“If you’re going through hell, keep going.”

“Never give in - never, never, never, never.”

“Success is the ability to go from failure to failure without losing your enthusiasm.”

All by Winston Churchill

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*Portfolio*

*I am NOT a financial advisor. I’m sharing my investing journey. Not investment advice. Do your own research.*

Portfolio (Basic):

Holding since:

2020 - LKQ 0.00%↑ - 03

2021 - SFM 0.00%↑ - 03 | VMD 0.00%↑ - 05

2022 - $NTDOY - 12

2023 - PYPL 0.00%↑ - 01

2024 - - 04 | - 09

2025 - - 01* | - 08 | $CR?? - 08 | $CR?? - 10 | - 10 | $EVVTY - 11 | $F? - 12

2026 - - 02* | $DE?? - 03 | $M?? - 03

*IAC originally was purchased in 2021, but sold at the end of 2024 for tax loss purposes and re-bought back in 2025.

*EVVTY originally was purchased in 2022, but sold at the end of 2025 for tax loss purposes and re-bought back in 2025.

*MITK originally was purchased 2022, but sold at the end of 2025 for tax tax loss purposes and re-bought back in 2026.

Complimentary Monthly Commentary - CMC

If you haven’t yet figured it out by the fact that I had three (3) quotes for this months (I never do more then one) that there must be something happening, well let me tell that there is… Now before you start to worry let me just start saying everything is okay!

The reason for three quotes well they all great three quotes and all by the same person, a person who definitely went through worse things then I am going through mentally, with that said mentally I’m exhausted.

Most of you know that on this Substack I’m keeping it 100% real, raw, and unfiltered (well for the most part at least when it comes to cursing) I have been doing this blog since Dec 2020 and I always share the good, the bad, and the ugly…

If you would take two updates on the surface April and May ‘s updates they do not look much different when it comes to numbers but if you really think about it and see that since April 1st to May 1st and then from May 1st to the thumbnail of May you will see a big difference in price swing and that is mostly attributable to ONFO but also other things like BUR, BOC, and well it seems like everything else in port and that is just sometimes exhausting (mentally) and this is that sometimes.

Everyone can share their wins, their big wins .. I know I been guilty of it for ego boost, but gotta eat that humble pie too… and to add to the pain is that right now S&P is up like 8% YTD and I went from 15%+ to 2ish is messing with me a bit…

Although I would love to complain more about this … writing this actually makes me feel a lot better although literally nothing has changes since before I start writing these words and after … just by the fact that I have some folks to share this makes me feel easier … a bit crazy, but relaxing.

With that out of the way, I really don’t feel like writing more here for this month … there has been a lot of earnings (for my companies) this past few weeks and most of them are either been crap or markets reacted to them as if they were crap … o well, I need to process this more and so I will just leave it as is.

If anyone wants to chat about anything you can always reach out to me via email or DM me on Substack app … see y’all next month …

Oh almost forgot I will be going to Planet MicroCap Conference next month in Las Vegas.

Berkshire Hathaway AGM

Although this year around you could definitely feel / see that there were less people attending AGM when it came to meet ups and the true fans of investing there were still plenty of awesome people to meet and chat with.

Like , , , , just to name a few.

Check out some of the pics that I took while at Omaha for Berka AGM

A few times I passed by / saw Natural Grocers and decide to check it out since I own shares in Sprouts Farm. I must say the first thing that hit when walking in the store was the smell of “medicine” (NG is big on vitamins there was a huge part dedicated to different vitamins, herbs, natural remedies, etc). They did not have any main brands of energy drinks (part of my walk in reason wanting to grab Celsius) the closest thing they had was YACHAK Yerba Mate … not even close…

With that said the staff members were nice and there is a bit of everything in there, but Sprouts is definitely (in my opinion) better option, NG is partially family owned so I think I should still take a look at the company from investor point of view.

Earnings

Petty Cash

Viemed Healthcare Q1 2026 Update – VMD

Disclosure: I own shares in VMD. I am not a professional. Please do your own due diligence…

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9 days ago · 10 likes · Dean

Book

I realized that my descriptions of the books that I read may not always give them full credit as when I read these books and when I write about them, I only share one or two things that really stand out to me. So I have decided to also include a quick short description from Goodreads (no affiliations) so that way you get my thoughts but also more generic description to get a better feel for the books and in so hopefully adding them to your “to-read-list”.

This time around I finished one audiobooks:

Stock Market Maestros: The winning habits, strategies, and mindsets of the world’s best investors by Lee Freeman-Shor, Clare Flynn Levy

YZ: I cant say I loved the book or that I even liked the book BUT I defiantly did NOT hate it and in terms of habits / mindsets you wont learn anything new but I did pick up on a few investors that I want to follow more closely:

• Greg Padilla

• John Barr

• Maneesh Bajaj

Goodreads:

In this hotly anticipated follow up to his bestselling book, The Art of Execution, Lee Freeman-Shor and experienced fintech CEO Clare Flynn Levy delve into what the most skilled investors do differently from the rest of us – and offer practical steps for professional and personal investors alike.

Drawing on exclusive access to detailed trade data, sophisticated analytics tools and hours of in-depth interviews, Lee and Clare reveal how the best professional investors in the world achieve extraordinary results – not by getting it right all the time, but by making good decisions, both when they’re winning and when they’re losing.

From surprising habits to rules based on hard experience, you’ll learn strategies and techniques you can adapt into your own investing today. Including:
Why execution – timing, sizing, and managing positions – matters more than stock picking alone.How elite investors know when to cut their losers and ride their winners to make 1,000%+ returns.The habits and disciplines of the 'Assassins,' 'Hunters,' and 'Connoisseurs' who consistently outperform.Practical frameworks to refine your own decision-making process.

I give it 3 out of 5 stars.

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I’m keeping this one a bit shorter because I am in Omaha for Berkshire AGM and did not have as much time to as I usually do + my laptop is acting up. Let the munching begin!

Company Write Ups/Short Reports/Earnings/briefs/etc.

Cloudflare -- NET 0.74%↑ -- Write Up

Intuitive Surgical -- -- Write Up

Snowflake -- -- Write Up

Microsoft -- -- $$$ -- Write Up

Figure Technology -- -- Short Report

Birkenstock -- -- Write Up

WEX Inc -- -- Write Up

TransMedics -- -- Write Up

Meridian Holdings -- -- Write Up

Compass Pathways -- -- Write Up

Fair Isaac Corp -- -- $$$ -- Write Up

Lexin Fintech -- -- Write Up

Avis Budget Group -- -- Short Report

CF Industries -- -- Write Up

Zoom Communications -- -- Write Up

Mastercard -- -- Write Up

XPEL -- -- Write Up

Sportradar Group -- -- Short Report

Tactile Systems -- -- $$$ -- Write Up

Grace Pharmaceuticals -- -- Write Up

Ocugen -- -- Write Up

Insperity -- -- Write Up

Century Therapeutics -- -- Short Report

Affirm -- -- Write Up

ServiceNow -- -- Write Up

Murphy USA -- -- Write Up

Kaspi -- -- $$$ -- Write Up

Hamilton Lane -- -- Short Report

Regis -- -- Write Up

SoFi Technologie -- -- Write Up

Abbott Laboratories -- -- Write Up

Taysha Gene Therapies -- -- Write Up

Msci -- -- Write Up

SharonAI -- -- Short Report

ASML Holding -- -- $$$ -- Earnings

Terns Pharmaceuticals -- -- brief

Copart -- -- brief

Merlin Labs -- -- brief

Amazon -- -- brief

Tesla -- Earnings

GFL Environmental -- -- brief

Netflix -- -- Earnings

GE Vernova -- -- Earnings

Medpace -- -- Earnings

Kaspi -- -- $$$ -- brief

Intel Corp -- -- Earnings

ServiceNow -- -- brief

Sea Limited -- -- brief

Live Nation -- -- brief

Robinhood Markets -- -- Earnings

Philip Morris International -- -- brief

Wix -- -- brief

Taiwan Semicndctr -- -- Earnings (In Portuguese)

Barrick Mining -- -- brief

Lam Research -- -- Earnings

Crocs -- -- $$$ -- brief

PayPal -- -- brief

Lands' End -- -- brief

Transmedics Group -- -- Earnings

Ford -- -- brief

Interactive Brokers Group -- -- Earnings

SuperCom -- -- Earnings

Bloom Energy -- -- Earnings

Klarna Group -- -- brief

SanDisk -- -- brief

Advanced Micro Devices -- -- brief

Duolingo -- -- brief

Lemonade -- -- Earnings

Markel -- -- Earnings

Atlassian -- -- Earnings

Spotify -- -- Earnings

CareCloud -- -- brief

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More Company Write Ups/Earnings/briefs

Art Vivant Co -- $TYO:7523 -- Write Up

IMAX China -- $IMXCF -- Write Up

Pandora AS -- $PNDRY -- Write Up

Sinch AB -- $CLCMF -- Short Report

Opro Co. Limited -- $TYO:228A -- $$$ -- Write Up

Churchill China -- $LON:CHH -- Write Up

Wise PLC -- $LON:WISE -- Write Up

Hermes -- $HESAY -- Write Up

Nintendo -- $NTDOY -- Write Up

Salik -- $SALIK.AE -- Write Up

Science Group -- $LON:SAG -- Write Up

2Crsi SA -- $EPA:AL2SI -- Write Up

Tasmea -- $ASX:TEA -- Write Up

Vetropack Holding -- $SWX:VETN -- Write Up

Flow Traders -- $FLTLF -- brief

LVMH -- $LVMUY -- $$$ -- brief

Victory Giant -- $SHE:300476 -- brief

Pinetree Capital -- $PNPFF -- Earnings

Beacon Trusteeship -- $NSE:BEACON -- brief

Xvivo Perfusion -- $STO:XVIVO -- Earnings

Teqnion -- $STO:TEQ -- brief

Bombardier -- $BDRBF -- Earnings

Company “Research” via Audio & Video Formats

Roblox -- -- Podcast

The Trade Desk -- -- Podcast

Polaryx Therapeutics -- -- Podcast

Blue Owl Capital -- -- Podcast

Algorhythm Holdings -- -- Podcast

Chipotle -- -- Podcast

Wix -- -- Podcast

QXO -- -- Podcast

Costar Group -- -- Podcast

Givaudan -- $GVDNY -- Podcast

Xiaomi -- $XIACY -- Podcast

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PayPal -- -- YouTube

LandBridge -- -- YouTube

Mobileye Global -- -- YouTube

Grab -- -- YouTube

Onfolio -- -- YouTube

Fair Isaac -- -- YouTube

Sea Limited -- -- YouTube

KraneShares CSI China Internet ETF -- -- YouTube

Sprout Social -- -- YouTube

Booking.com -- -- YouTube

IREN -- -- YouTube

Visa -- -- YouTube

UnitedHealth Group -- -- YouTube

Advanced Micro Devices -- -- YouTube

Purecycle Technologies -- -- YouTube

Spotify -- -- YouTube

Snap -- -- YouTube

Nebius Group -- -- YouTube

ServiceNow -- -- YouTube

Tesla -- -- YouTube

Nokia -- -- YouTube

Msci -- -- YouTube

Nintendo -- $NTDOY -- YouTube

SECURE Waste Infrastructure -- $SECYF -- YouTube

QHSLab -- $USAQ -- YouTube

Wolters Kluwer -- $WTKWY -- YouTube

Evolution AB -- $EVVTY -- YouTube

Tencent Holdings -- $TCEHY -- Substack Video

Red Violet -- -- Substack Video

Interesting Links

3 Small-Caps in 3 Minutes by

The Mexican Airport Stocks by

Four companies to add to your watchlist (1/2) by

Four companies to add to your watchlist (2/2) by

10 Businesses legendary investor Nick Sleep would be buying today. by

12 Lessons I Learned from Peter Lynch, the Original 100-Bagger Hunter by

etc.

