into this pickle. Good news is the CEO just voluntarily left having been forced out by top shareholder who has been actively buying stock at higher prices. Imo, worst-case dilution is already priced into shares @ $2-ish. Available sources $75M equity shelf registration $58M available on RBL facility (@ 9/30) Sale & leaseback? High yield bank debt? Non-convertible preferred? The combination of any of the above is HIGHLY accretive v. letting the preferred convert at $1.15. $PROP is already $260M EBITDA run rate exiting 2025. Comps trade 3-4x. Fundamentals justify $10+ if preferred are cured. Maybe $3-$5 with ~half the dilution. They've also~ 80% hedged their oil exposure thru 2028 at mid 60's oil, so ~20% exposed to spot which is a nice kicker. Interestingly, in early march, reserves were valued at $1.2 billion NPV10 (industry metric for DCF'ing oil in the ground) vs. today's EV fully diluted for worst-case-scenario dilution impact of ~$800M. The juice? Mgmt owns ~40% of the equity and theres ~9M shares short. How does Hudson Bay unwind this? They've shorted the PISS out of the common as a hedge against the pref. I smell a nasty and violent unwind higher. They're presenting at Piper conference on 3/16. Will they have good news to share? Q4 earnings whisper late March. The clock is ticking. I'm long for a trade. Not financial advice, do your own research.

Cannae Holdings increased its share repurchase authorization. Effective March 6, 2026, the board approved a new program for up to 10 million shares, in addition to the 4.9 million shares remaining under prior authorizations, bringing total repurchase capacity to 14.9 million shares. With 46.4 million shares outstanding, the aggregate authorization represents roughly 32% of the current share count $CNNE

$EVC lol so adtech now now running at $50m EBIT annualized, still growing like crazy (16% sequential topline). That's worth $500m at a 10x multiple vs. $400m EV for the whole entity at today's share price. So you're getting Adtech at a big discount and all the Media assets thrown in for free...as we head into what should be a record mid-term year for Hispanic media political ad spend. 7% dividend on top of that. Incredible.

1) AI beneficiary still trading at a value price. $6623.T Aichi Electric gets 45% of profits from printed circuit board (PCB) cores specifically designed for semiconductor packages; segment +35% sales & +45% OP YTD. Trades 1.0x BV, 6.5x EV/EBIT & 10.3x P/E

$4397.jp (teamspirit, enterprise erp system in Japan). feels like easiest 5-10x in public markets today. 0.5x revenue growing teens, initiating capital return, great mgmt, 95% gross retention rate. Creating biz on <1x FCF in a few years

Photonics stocks Substrate & Equipment • $AXTI – substrate materials exposure • $IPGP – fiber lasers & light sources • $IQE – advanced epitaxial wafers (InP, GaAs) Optical Components & Systems • $LITE – lasers & photonics components • $COHR – diversified optical tech • $GLW – fiber & telecom glass • $POET – photonic integrated circuits • $CIEN – optical networking leader Transceiver & Interconnect • $AAOI – optical transceivers • $AEHR – photonics/semi testing tools • Photonics is deep-tech infrastructure, not a short-term trend. • As AI compute scales, optical bandwidth must scale with it. • The highest value often sits upstream — substrates, epitaxy, fabrication yield. • Scarcity = leverage. Photonics today is where semiconductors were decades ago — a foundational layer quietly powering everything. If AI, cloud, and connectivity continue expanding, photonics must expand with them.

I keep coming back to $RDCM. $109.9M cash on balance sheet. $71.5M top line (17.2% YoY growth) Positive cash flow of $15.2M EV of only $91M Projecting double digit growth again this fiscal year, which will likely be raised throughout the year like 2025. Maybe they will also spend their cash on an acquisition 🤷‍♂️

Inductors: - Murata: 6981.T - TDK: 6762.T - Vishay: VSH - TAIYO YUDEN: 6976.T - Samsung Electro-Mechanics: 009150.KS Tantalum: - Vishay: VSH - KEMET (YAGEO): 2327.TW - KYOCERA AVX (Kyocera): 6971.T - Panasonic: 6752.T Polymer: - Panasonic: 6752.T - KEMET: 2327.TW - AVX: 6971.T - Nippon Chemi-Con: 6997.T - Nichicon: 6996.T - Samsung Electronics: 005930.KS

$6777.T POWER LAW odds off finding a far right tail… dramatically increase when you buy a picks and shovels play… in a booming industry! >400% since writeup but still big upside. On track for a 10 bagger! IMO