"From $100K to $1M" & More.

Four companies to add to your watchlist (1/2)

I go through a lot of companies (that’s how I’m able to pump out BWM on bi weekly basis) and most of them do not meet my investing criteria but once in a while I find a company that I find interesting but that (at that time) might be overvalued and so I put it on my watch list…

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19 days ago · 7 likes · Yegor

Moving on to the next two companies … these two are less know actually to be honest I may only saw one or two articles about one of them within the last few year and the other one is a recent IPO which no one has discussed yet but I think both are good additions to your watch list and maybe even portfolio.

The information in this article is provided for informational and educational purposes only.

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I go through a lot of companies (that’s how I’m able to pump out BWM on bi weekly basis) and most of them do not meet my investing criteria but once in a while I find a company that I find interesting but that (at that time) might be overvalued and so I put it on my watch list.

I wanted to introduce a bit of different type of “write ups”

I will be sharing four companies, in a short format write ups - two for everyone to see and two for my paid subscribers. All four companies are currently in my IRA account, but none of them are in my main portfolio (yet) … The two behind paywall have priority on my watch-list but I do think all four are interesting and have not been discussed on Substack.

Disclaimer is at the end.

Two industrial and two technology/fintech.

First one is The Gorman-Rupp Company (GRC), I was introduced to it by attending Gabelli’s 36th Annual Pump, Valve, & Water Systems Symposium:

The Gorman-Rupp Company ( )

Introduction

The Gorman-Rupp Company is a long-established industrial manufacturer operating within a highly specialized niche of the global capital goods sector. Founded in 1933 and headquartered in Mansfield, Ohio, the company designs and manufactures pumps and pump systems used in a wide range of mission-critical applications, including water and wastewater handling, fire suppression, industrial processes, agriculture, construction, petroleum transfer, and HVAC systems.

At a high level, Gorman-Rupp resembles a traditional cyclical industrial business. However, a more detailed examination reveals a differentiated model characterized by strong margins, diversified end markets, recurring aftermarket revenue, and disciplined capital allocation. These attributes position the company as a durable industrial compounder rather than a purely cyclical equipment manufacturer.

Business Model and Operations

GRC operates as a single-segment manufacturer of pumps and pump systems, but its operational scope is both broad and technically complex. The company produces thousands of pump configurations ranging from less than one gallon per minute to nearly one million gallons per minute, serving applications that span from small industrial processes to large-scale municipal infrastructure.

A defining characteristic of the business is the application-specific nature of its products. Unlike commoditized equipment, many of GRC’s pumps are engineered solutions designed for specific operating environments. These environments frequently involve demanding conditions and mission-critical functions, such as municipal wastewater systems, fire suppression infrastructure, and industrial chemical processing. As a result, reliability and performance are paramount, and purchasing decisions are often driven by total cost of ownership rather than initial price.

The company distributes its products through a broad network of independent distributors, manufacturers’ representatives, direct sales channels, and international partners. This network enables GRC to serve approximately 140 countries while maintaining localized technical support and customer relationships. Notably, no single customer or country accounts for more than 10% of revenue, reflecting a highly diversified customer base.

Central to the business model is the installed base dynamic. Pumps are long-lived assets that require ongoing maintenance, replacement parts, and eventual replacement. This creates a recurring revenue stream through aftermarket sales, which account for approximately 9% to 12% of total revenue while not contractual in nature, this recurring demand contributes to revenue stability and margin resilience.

Industry Structure and Market Position

The global pump industry is estimated to be approximately $80 billion in annual size and is highly fragmented, consisting of numerous niche-oriented players alongside larger diversified industrial companies. The fragmented nature of the industry is driven by the diversity of applications and the need for specialized engineering solutions.

Within this landscape, GRC competes primarily on performance, reliability, and service, rather than price. Customers in many of its end markets exhibit strong brand loyalty, particularly in applications where equipment failure can result in significant operational or safety consequences. Company’s long-standing reputation for quality and customer service has enabled it to establish durable relationships with distributors and end users.

Gorman-Rupp’s revenue is intentionally diversified across multiple end markets, including industrial, fire suppression, agriculture, municipal water, construction, OEM, and petroleum applications.

This diversification reduces exposure to any single economic cycle and allows the company to balance cyclical and non-cyclical demand drivers. While segments such as construction and agriculture are sensitive to economic conditions, others such as municipal water infrastructure and fire suppression are supported by long-term structural demand. The inclusion of aftermarket repair parts further enhances stability.

Management

The leadership of The GRC reflects a deeply operational and internally developed management culture, led by CEO Scott A. King, who rose through manufacturing and operational roles before assuming the top position. This background is indicative of a broader company philosophy that prioritizes execution, product knowledge, and continuity over external leadership turnover or strategic reinvention. Supporting him, CFO James C. Kerr brings financial discipline that is evident in the company’s steady deleveraging and consistent capital allocation. Overall, the management team is characterized by tenure, stability, and a strong understanding of the company’s core operations.

Culturally, GRC emphasizes long-term employee development, operational consistency, and customer focus. With an average employee tenure of approximately 12 years and no history of work stoppages, the company benefits from significant institutional knowledge and workforce stability. This stability supports its ability to deliver highly reliable and customized products, reinforcing its reputation in mission-critical applications.

From a capital allocation perspective, management demonstrates a conservative and shareholder-aligned approach, prioritizing reinvestment, dividend growth, debt reduction, and selective acquisitions. Company’s 53-year track record of consecutive dividend increases underscores this discipline, while recent deleveraging highlights prudent financial management. Additionally, meaningful family ownership contributes to a long-term orientation, reinforcing a focus on sustainable value creation rather than short-term performance.

Financial Performance and Economics

Gorman-Rupp’s recent financial performance reflects a combination of steady growth, strong margins, and improving operational efficiency. For the fiscal year ended December 31, 2025, GRC reported net sales of approximately $682.4 million, gross profit of $209.1 million, operating income of $95.4 million, and net income of $53.0 million .

Profitability remains a key strength. Gross margins reached approximately 30.6% in 2025, while EBITDA margins approached 19% . These levels are strong relative to typical industrial manufacturers and reflect pricing power, product differentiation, and the contribution of higher-margin aftermarket sales.

Growth has been supported by both organic expansion and acquisitions. Between 2021 and 2025, the company achieved a compound annual growth rate of approximately 14%, with organic growth contributing roughly 8ish% and acquisitions, including the Fill-Rite transaction, contributing the remainder.

On the balance sheet, the company has made substantial progress in deleveraging. Total debt declined to approximately $310.8 million in 2025, with a leverage ratio of 2.3x, down from higher levels in prior years. This trend enhances financial flexibility and reduces risk. Management has made multiple comment on having debt reduction as one of their priority.

Competitive Landscape

Understanding GRC’s competitive position requires placing the company within the broader industrial pump value chain. This chain begins with raw material and component suppliers, progresses through manufacturing and assembly, and ultimately reaches end users through distribution, installation, and long-term service.

GRC occupies a strategic middle position within this supply chain, acting as both a manufacturer and an engineered solutions provider while maintaining deep integration with independent distributors. Company focuses on designing and assembling pump systems rather than producing all underlying components, sourcing key inputs such as motors and castings from third party suppliers. This approach allows it to remain asset-efficient while concentrating on higher-value activities such as engineering, testing, and application design.

Competitors within the industry can be broadly grouped into three categories. First are large diversified industrial companies such as Xylem Inc., Flowserve Corporation, and ITT Inc. These firms operate at significantly larger scale and offer broader product portfolios, often competing in large infrastructure and global industrial projects. However, their scale can limit flexibility in highly specialized applications. GRC competes effectively in these areas by emphasizing customization, responsiveness, and strong distributor relationships rather than breadth.

The second category consists of smaller niche and privately held manufacturers. These companies often possess deep expertise in specific pump types or regional markets. GRC differentiates itself from these competitors through its combination of specialization and scale, offering a broader product portfolio, stronger brand recognition, and a global distribution network while retaining the flexibility needed to serve niche applications.

The third category includes low-cost foreign manufacturers that compete primarily on price. GRC largely avoids direct competition in this segment by focusing on mission critical applications where reliability, service, and total cost of ownership outweigh initial purchase price. Its predominantly U.S.-based manufacturing footprint further supports supply chain stability and reduces exposure to tariffs and geopolitical risks.

A critical component of GRC’s competitive positioning is its distribution network. Long-standing relationships with independent distributors provide local market access, technical expertise, and service capabilities. This network creates a localized competitive advantage that is difficult for both large global competitors and new entrants to replicate.

Taken together, GRC occupies an economically attractive position within the value chain, above commoditized component suppliers and below large system integrators. Allowing GRC to capture value through engineering differentiation, recurring aftermarket demand, and strong customer relationships without requiring excessive capital investment.

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Growth Opportunities

GRC is positioned to benefit from several favorable long-term trends. Investment in aging water and wastewater infrastructure represents a significant and sustained demand driver. Increasing frequency of extreme weather events is also driving demand for flood control and stormwater management solutions.

Additionally, the expansion of data centers and artificial intelligence infrastructure is creating new applications for pumps in cooling systems and fire suppression. These emerging end markets provide incremental growth opportunities beyond the company’s traditional base.

GRC also retains the ability to grow through market share gains in a fragmented industry and through selective acquisitions that expand its product offerings and distribution capabilities.

Risks and Considerations

Despite its high-quality characteristics, The Gorman-Rupp Company remains exposed to a range of operational, financial, and structural risks that could impact performance across cycles. One of the most important considerations is the company’s exposure to cyclical end markets, particularly construction, agriculture, and certain industrial segments. Demand in these areas is closely tied to capital spending, commodity prices, and broader economic conditions. Periods of economic slowdown, reduced infrastructure investment, or declines in agricultural profitability can lead to delayed orders, lower volumes, and margin pressure. While GRC’s diversification helps mitigate this risk, it does not eliminate cyclicality entirely.

The competitive dynamics of the pump industry also require continuous investment. Market is highly competitive and includes both large multinational competitors and smaller niche manufacturers, all competing for share across various applications. Maintaining a competitive position requires ongoing spending on engineering, product development, manufacturing efficiency, and customer support. In addition, pricing pressure can emerge in more commoditized segments, particularly from lower-cost foreign competitors. If the company is unable to sustain its differentiation through performance and reliability, it could face margin compression over time.

From an operational standpoint, GRC is exposed to raw material cost volatility and supply chain risks. The production of pumps depends on inputs such as castings, steel, motors, and other components, many of which are sourced from third-party suppliers. Fluctuations in material costs, supply shortages, or disruptions in global trade can impact production timelines and profitability. While GRC has historically managed these risks effectively, including through pricing actions and sourcing flexibility, sustained inflation or supply constraints could potentially pressure margins.

Another important consideration is the company’s acquisition strategy and related integration risks. Growth in recent years has been partially driven by acquisitions, most notably the Fill-Rite transaction. While acquisitions can enhance product offerings and expand distribution capabilities, they also introduce risks related to integration, cultural alignment, and execution. Failure to realize expected synergies or operational improvements could reduce returns on invested capital and distract management from core operations. But so far GRC has proven that they are thoughtful acquirers.

Financially, although leverage has declined meaningfully, debt remains a relevant factor. The company’s outstanding debt includes term loans, revolving credit facilities, and secured notes, which introduce interest expense and financial obligations that must be serviced regardless of economic conditions. Higher interest rates or weaker operating performance could constrain financial flexibility, particularly during downturns. However, as mentioned before management has mentioned that paying down debt is one of the priorities.

Taken together, these risks do not undermine the long-term investment case but highlight the importance of evaluating GRC as a cyclical but high-quality industrial business. Its ability to navigate these risks through pricing power, diversification, operational discipline, and capital allocation will ultimately determine the consistency of its performance over time.

Conclusion

GRC represents a differentiated industrial business that combines niche specialization with scale, resulting in durable competitive advantages and strong financial performance. Its strategic position within the pump industry value chain, supported by engineering expertise, a robust distribution network, and a large installed base, enables it to generate consistent returns despite operating in a mature and fragmented market.

While not immune to economic cycles, company’s diversified end markets, recurring aftermarket revenue, and exposure to long-term infrastructure and technological trends provide a foundation for sustained performance. Combined with disciplined capital allocation and a long history of shareholder returns, GRC can be viewed as a high-quality industrial compounder with embedded recurring characteristics, capable of delivering steady value over the long term.

Moving on to Omega Flex, Inc. which I found accidentally by using screeners, interestingly enough there is not that much information about this company:

Omega Flex, Inc. ( )

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Introduction

Omega Flex, Inc. is a niche industrial manufacturer specializing in flexible metal hose and tubing systems used to transport gases and liquids across a wide range of applications. While significantly smaller than most publicly traded industrial peers, company occupies a distinct position within the supply chain by focusing on highly engineered, safety-critical products that are primarily used in construction, energy, and industrial systems.

At a surface level, Omega Flex appears to be a straightforward small-cap manufacturing business. However, a deeper analysis reveals a company with consistently high margins, strong free cash flow generation, and a highly conservative balance sheet. These qualities are counterbalanced by limited growth prospects and a heavy reliance on cyclical end markets. The core investment question is whether Omega Flex should be viewed as a high-quality, steady cash-generating business or as a structurally constrained company facing long-term demand headwinds tied to its core markets.

Business Model and Operations

Omega Flex’s business is centered on the manufacture and sale of flexible metal hose and related accessories, which are primarily used for the safe conveyance of natural gas, propane, and other fluids. Company’s flagship products are TracPipe / CounterStrike, both are widely used in residential and commercial construction for gas piping systems while offerings such as DoubleTrac, DEF-Trac, and MediTra serve industrial, environmental, and medical applications.

Unlike more diversified industrial companies, Omega Flex concentrates on a limited number of engineered solutions, allowing it to build expertise and brand recognition in safety critical applications where reliability and regulatory compliance are essential. Its products are typically embedded within larger infrastructure systems, making them essential but not highly visible to end users. Omega Flex distributes its products primarily through wholesalers, distributors, and original equipment manufacturers rather than selling directly to end users, enabling broad market access while maintaining a relatively efficient commercial structure.

Management and Capital Allocation

Omega Flex is led by CEO Dean W. Rivest, whose leadership reflects a consistent emphasis on operational efficiency and financial conservatism. Management’s approach prioritizes profitability, cash flow generation, and balance sheet strength over aggressive expansion or acquisition-driven growth. This philosophy is evident in the company’s capital allocation decisions, which favor maintaining high liquidity and returning capital to shareholders through dividends.

Mr. Dean W. Rivest serves as Chief Executive Officer and Director at Omega Flex, Inc. since January 1, 2024 and served as its President since January 19, 2022 until December 2023. Mr. Rivest is also a director and president and chief executive officer of Flex-Trac, Director and Chairman of Omega Flex Limited and President of Omega Flex SAS. He served as an Executive Vice President of Omega Flex, Inc. since 2020 until January 19, 2022 and responsible for manufacturing and engineering for all products, as well as sales and marketing for the industrial and MediTrac’s products. Prior to that, Mr. Rivest was the Vice President and General Manager of the industrial and MediTrac’s products since 2005. Mr. Rivest is also managing director of one of the companies foreign subsidiaries. In addition to being a registered professional engineer, Mr. Rivest is the inventor of several patents directly related to it;s product lines. He served as an Executive of OmegaFlex, Inc. His credentials include an M.S. in Mechanical Engineering from Rensselaer Polytechnic Institute, a B.S. in Mechanical Engineering from Western New England College and an A.S. in Mechanical Engineering from Springfield Technical Community College.

Omega Flex has not pursued significant acquisitions or transformative strategic initiatives, instead focusing on its core competencies and maintaining a stable business model. While this approach supports financial stability and consistent returns, it also contributes to the company’s limited growth profile, as fewer resources are directed toward expansion or diversification efforts.

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Industry Position and Supply Chain Role

Omega Flex occupies a specialized role within the industrial fluid-handling supply chain, functioning as a component-level supplier rather than a system-level manufacturer. Its products are integrated into broader systems such as building infrastructure and industrial equipment, positioning Omega Flex between raw material suppliers and end-market installers or system integrators.

The competitive landscape consists of both specialized hose manufacturers and larger diversified industrial firms. Omega Flex differentiates itself through product certification, regulatory compliance, and performance in safety-critical environments. This differentiation allows the company to compete more on reliability and quality than on price, particularly in applications such as gas distribution where failure risks are significant. Company’s proprietary manufacturing processes and long-standing relationships with distributors and installers further reinforce its position within its niche.

Financial Performance and Economics

Omega Flex’s financial profile reflects a business that is highly profitable but experiencing limited growth. For fiscal year 2025, company reported net sales of approximately $98 million, representing a decline of about 3% compared to the prior year. This revenue contraction was primarily driven by weaker demand conditions in construction related end markets, particularly residential housing. Operating income for the year was approximately $17 million, while net income attributable to shareholders was approximately $15 million, down from $18.0 million in the prior year.

Despite this decline, company continues to exhibit strong margin characteristics. Gross margins remained around 60%, operating margins were approximately 17%, and net margins were roughly 15%. These levels are notably high for a company of Omega Flex’s size and reflect a combination of pricing power, efficient manufacturing, and disciplined cost control. In addition, business generates strong cash flow. Operating cash flow in 2025 was approximately $17 million, while capital expenditures were modest at around $2 million, resulting in free cash flow of roughly $15 million. A significant portion of this cash is returned to shareholders through dividends, with total dividends declared in 2025 of approximately $13.7 million, or $1.36 per share.

Balance Sheet and Financial Strength

One of Omega Flex’s most compelling attributes is its exceptionally strong balance sheet. As of December 31, 2025, company held approximately $53 million in cash and cash equivalents, with total assets of about $105 million and shareholders’ equity of roughly $84 million.

Omega Flex carries no funded debt, with no borrowings outstanding under its credit facility at year-end. This debt-free position, combined with its high cash balance, provides significant financial flexibility and downside protection during economic downturns. Company’s conservative capital structure supports its ability to sustain dividend payments and navigate cyclical fluctuations in its end markets without relying on external financing.

Growth Profile and Constraints

A defining characteristic of Omega Flex is its limited growth trajectory. Over recent years, revenue has shown modest declines, largely due to cyclical weakness in construction markets and higher interest rates that have dampened housing activity. Because a significant portion of the company’s products are used in residential and commercial construction, demand is closely tied to macroeconomic conditions such as interest rates and building activity.

Company’s narrow product focus and limited international exposure, which accounts for only a small percentage of total revenue, further constrain its growth opportunities. While there is potential for incremental expansion through product innovation or penetration of niche markets such as medical gas systems, these opportunities are unlikely to materially alter company’s overall growth profile. As a result, Omega Flex does not currently exhibit the structural growth drivers typically associated with larger or more diversified industrial companies.

Risks and Considerations

Omega Flex faces several key risks, many of which stem from its concentrated business model. The most significant risk is its dependence on construction related end markets, particularly residential housing, which introduces cyclicality and sensitivity to macroeconomic conditions such as interest rates. Declines in construction activity can have a direct and immediate impact on demand for the company’s products, as evidenced by recent revenue trends.

In addition, the company’s reliance on a relatively narrow set of products increases its exposure to changes in industry dynamics, regulatory environments, and customer preferences. Long-term shifts toward electrification and reduced reliance on fossil fuels could negatively impact demand for gas piping systems, which represent a core component of Omega Flex’s business. Competitive pressures from both low-cost manufacturers and larger, better-capitalized firms may also affect pricing and margins over time.

Company is also dependent on its distribution network, with a significant portion of sales concentrated among a limited number of distributors. While the broad acceptance of its products mitigates some of this risk, changes in distributor relationships could impact sales in the short term. Additionally, Omega Flex faces ongoing exposure to product liability claims, particularly related to its gas piping systems, which could result in legal costs or reputational damage.

Conclusion

Omega Flex represents a high-quality but low-growth industrial business characterized by strong margins, consistent free cash flow generation, and a highly conservative balance sheet. Its position within the supply chain as a specialized component manufacturer allows it to generate attractive returns on capital, but also limits its scalability and long-term growth potential.

From an investment perspective, Omega Flex is best viewed as a stable, cash-generating niche industrial that offers financial resilience and income through dividends, rather than as a growth-oriented investment. The investment case ultimately depends on whether an investor prioritizes consistency and capital preservation over expansion and long-term growth potential.

Thank you for reading!

Let me know what you think about this type of short and to the point posts rather than long deep dives…

… do you like or do yo prefer long formats?

Third and fourth companies, I will be sharing in the next few days and those two will be available to the paid subscribers.

Disclaimer*

The information in this article is provided for informational and educational purposes only.

The information is not intended to be and does not constitute financial advice or any other advice, is general in nature, and is not specific to you. Before using this article’s information to make an investment decision, you should seek the advice of a qualified and registered securities professional and undertake your own due diligence.

None of the information in this article is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any security, company, or fund. The author is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

Let the munching begin!

Company Write Ups/Short Reports/Earnings/briefs/etc.

Figma -- -- Write Up

Cloudflare -- -- Write Up

Wealthfront -- -- Write Up

QXO -- -- $$$ -- Write Up

Hingham Institution for Savings -- -- Short Report

Motorsport Games -- -- Write Up

Zeta Global -- -- Write Up

Crocs -- -- Write Up

Pagaya Technologies -- -- Write Up

ServiceNow -- -- Write Up

Netflix -- -- $$$ -- Write Up

Duolingo -- -- Write Up

Cellebrite -- -- Write Up

Merlin Labs -- -- Write Up

Williams -- -- Write Up

Travelzoo -- -- Write Up

Quest Diagnostics -- -- $$$ -- Write Up

Axon Enterprise -- -- Write Up

Aduro Clean Technologies -- -- Write Up

Microsoft -- -- Write Up

Sonida Senior Living -- -- Write Up

Intel -- -- Write Up

Coursera -- -- $$$ -- Write Up

SoFi -- -- Write Up

Burford Capital -- -- Write Up

Salesforce -- -- Write Up

Adobe -- -- Write Up

CS Disco -- -- Write Up

GE Healthcare -- -- Write Up

Comstock -- -- Write Up

Medpace -- -- $$$ -- Write Up

KLA -- -- Write Up

Logitech -- -- Write Up

Kaspi.kz -- -- Write Up

Hurco Companies -- -- Write Up

Shift4 -- -- Write Up

New York Times -- -- Write Up

Novo Nordisk -- -- Write Up

Bloom Energy -- -- Write Up

Oracle -- -- Write Up

PicPay -- -- Write Up

Share

TransMedics Group -- -- Earnings

Paypal -- -- brief

Palo Alto Networks -- -- Earnings

UP Fintech Holding -- -- brief

Uniti Group -- -- brief

Wheaton Precious Metals -- -- brief

American Eagle -- -- brief

Autodesk -- -- $$$ -- brief

Vodafone Group -- -- Earnings

Nike -- -- brief

META -- -- brief

Nu Holdings -- -- brief

Ferrari -- -- brief

Netflix -- -- brief

Sidus Space -- -- Short briefing

BlackRock -- -- Earnings

Grab -- -- brief

Alphabet -- -- brief

Celsius -- -- brief

Novo Nordisk -- -- brief

The Charles Schwab -- -- Earnings

Amazon -- -- brief

Toast -- -- brief

NVIDIA -- -- brief

Rogers Communications -- -- brief

ASML Holding NV -- -- Earnings

Waste Management -- -- brief (In Spanish)

Zhihu -- -- brief

HP -- -- brief

SK Telecom -- -- brief

Plug Power -- -- brief

Brookfield Asset Management -- -- brief

Apple -- -- brief

Netflix -- -- Earnings

Sable Offshore -- -- brief

Texas Pacific Land -- -- brief

New Fortress Energy -- -- brief

Acacia Research -- -- Earnings

Service Corp. International -- -- brief

Charter Communications -- -- brief

Reddit -- -- brief

Costar Group -- -- brief

J.B. Hunt Transport Services -- -- Earnings

Modiv Industrial -- -- brief

GFL Environmental -- -- brief

Forward Air -- -- brief

Microsoft -- -- brief

Block -- -- brief

Rocket Lab -- -- brief

Zoom Communications -- -- brief

More Company Write Ups/Earnings/briefs

Read more

“Integrity is of paramount importance in good leadership.” - Greg Abel

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*Portfolio*

*I am NOT a financial advisor. I’m sharing my investing journey. Not investment advice. Do your own research.*

Portfolio (Basic):

Holding since:

2020 - LKQ 0.00%↑ - 03

2021 - SFM 0.00%↑ - 03 | VMD 0.00%↑ - 05

2022 - $NTDOY - 12

2023 - PYPL 0.00%↑ - 01

2024 - - 04 | - 09

2025 - - 01* | - 08 | $CR?? - 08 | $CR?? - 10 | - 10 | $EVVTY - 11 | $F? - 12

2026 - - 02* | $DE?? - 03 | $M?? - 03

*IAC originally was purchased in 2021, but sold at the end of 2024 for tax loss purposes and re-bought back in 2025.

*EVVTY originally was purchased in 2022, but sold at the end of 2025 for tax loss purposes and re-bought back in 2025.

*MITK originally was purchased 2022, but sold at the end of 2025 for tax tax loss purposes and re-bought back in 2026.

Complimentary Monthly Commentary - CMC

Sold out of BSM and BUR:

• BSM - I have exited out of BSM at what end up being my cost basis BUT given that for all that time that I held the stock I end up collecting around 10% dividend. There were a few reasons why I sold out … 1) was management’s discussion of great and optimistic future with data centers build out and needing energy sources like nat gas, they even did a special event for it Black Stone Minerals September 2025 Investor Presentation . That to me was a yellow ish flag. 2) US LNG going to Europe and being a great benefit to nat gas providers, still waiting for this one (its been like 2-3 years) maybe it will happen but it seems that oil still have so much to go before moving to nat gas. 3) Company being energetic about the future and starting to dig into debt to cover dividends. 4) lastly when war conflict started in the end of feb / beginning of march - oil responded well with spikes while nat gas did not have as big of a reaction and looking back it seems like nat gas experiences less volatility then oil when these type of conflicts go on (oil from 50 ish to 100 ish and still there while nat gas in the range 2.5 to 5 and not down back to 2.5 ish) I’m no O&G expert but it seems like I will find better opportunities else where… I did learn that I have one company to play as a hedge for when there is spikes in O&G volatility but that co is not BSM.

• BUR - US court overturned a major ruling regarding Argentina's YPF case and sank BUR’s stock 50% … my bet with BUR was and still is YPF case, I thought risk vs reward was interesting … US court overturning ruling was not something I thought was likely but understood there is a chance … I was waiting to see if I would be able to find anything that would confirm that BUR has filed en banc rehearing which had deadline April 10 but so far nothing, and so I’m out. I will be monitoring and if anything changes favorably towards BUR, I would be willing to buy back my shares. Unlike TCS, BUR’s loss I’m not as sour about since I understood chance of this (I’m not happy but it is what it is). I’m not going to even attempt to justify anything to hold the shares, BUR play was on YPF case.

Bought two holdings that I’m not ready to reveal to everyone yet still accumulating shares in them but one is in footwear and the other one is the one that I mentioned in my BSM part above.

BKTI Investor day

I have listened to BKTI Investor day “zoom call” and I’m just going to say this, as long as Mr Suzuki is at the helm - I will be holding my shares, he has not disappointing to far, there have been bumps but he pushed when it was time to push and he held back when things where not ready yet because that was the right thing to do. So far he as proven to be a good steward of shareholders capital.

Here is AI Summary powered by Fiscal.AI of the investor day

Business Performance Analysis

BK Technologies’ strong performance, culminating in a doubling of revenue and significant margin expansion, is primarily attributed to a strategic pivot initiated in 2019. The company shifted its focus from the niche wildland fire market, where it held a dominant 90% market share, to the broader public safety Land Mobile Radio (LMR) market. This involved a substantial investment of approximately 20% of revenues in R&D over five years, leading to the successful launch of the BKR 5000 in 2020 and the multiband BKR 9000 handheld radio in 2023. Concurrently, the adoption of an asset-light operating model, coupled with a focus on higher Average Selling Price (ASP) products, has been instrumental in improving profitability. The BKR 9000’s design, intentionally mirroring the form factor of competitors like Motorola’s APX 8000, has also facilitated customer adoption by minimizing the learning curve and perceived risk for first responders.

Key Financial Highlights

• Revenue doubled from $44 million to $86 million from 2020 to 2025.

• Gross margin increased to approximately 50% by 2025.

• EBITDA margin improved from 3.5% in 2020 to over 20% in 2025.

• Cash balance grew from $7 million at year-end 2024 to $22.8 million at year-end 2025.

• The company operates with a debt-free balance sheet.

Key Takeaways

A significant development is the upcoming launch of the multiband in-vehicle mobile, the BKR 9500, in the first half of 2027. This product is strategically designed as a “drop-in replacement” for the company’s 50,000+ existing KNG mobile units in the field, aiming to reduce customer upgrade costs and accelerate adoption by leveraging existing vehicle infrastructure and eliminating the need for extensive retraining. Furthermore, BK Technologies is expanding its software and solutions portfolio under the BK ONE brand, launched in Spring 2025. This includes InteropONE, a SaaS-based push-to-talk over broadband service with patented technology for on-demand talk group creation, and BKRplay, a patent-pending technology that extends InteropONE capabilities to BKR radios, offering a cost-effective alternative to integrated cellular by leveraging the smartphone’s shorter lifecycle. The company’s Technology Innovation Center, established in 2019, has proven its model of targeted R&D and deep domain expertise in producing differentiated products, now extending this playbook to software development. The public safety LMR market is projected to accelerate its growth to a 10% Compound Annual Growth Rate (CAGR), driven by higher ASPs from multiband radio adoption and the integration of broadband solutions, which BK Technologies views as augmenting, rather than competing with, LMR.

Guidance

BK Technologies has outlined ambitious Vision 2030 targets, aiming to double revenue to $170 million, increase gross margin to 60%, and expand EBITDA margin to 35%. This is projected to triple EPS to $13 and generate $55 million in free cash flow. These financial targets are based solely on organic growth, with any potential acquisitions expected to be additive. Operationally, the company plans to begin shipping the BKR 9500 multiband in-vehicle mobile in the first half of 2027, followed by the expected launch of its next-generation BKRX platform in 2029. The software roadmap includes a twice-yearly release cadence to enhance the core radio platform, develop broader platform capabilities like fleet management and mobile phone symbiosis, and expand the BK ONE solutions portfolio. The company maintains a disciplined capital allocation strategy, prioritizing high-return organic investments in innovation and software, complemented by targeted acquisitions in software and solutions, and opportunistic returns to shareholders through share repurchases or special dividends.

and so far it seems that Mr Market agrees…

One of the companies that have not fully revealed released earnings and well lets just say that sometimes its good to buy the dip …

I will discuss earnings later on in the paid segment…

Berkshire Hathaway AGM

Is anyone going to Berkshire AGM this year?

If you are going, DM/email me and lets catch up in Omaha.

This one should be interesting with Greg Abel taking the baton from Warren Buffett on going non stop with Q&A, looking forward to it.

Onfolio Earnings

Although I’m a bit disappointed that ONFO is still not profitable on gaap metrics, I’m not too surprised and on EBITDA basis they are positive for the first time.

Usually I would be skeptical of anyone going with EBITDA, but Dom has shown to be thoughtful and careful to not abuse EBITDA.

ONFO plans to resume acquisitions in 2026, actively reviewing promising opportunities to expand its portfolio. While G&A expenses are expected to increase in the near term to support business growth, management projects these costs to decrease as a percentage of revenue over the long term, with one-time professional fees from 2025 not expected to recur at the same level in 2026. The new digital asset treasury strategy involves a long-term hold and staking approach, aiming for recurring income and capital appreciation, rather than active trading.

Looking forward to see what company(ies) ONFO will acquire in 2026. I highly recommend following Dom on LinkedIn or X…

Lastly unrelated to earnings but def. related to Onfolio, check out video below

Business Driven Investing With Robert Hagstrom

I was able to attend event with (a few of my investing friends) great speakers/investors like Robert Hagstorm, Michael Mauboussin, and Christopher Mayer …

The mental A team was strong! Really enjoyed it…

The conversation was more or less about investing the way Warren Buffett invests aka investing into businesses and not stocks, say it louder for the people in the back…

If you really think about it when you invest into stocks but think of them as businesses its much easier to hold those stocks during turbulent times, because as long as the fundamentals are intact under the hood, the market volatility is not as “scary” as Mr Market makes everyone believe it is …

VC Investing

I have added new company to my VC Investing List , participated in another round of funding in Upshift, and Kutt was acquired by a public company:

• The Breakfast is the latest addition to my VC Portfolio.

• I have added a bit more capital into Upshift. Making interesting progress.

• Kutt has been acquired by Bitcoin Depot - read more here

Click on the picture above to learn more…

Read more

Let the munching begin!

Company Write Ups/Short Reports/Earnings/briefs/etc.

Alphabet -- -- Write Up

Reddit -- -- $$$ -- Write Up

Energous -- -- Short Report

Marex Group -- -- Write Up

AutoZone -- -- $$$ -- Write Up

Assertio -- -- Write Up

Nomad Foods -- -- Write Up

Fair Isaac Corporation -- -- Write Up

Bunge Global SA -- -- Short Report

Arm Holdings -- -- Write Up

TransDigm -- -- Write Up

Crocs -- -- $$$ -- Write Up

Booking Holdings -- -- Write Up

Harrow -- -- Write Up

Funko -- -- Short Report

Snowflake -- -- Write Up

Honeywell -- -- Write Up

Pioneer Power Solutions -- -- $$$ -- Write Up

Carnival Cruise -- -- Write Up

Ryvyl -- -- Short Report

MarineMax -- -- Write Up

Auna -- -- Write Up

Chipotle Mexican Grill -- -- Write Up

Adobe -- -- Write Up

Prudential Financial -- -- $$$ -- Write Up

S&P Global -- -- Write Up

Yelp -- -- $$$ -- Short Report

ADMA Biologics -- -- Short Report

Toast -- -- Write Up

DICK’S Sporting Goods -- -- $$$ -- Write Up

Broadridge Financial Solutions -- -- Write Up

Xerox Holdings -- -- Write Up

Lockheed Martin -- -- Write Up

BGC Group -- -- Write Up

Applied Materials -- -- Write Up

Distribution Solutions Group -- -- Write Up

Lennar -- -- Short Report

ServiceNow -- -- Write Up

SuperCom -- -- Write Up

American Coastal Insurance -- -- Write Up

Radcom -- -- Write Up

Venture Global -- -- $$$ -- Write Up

SoFi Technologies -- -- Short Report

Guardian Pharmacy Services -- -- Write Up

Alpha Metallurgical Resources -- -- Write Up

Instacart -- -- Write Up

Cooper-Standard Holdings -- -- Write Up

AVIAT NETWORKS -- -- Short Report

Buckle -- -- $$$ -- Write Up

Ferrari NV -- -- Write Up (In Spanish)

Apollo Global -- -- Write Up

Lam Research -- -- Write Up

Pool -- -- Write Up

MakeMyTrip -- -- Short Report

National Health Investors -- -- Write Up

Rubrik -- -- Earnings

S&P Global -- -- brief

Miami International Holdings -- -- Earnings

Super Micro Computer -- -- $$$ -- brief

dLocal -- -- Earnings

Oracle -- -- brief

Nvidia -- -- brief

Visa -- -- brief (In Spanish)

Comstock -- -- brief

QXO -- -- brief

Meta -- -- brief

Gravity -- -- brief

Sezzle -- -- brief

LandBridge -- -- brief

Webull Corporation -- -- Earnings

CareCloud -- -- brief

Medpace -- -- $$$ -- brief

Netflix -- -- brief

Restoration Hardware -- -- Earnings

Energous -- -- Short brief

Crocs -- -- brief

Salesforce -- -- brief

Sunbelt Rentals Holdings -- -- $$$ -- Earnings

Starbucks -- -- brief

Modiv Industrial -- -- brief

Universal Logistics Holdings -- -- brief

eToro Group -- -- Earnings

Alibaba -- -- Earnings

ACCESS Newswire -- -- Earnings

Adobe -- -- $$$ -- Earnings

Vertex Pharmaceuticals -- -- Earnings

Burford -- -- $$$ -- brief

World Kinect -- -- brief

Sonida Senior Living -- -- brief

Versant -- -- brief

Leave a comment

More Company Write Ups/Earnings/briefs

Bayerische Motoren Werke -- $BMWKY -- Write Up

Niitaka -- $TYO:4465 -- $$$ -- Write Up

Evolution AB -- $EVVTY -- Write Up

GN Store Nord -- $GNNDY -- $$$ -- Write Up

Golden Growers Cooperative -- $GGROU -- Write Up

RTC Group -- $LON:RTC -- Write Up

Tencent Holdings -- $TCEHY -- Write Up

Seraphim Space Investment Trust -- $LON:SSIT -- $$$ -- Write Up

BlueHarbor Bank -- $BLHK -- Write Up

NTG Clarity Networks -- $NYWKF -- Write Up

SECURE Waste Infrastructure -- $SECYF -- $$$ -- Write Up

Vizsla Copper -- $VCUFF -- Write Up

Keystone Law -- $LON:KEYS -- Write Up

Adani Ports -- $NSE:ADANIPORTS -- Write Up

Osaka Yuka Industry -- $TYO:4124 -- Write Up

Exail -- $EXALF -- $$$ -- Write Up

Cerillion -- $LON:CER -- Write Up

Silicon Studio -- $TYO:3907 -- Write Up

California Nanotechnologies -- $CANOF -- Write Up

Universal Music Group -- $UMG -- Write Up

Baltic Classifieds Group -- $LON:BCG -- Write Up

Townnews-Sha Co -- $TYO:2481 -- Write Up

Total Energy Services -- $TOTZF -- Write Up

PyroGenesis -- $PYRGF -- Write Up

Gabler Group AG -- $ETR:XK4 -- Write Up

Billington Holdings -- $LON:BILN -- Write Up

Rubicon Organics -- $ROMJF -- Earnings

Aris Mining -- TSE:ARIS -- brief

3i Group -- $LON:III -- brief

Dino Polska -- $DNOPY -- Earnings

Auxly Cannabis Group -- $CBWTF -- brief

Games Workshop -- $GWKSY -- brief

Butler National -- $BUKS -- brief

Zhen Ding -- $TPE:4958 -- Earnings

Next Group -- $NXGPY -- Earnings

TerraVest Industries -- $TRRVF -- brief

Stif France -- $EPA:ALSTI -- Earnings

Bollore SE -- $BOIVF -- brief

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Company “Research” via Audio & Video Formats

Bassett Furniture -- -- Podcast

Spotify -- -- Podcast

Apple -- -- Podcast

Kinsale Capital -- -- Podcast

Interactive Brokers -- -- Podcast

Micron -- -- Podcast

DoorDash -- -- Podcast

EJF Investments -- $LON:EJFI -- Podcast

Deep Sea Minerals -- $DSEAF -- Podcast

Brookfield -- -- YouTube (In Spanish)

Marex -- -- YouTube

Paramount Skydance -- -- YouTube

Lululemon -- -- YouTube

Robert Half -- -- YouTube

Uber -- -- YouTube

Visa -- -- YouTube

Mercado Libre -- -- YouTube

Superior Group of Companies -- -- YouTube

Aduro Clean Technologies -- -- YouTube

Zeta Global -- -- YouTube

Salesforce -- -- YouTube

SOFI -- -- YouTube

Verizon -- -- YouTube

Palantir -- -- YouTube

Micron -- -- YouTube

Duolingo -- -- YouTube

Fair Isaac -- -- YouTube

Alibaba -- -- YouTube

Exxon -- -- YouTube

Domino's Pizza -- -- YouTube

Aehr Test Systems -- -- YouTube

Reddit -- -- YouTube

Walker & Dunlop -- -- YouTube

Fortinet -- -- YouTube

Theravance -- -- YouTube

Factset -- -- YouTube

Amcor -- -- YouTube

IDT Corporation -- -- YouTube

Clear Security -- -- YouTube

Zoomd Technologies -- $ZMDTF -- Substack Video

Interesting Links

The Marathoner’s Edge by

5 Must-Read Studies For Investors by

Full Time Investing Countermeasures by

4 Interesting Stocks on my Research List by

Most Investing Mistakes Are Not Analytical by

4 Small-cap to Watch in the Commodities Sector by

Investing Explained: Dollar Cost Averaging (DCA) by

The 8 Interviews That Will Make You a Better Investor by

Asian trip (Tiger Brokers, Tobila, Quants Research Holdings) by

etc.

Let the munching begin!

Company Write Ups/Short Reports/Earnings/briefs/etc.

Seer -- -- Write Up

Travelzoo -- -- Write Up

Costco Wholesale -- -- Write Up

Himax -- -- Write Up

Wingstop -- -- Write Up

RBB Bancorp -- -- Write Up

Arista Networks -- -- Write Up

Lyft -- -- Write Up

Barnes & Noble Education -- -- Write Up

Capital One -- -- Write Up

CoStar Group -- -- Write Up

Trade Desk -- -- Write Up

Grupo Aeroportuario del Centro Norte -- -- Write Up

Cardio Diagnostics Holdings -- -- Short Report

VNET Group -- -- $$$ -- Write Up

Nu Holdings -- -- Write Up

Zeta Global -- -- Write Up

Brightstar Lottery -- -- Write Up

Lam Research -- -- Write Up

Visa -- -- $$$ -- Write Up

Neuraxis -- -- Write Up

Sony Group -- -- Write Up

AerCap Holding -- -- Write Up

Cheniere Energy -- -- $$$ -- Write Up

Duolingo -- -- Write Up

Vital Farms -- -- Write Up

Linde -- -- Write Up

Cognizant -- -- $$$ -- Write Up

Velo3D -- -- Write Up

Share

American Coastal Insurance -- -- Earnings

Paypal -- -- brief

Alphabet -- -- brief

Floor & Decor -- -- brief

Stevanato Group -- -- Earnings

MercadoLibre -- -- brief

Nvidia -- -- Earnings

Shift4 Payments -- -- Earnings

Choice Hotels International -- -- brief

Burford Capital -- -- brief

Ollie's Bargain -- -- Earnings

Franklin Street Properties -- -- brief

Crocs -- -- Earnings

Progressive -- -- Earnings

Pool Corp -- -- Earnings

Adobe -- -- Earnings

Microsoft -- -- brief

Chord Energy -- -- brief

Strategy -- -- brief

Electrovaya -- -- brief

ClearPoint Neuro -- -- Earnings

dLocal -- -- Earnings

TIC Solutions -- -- Earnings

Micron -- -- Earnings

Revolution Medicines -- -- brief

More Company Write Ups/Earnings/briefs

Read more

“To be successful, concentrate on the companies you own, not on the market itself.” -Walter Schloss

Subscribe now

*Portfolio*

*I am NOT a financial advisor. I’m sharing my investing journey. Not investment advice. Do your own research.*

Portfolio (Basic):

Holding since:

2020 - LKQ 0.00%↑ - 03

2021 - SFM 0.00%↑ - 03 | VMD 0.00%↑ - 05

2022 - $NTDOY - 12

2023 - PYPL 0.00%↑ - 01 | BSM 0.00%↑ - 05

2024 - - 04 | - 09

2025 - - 01* | - 08 | $CR?? - 08 | $CR?? - 10 | - 10 | $EVVTY - 11 | $F? - 12

*IAC originally was purchased in 2021, but sold at the end of 2024 for tax loss purposes and re-bought back in 2025.

*EVVTY originally was purchased in 2022, but sold at the end of 2025 for tax loss purposes and re-bought back in 2025.

Complimentary Monthly Commentary - CMC

Sold out of two holdings that were not revealed (paid subscribers get same day and weekly updates) both for profits ranging from 15%-40% I’m not planning to reveal them here because potentially I would like to buy them again in the future so both are on my watchlist, I will say that both are related to commodities.

Otherwise I have not been too active, been doing more thinking and trying to slim down portfolio, I will say that I been buying a lot more Onfolio and since the screenshot above, ONFO is now my 2nd largest position in main port and largest if you include all the Prefs and SPVs that I own related to ONFO + in my IRA account.

13Fs

I like looking at new 13Fs, they don’t give full story but this is one way to find new ideas and see what other investors are doing or better said … did since its looking backwards.

sometimes sells says as much or even more then the buys…

a few more Earnings

Petty Cash

Viemed Healthcare Q4 FY2025 Update – VMD

Disclosure: I own shares in VMD. I am not a professional. Please do your own due diligence…

Read more

2 months ago · 3 likes · Dean

Gabelli’s 36th Annual Pump, Valve, & Water Systems Symposium

When I told my wife I wanted to go the city at 8am and listen to different companies talk about pumps, valves, and water systems - she looked at me like I was crazy and even though she trusts me I thought I would show her the link to the event hahaha

But yes that’s the kind of things that I find interesting because you never know what you might find and that’s another way to do scuttlebutting research + getting your self out of your circle and learning about something new and I think pumps and valves can definitely be in my circle of competence if I find that one company that will interesting me… and that one company I did find!

The Gorman-Rupp Company is one of those “boring” companies but very interesting! + there was another company that is indirectly related to my private investment so I did learn a ton!

I want to give big thank you to Mr Gabelli (who was present and was asking questions at the event!!!) and Gabelli Team overall, especially Sara Bakrow for providing me with access to the event really appreciate it!

I highly recommend checking out Gabelli’s website and their YouTube channel where you can find all other companies that presented that day.

(this is not paid by anyone and this is my personal honest review)

Fireside Chat with Bill Gurley & Malcolm Gladwell

Another event that I went to was Bill Gurley and Malcolm Gladwell firechat

I don’t know a lot about Mr Gurley but it was interesting listen to him and Malcolm Gladwell have a chat about personal life and VC investing and I did go to the event with who of my investing friends so overall I’ll call it a good time.

Book

I realized that my descriptions of the books that I read may not always give them full credit as when I read these books and when I write about them, I only share one or two things that really stand out to me. So I have decided to also include a quick short description from Goodreads (no affiliations) so that way you get my thoughts but also more generic description to get a better feel for the books and in so hopefully adding them to your “to-read-list”.

This time around I finished one audiobooks:

Broker, Trader, Lawyer, Spy: The Secret World of Corporate Espionage by Eamon Javers

YZ:

This was an interesting read, not because I think I would be able to implement it to be frank I think the tactics that are used are a bit cringe for my taste, but it is interesting to know that there are people and companies that would go to such length to try to uncover competitors secrets or to try to find “dirt” sometimes literally in dirty trash.

I think by reading a summary of the book you would get the basic understand of it but if you want to get actual real life examples and to get some real life thriller into your reading life this book should scratch that itch.

Goodreads:

Award-winning reporter Eamon Javers’s Broker, Trader, Lawyer, Spy is a penetrating work of investigative and historical journalism about the evolution of corporate espionage, exploring the dangerous and combustible power spies hold over international business. From the birth of the Pinkertons to Howard Hughes, from presidents to Cold War spies, Broker, Trader, Lawyer, Spy is, like Legacy of Ashes and Blackwater, a first rate political thriller that also just happens to be true.

I give it 3.75 out of 5 stars.

Read more

Let the munching begin!

Company Write Ups/Short Reports/Earnings/briefs/etc.

Blue Gold -- -- Write Up

Select Medical Holdings -- -- Write Up

Paypal Holdings -- -- Write Up

Sigma Lithium -- -- Short Report

NSTS Bancorp -- -- Write Up

Duolingo -- -- Write Up

Wingstop -- -- $$$ -- Write Up

ServiceNow -- -- Write Up

Booking Holdings -- -- Write Up

Empire State Realty Trust -- -- Write Up

First Solar -- -- Write Up

Adobe -- -- Write Up

CF Industries Holdings -- -- $$$ -- Write Up

Nike -- -- Write Up

Apple -- -- Write Up

Burford Capital -- -- Write Up

Hercules Capital -- -- Short Report

eBay -- -- Write Up

General Dynamics -- -- Write Up

AstraZeneca -- -- Write Up

Medpace -- -- Write Up

Nebius Group -- -- $$$ -- Write Up

MercadoLibre -- -- Write Up

ELME Communities -- -- Write Up

Dollar Tree -- -- Write Up

Corsair Gaming -- -- Write Up

Klarna Group -- -- Write Up

Cloudflare -- -- Write Up

Alibaba -- -- Write Up

Ramaco Resources -- -- Write Up

Inmode -- -- Write Up

Itron -- -- $$$ -- Write Up

Novo Nordisk -- -- Write Up

Trupanion -- -- Write Up

Shift4 Payments -- -- Write Up

Acorn Energy -- -- Write Up

Dick’s Sporting Goods -- -- Write Up

Dynatrace -- -- Write Up

Loar Holdings -- -- Write Up

Meta Platforms -- -- Write Up (In Portuguese)

PDD Holdings -- -- Write Up

Bank OZK -- -- Write Up

Magnum -- -- Write Up

Docebo -- -- Write Up

Estee Lauder -- -- Write Up

SoFi Technologies -- -- Write Up

Monday.Com -- -- brief

Reddit -- -- brief

Robinhood -- -- brief

Intercontinental Exchange -- -- Earnings

Copart -- -- brief

Booking Holdings -- -- $$$ -- Earnings

Adobe -- -- brief

Wix -- -- Earnings

Duolingo -- -- brief

AMD -- -- Earnings

Spotify -- -- brief

Restoration Hardware -- -- brief

Waste Management -- -- Earnings (In Spanish)

Sanofi -- -- brief

Opendoor -- -- brief

MercadoLibre -- -- Earnings

Carvana -- -- brief

Portillo’s -- -- Earnings

The Trade Desk -- -- brief

TransMedics -- -- brief

Workday -- -- brief

Hubbell -- -- brief

Snowflake -- -- Earnings

NVIDIA -- -- brief

Vital Farms -- -- $$$ -- brief

Sturm Ruger & Company -- -- brief

Occidental -- -- brief

Paypal -- -- Earnings

GXO -- -- Earnings

MaxCyte -- -- brief

Cogent Communications -- -- Earnings

Service Corporation International -- -- Earnings (In Spanish)

Coupang -- -- $$$ -- Earnings

Teladoc Health -- -- brief

Hims & Hers -- -- Earnings

Oddity Tech -- -- brief

Harrow -- -- Earnings

Klarna Group -- -- brief

Sea Limited -- -- Earnings

Credo Technology -- -- Earnings

CVS Health -- -- brief

On Holdings -- -- Earnings

Rocket Lab -- -- Earnings

Delek US -- -- brief

Broadcom -- -- Earnings

Omada Health -- -- Earnings

Oneok -- -- brief

RadNet -- -- brief

Gitlab -- -- Earnings

Axon Enterprise -- -- brief

PepsiCo -- -- brief

FactSet -- -- brief

Fiserv -- -- brief

Samsara -- -- Earnings

Uber -- -- brief

H & R Block -- -- brief

Air Industries Group -- -- brief

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More Company Write Ups/Earnings/briefs

Macompta -- $EPA:MLMCA -- Write Up

Greens Co -- $TYO:6547 -- Write Up

Airbus -- $EADSY -- Write Up

Hammond Manufacturing -- $HMFAF -- Write Up

SIPEF -- $EBR:SIP -- Write Up

Rheinmetall -- $RNMBY -- $$$ -- Write Up

Techno Alpha -- $TYO:3089 -- Write Up

Fairfax India -- $FFXDF -- Write Up

Forvia -- $FURCF -- Write Up

Odyssey Gold -- $ASX:ODY -- Write Up

Kyoritsu Air Tech -- $TYO:5997 -- Write Up

Westell Technologies -- $WSTL -- Write Up

Tile Shop Holdings -- $-- Write Up

GreenX Metals -- $ASX:GRX -- Write Up

adidas AG -- $ADDYY -- Write Up

Bluenord -- $FRA:CJ1 -- Write Up

Autotrader Group -- $ATDRY -- Write Up

3i Group -- $TGOPY -- Write Up

Puma SE -- $PUMSY -- Write Up

Trufin -- $TRFNF -- Write Up

Trainline -- $LON:TRN -- Write Up

Capricorn Energy -- $CRNZF -- Write Up

Cedergrenska -- $STO:CEDER -- Write Up

Dirtt Environmental -- $DRTTF -- Earnings

Haypp Group -- $STO:HAYPP -- brief

Plaid -- $TYO:4165 -- Earnings

Rakuten Group -- $RKUNY -- Earnings

Greggs -- $GGGSF -- Earnings

McCoy Global -- $MCCRF -- Earnings

Panthera Resources -- $PATRF -- brief

Computer Modelling Group -- $CMDXF -- Earnings

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Company “Research” via Audio & Video Formats

T-Mobile -- -- Podcast

High Tide -- -- Podcast

Coinbase -- -- Podcast

Lyft -- -- Podcast

Robinhood -- -- Podcast

Bassett Furniture -- -- Podcast

Square -- -- Podcast

Amplia Therapeutics -- $INNMF -- Podcast

Zalando -- $ZLNDY -- Podcast

Nintendo -- $NTDOY -- Podcast

Vortex Metals -- $VMSSF -- Podcast

CleanGo Innovations -- $CLGOF -- Podcast

Constellation Software -- $CNSWF -- Podcast

Daily Journal -- -- YouTube

T Rowe Price -- -- YouTube

Anterix -- -- YouTube

Brookfield -- -- YouTube

Six Flags -- -- YouTube

MICROSOFT -- -- YouTube

Whirlpool -- -- YouTube

Novo Nordisk -- -- YouTube

Wells Fargo -- -- YouTube

AMD -- -- YouTube

VICI Properties -- -- YouTube

Pinterest -- -- YouTube

Energy Fuels -- -- YouTube

Morningstar -- -- YouTube

SoFi -- -- YouTube

Intuit -- -- YouTube

Nomad Foods -- -- YouTube

LandBridge -- -- YouTube

Vista Gold -- -- YouTube

United Health Group -- -- YouTube

Duolingo -- -- YouTube

JD -- -- YouTube

Dream Finders Homes -- -- YouTube

Airbnb -- -- YouTube

Argan SA -- $EPA:ARG -- YouTube

Medical Facilities -- $MFCSF -- YouTube

GLENCORE -- $GLNCY -- YouTube

Greggs -- $GGGSF -- YouTube

Interesting Links

The Titan Ten by

Not the Same Greece Anymore by

The 50 Most Indestructible Businesses by

The case for European dividend ETFs by

Payments and FinTech Quarterly Review by

Industry research on video games in Japan by

Capital allocation: The CEO’s most important job by

Two Companies Marked Safe from the SaaS Apocalypse by

[Deep Dive] Alibaba, Meituan and JD’s Quick Commerce War and How Grab and Sea Will React by

etc.

Let the munching begin!

Company Write Ups/Short Reports/Earnings/briefs/etc.

Intuit -- -- Write Up

Red Violet -- -- $$$ -- Write Up

Lifezone Metals -- -- Write Up

Nova Minerals -- -- Short Report

The Trade Desk -- -- Write Up

Netflix -- -- Write Up

Uber Technologies -- -- Write Up

Automatic Data Processing -- -- $$$ -- Write Up

Syntec Optics -- -- Short Report

Priority Technology Holdings -- -- Write Up

Arista Networks -- -- Write Up

Salesforce -- -- Write Up

Tyler Technologies -- -- Write Up

Wix.com -- -- Write Up

Zeta Global Holdings -- -- Write Up

SanDisk -- -- $$$ -- Write Up

Dutch Bros -- -- Write Up

Adobe -- -- Write Up

Propetro Holding Corp -- -- Write Up

TD Synnex -- -- Write Up

Gravity -- -- Write Up

S&P Global -- -- $$$ -- Write Up

Super Group -- -- Short Report

Ralliant -- -- Write Up

Viking Therapeutics -- -- Write Up

Ferrari -- -- Write Up

Rivian -- -- $$$ -- Write Up

Algorhythm Holdings -- -- Short Report

Turtle Beach Corp -- -- Write Up

Klaviyo -- -- Write Up

Crocs -- -- Write Up

Rollins -- -- Write Up

VeriSign -- -- $$$ -- Write Up

Reddit -- -- Write Up

GE HealthCare Technologies -- -- Write Up

Alphabet -- -- Write Up (In Spanish)

ServiceNow -- -- Write Up

Crown Crafts -- -- Write Up

Waste Management -- -- Write Up

Graphic Packaging -- -- Write Up

PayPal -- -- $$$ -- Write Up

LKQ Corp -- -- Write Up

Universal Electronics -- -- Write Up

Parker-Hannifin -- -- Write Up

Texas Instruments -- -- Write Up

BJ’s Wholesale Club -- -- Write Up

Duolingo -- -- Write Up

Jack In The Box -- -- Write Up

ACCESS Newswire -- ACCS -0.44%↓ -- Write Up

CareCloud -- -- Write Up

Tigo Energy -- -- Write Up

Prairie Operating -- -- Write Up

Dollar General -- -- Write Up

Modular Medical -- -- $$$ -- Write Up

Klarna -- -- Write Up

Gen Digital -- -- Write Up

American Coastal Insurance -- -- Write Up

Crown Holdings -- -- Write Up

Share

Palo Alto Networks -- -- Earnings

Walmart -- -- brief

Visa -- -- Earnings

Uber Technologies -- -- Earnings

Pinterest -- -- Earnings

Lumen -- -- $$$ -- brief

Portillos -- -- brief

Tyler Technologies -- -- brief

PDD Holdings -- -- brief

Toast -- -- Earnings

Crocs -- -- brief

Airbnb -- -- Earnings

Meta -- -- brief

Roblox -- -- $$$ -- brief

BigBear.ai Holdings -- -- Negative brief

Marketaxess Holdings -- -- Earnings

Legacy Education -- -- Earnings

Mobility Global -- -- brief

Zeta Global Holdings -- -- brief

Cloudflare -- -- Earnings

Nebius Group -- -- Earnings

Canadian National Railway -- -- Earnings (In Spanish)

Grab Holdings -- -- Earnings

Deere -- -- $$$ -- Earnings

AppLovin -- -- Earnings

Applied Materials -- -- Earnings

Arista Networks -- -- brief

Spotify -- -- Earnings

Brookfield Infrastructure Partners -- -- Earnings

OppFi -- -- Negative brief

Shopify -- -- Earnings

PayPal -- -- $$$ -- Earnings

Warrior Met Coal -- -- brief

Astera Labs -- -- Earnings

Medpace -- -- Earnings

Ferrari -- -- Earnings

United States Antimony -- -- brief

Rocket Lab -- -- brief

Meta -- -- Earnings

Alibaba -- -- $$$ -- brief

Docusign -- -- brief

Duolingo -- -- brief

Rivian -- -- brief

Entravision -- -- brief

DaVita -- -- Earnings (In Spanish)

Teva Pharmaceutical -- -- Earnings

Copart -- -- Earnings

Willscot Holdings -- -- brief

Madison Square Garden Sports -- -- brief

DoorDash -- -- Earnings

Wix.Com -- -- brief

Remitly -- -- brief

Howard Hughes Holdings -- -- Earnings

Booking -- -- Earnings

Alphabet -- -- brief

LifeVantage -- -- Earnings

Robinhood -- -- Earnings

Pagaya -- -- Earnings

Accenture -- -- brief

Veris Residential -- -- brief

More Company Write Ups/Earnings/briefs

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I had to repost (actually recreate) this update as the original post disappeared. I’m not sure how that happened (still trying to figure it out). If something is “off,” my apologies as I tried to quickly recreate it.

Quote for this month:

“You must survive the bad days, not just look good on average.” - Howard Marks

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I’m going to keep quote from last month’s update for this one too, as a reminder for myself…

*Portfolio*

*I am NOT a financial advisor. I’m sharing my investing journey. Not investment advice. Do your own research.*

Portfolio (Basic):

Holding since:

2020 - LKQ 0.00%↑ - 03

2021 - SFM 0.00%↑ - 03 | VMD 0.00%↑ - 05

2022 - $NTDOY - 12

2023 - PYPL 0.00%↑ - 01 | BSM 0.00%↑ - 05

2024 - $M?? - 01 | $BKTI - 04 | $BOC - 09

2025 - $IAC - 01* | $GRVY - 08 | $CR?? - 08 | $CR?? - 10 | $ONFO - 10 | $EVVTY - 11 | $F? - 12

2026 - $BUR - 01* | $MITK - 02* |

*IAC originally was purchased in 2021, but sold at the end of 2024 for tax loss purposes and re-bought back in 2025.

*EVVTY originally was purchased in 2022, but sold at the end of 2025 for tax loss purposes and re-bought back in 2025.

*BUR originally was purchased in 2023, but sold at the end of 2025 for tax tax loss purposes and re-bought back in 2026.

*MITK originally was purchased 2022, but sold at the end of 2025 for tax tax loss purposes and re-bought back in 2026.

Complimentary Monthly Commentary - CMC

Buying back BURFORD and MITEK

2026 has been tough so far but luckily I’m not the only one who’s experiencing that (lol? not really) given that I do not add cash and working with the capital that’s already in there it makes it a bit tricky and maneuver the markets on the down side and sometimes “you need to move faster” but given that during the day I have my own business to run and I”m a father to 2 girls “moving faster” is not always possible.

Cant say I’m too upset about performance but I’m sure we all would be much happier to see green days > red days…

Big chunk on portfolio is leaning towards BKTI which is already up 300% and I’m not planning to sell for now and ONFO which is a microcap that so far market thinks its going to zero … I have different opinion from the market but I’ll be honest its not easy to go against the crowd … I really don’t care what others are saying on the web because a lot of times people will quote your famous investors and figures about holding companies and not stocks and back up the truck when there is blood on the streets and bluh bluh bluh but the problem with a lot of them they will post they will tweet and if sh!t hits the fan they will delete the post they will delete the tweet and maybe they will even delete the account or just restart with different post as if history doesn’t matter … I do not do that I been doing this publicly since 2021 and as I said I will be doing this at least until 2030 to build the public track record with good and the bad (I just hope there will be more good lol)

Enough with “yelling at the clouds” I’m doing my best with what I got and I do what I think is right and let time show if my unconventional way is alpha positive or not.

I bought back BUR, because until judge gives final “call” anything is possible…

I bought back MITK, although I was not sure I want to but I waited until earnings came out and I’m happy with the turnaround and what the current management is trying to do and so I’m back in it, again the problem is I need to rotate something to get more cash since I do not add money in main portfolio.

I also sold the rest of my WBD to get some more cash for purchases of BUR and MITK

Dealflow Discovery Conference + bonus

I went to Dealflow Discovery Conference in Atlantic City, see the images below for the companies that presented…

Above you can see check mark are those that I have attended

Here are a few that I found interesting:

• Grown Rogue - I’m gonna keep an eye on this one, CEO was very interesting and it reminds a bit of Cronos (but not really)

• Perfect - I been following it and there is a lot of write ups or mentions on Substack but it’s basically a net-net but there is just something off IDK need to do more work on this

• Access Newswire - I did a write up on

Charlie Holdings - potentially might be interesting to those who willing to dig deeper, President Heny Sicignano, interesting guy…

I must also speak about American Rebel Holdings as that one was a wild card

They gave me their beer to try and company called American Rebel … I mean like what else do you want , right?

Do your own due diligence…

BONUS

Check out Virtual Investor Conferences for more interesting ideas (image above is clickable to go to their website, its not affiliation, I don’t get paid, I’m just sharing more ways to get interesting ideas to turn over more rocks and look for gems)

Tax Season

Tis the tax season (almost…) I got my 2025 Tax Doc from Webull and figured I would continue the tradition to compare my Webull results on yearly basis based on tax docs. Started it with this post…

This is just for fun

ST - Short term, LT - Long Term, QD - Qualified Divided

• 2019

  • Short-term Profit - around $170

• 2020

  • Short-term Profit - around $3,000

  • Long-term Profit - around $400

  • Qualified Dividend - around $400

• 2021

  • ST Profit - around $12,000

  • LT Profit - around $8,000

  • QD - around $5,000

• 2022

  • ST Profit (Loss) - around (-$8,000)

  • LT Profit - around $6,000

  • QD - around $2,000

• 2023

  • ST Profit - around $3,000

  • LT Profit - around $4,000

  • QD - almost $3,000

• 2024

  • ST Profit - around $1,600

  • LT Profit - around $15,000

  • QD - around $2,500

• 2025

  • ST Profit (Loss) - around (-$5,500)

  • LT Profit - around $88,000

  • QD - almost $3,000

Earnings

Speedwell Memos

Evolution: 4Q25 Business Update

Welcome to Speedwell Memos. Our main website is SpeedwellResearch.com…

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3 months ago · 20 likes · Speedwell Research

Do Not Distribute

Evolution and the Doom of Playing It Safe

From its founding in 2006 until 2023, Evolution grew at an incredible pace…

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3 months ago · 41 likes · 1 comment · Ali Gündüz

https://appinvestor.substack.com/i/188112711/gravity-co-inc-grvy

VC Investing and venting

Before going to good news I need vent a bit… as some of you might know / remember I posted about a year go that I invested into ElevenLabs and I was very excited … well I got notified not too long ago that ‘investment” was canceled and they returned the money but I actually wanted to invest and signed everything but company just decided they can (A YEAR LATER) not fulfill on their promise, I’m not really sure how it works and the investment was only in THAT huge amount but still, I think its really NOT COOL to hold on to the funds for a year and then be like “nope here is your money back you cant invest” VC investing is interesting game I have to say and I’m learning something new every time.

Also learning that trying to do investment directly rather then via some platform also makes a difference VC is about connections and people so when doing it via platforms sometimes that gets lost…

Anyways , that kind of played out in different way (good) because I increased my stake in Ivee which you can learn about click here.

But that’s not even the good news, the good news is that Our Bond went public!

I invested into BOND or now $OBAI via Wefunder and its my first official VC investment that went public (via direct listing) so not an IPO but still (little wins). With BOND going public I also learned a few more things about VC investing again you live and you learn …

I will share a bit more about it later on in the post but here just wanted to celebrate a little win in public.

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With that out of the way…

What’s inside…

1. Company (elevator pitch)

2. (Past) From Issuer Direct to ACCESS Newswire

3. (Present) About ACCS

4. Management

5. Competitors

6. Financials & Metrics

7. Thesis

8. Conclusion

9. Holdings Disclosure

10. Personal Touch

Disclaimer is at the end.

1. Company (elevator pitch)

ACCESS Newswire (ACCS) is a founder-led communications platform that’s transitioning from transactional press releases to a subscription-first PR and IR SaaS model. About half of revenue is already recurring, gross margins run around 75%, and the core business is EBITDA-positive. The market still prices it like a legacy newswire, but if ARR conversion continues, this is a small-cap platform re-rating story with operating leverage just starting to show.

2. (Past) From Issuer Direct to ACCESS Newswire

Issuer Direct’s roots date back to 1988, when it was founded as part of the early wave of corporate communications and regulatory technology providers focused on helping public companies manage disclosure obligations and investor communications. Over its first decade, Issuer Direct established itself as a niche provider of compliance and communications solutions serving thousands of clients ranging from startups to large global brands.

Throughout the 2010s, the company expanded both organically and through strategic acquisitions, steadily broadening its product footprint. Early acquisitions included precision investor relations tools and transfer agent capabilities, which added depth to its compliance and corporate communications offerings. In 2014, Issuer Direct acquired ACCESSWIRE, bringing in a press release distribution business that complimented its core regulatory services. In 2017, it acquired Interwest Transfer Company, further strengthening its service portfolio. By 2019, the company had moved its operations to Raleigh, North Carolina, centralizing its growth efforts.

A particularly pivotal event in Issuer Direct’s evolution occurred in November 2022, when the company acquired Newswire.com, a leading press release distribution and media analytics platform. This acquisition almost doubled its press release customer base and significantly increased its communications revenues, reshaping Issuer Direct from a primarily compliance-oriented business into a more communications-focused technology company.

Over time, Issuer Direct built a blended business encompassing regulatory compliance, investor relations, press release distribution, media monitoring, and communications analytics. While successful, this hybrid model also led to a complex portfolio with varying capital intensity and growth profiles

3. (Present) About ACCS

ACCESS Newswire, Inc. (ACCESS) is undergoing a fundamental transformation. In early 2025, the company formally rebranded as ACCESS Newswire and divested its legacy compliance business in February of that year. This transaction removed a capital-intensive, lower-multiple segment and materially simplified the operating structure. Proceeds from the sale were used to reduce debt by approximately 80%, significantly improving balance sheet flexibility.

Today, ACCESS Newswire provides an integrated suite of communications, distribution, and analytics tools designed to help organizations create, distribute, monitor, and measure corporate messaging across traditional media, digital outlets, and investor-facing channels.

The platform is organized across three primary product groupings:

• ACCESS PR - a subscription that includes press release distribution, media monitoring, pitching and database.

• ACCESS IR - a subscription that includes investor relations website, quarterly earnings calls, and press release distribution to cover the announcement of your earnings date and actual
  earnings releases

• ALL ACCESS – encompasses the best of both ACCESS PR and ACCESS IR into a customized platform for each custome

This convergence strategy is central to management’s long-term vision of positioning ACCESS as a single system of record for corporate storytelling and stakeholder communication.

Historically, the corporate communications industry has been dominated by transactional pricing models, particularly pay-per-press-release economics. ACCESS is actively shifting away from this model toward recurring subscriptions.

As of 2025, approximately half of company revenue is subscription-based, and management has stated a target of roughly 75% subscription revenue by the end of 2026. Subscription customers generate meaningfully higher lifetime value, more predictable revenue streams, and improved margin stability compared to transactional users.

From a customer perspective, ACCESS reported approximately 12,400 total customers as of Q3 2025, of which roughly 970 were subscription customers. Average ARR per subscriber stood at approximately $11,650, representing roughly 14% year-over-year growth. Even modest conversion of the remaining non-subscriber base represents a meaningful ARR expansion opportunity.

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ACCESS is increasingly positioning itself as a technology-enabled communications platform rather than a simple distribution utility. AI-driven editorial automation has already produced measurable internal efficiency gains of approximately 10% through real-time content validation and workflow optimization. Customer-facing AI tools are in the process of being rolled out to reduce friction in reporting, analytics, and post-distribution measurement.

The platform also incorporates social media monitoring across more than 30 platforms, providing real-time sentiment analysis, engagement metrics, and reach analytics. These tools are integrated with leading social management platforms, enabling a more comprehensive view of communications performance.

The company’s #KillTheReport initiative reflects this broader shift. By replacing static post-distribution reports with real-time, prompt-based analytics, ACCESS addresses a longstanding pain point for PR professionals and further differentiates its platform from legacy competitors.

4. Management

ACCESS Newswire is led by Brian Balbirnie, the company’s Founder and Chief Executive Officer. Balbirnie co-founded Issuer Direct (now ACCESS Newswire) and has served as CEO continuously since inception. His background is primarily rooted in corporate communications, disclosure, and investor relations services, and he has been directly involved in shaping the company’s product offerings and strategic direction throughout its history.

Under Balbirnie’s leadership, Issuer Direct expanded through a combination of organic development and acquisitions, building capabilities across compliance services, investor relations infrastructure, and press release distribution. Over time, this included the acquisition and development of the ACCESSWIRE platform and, later, the acquisition of Newswire.com, which materially expanded the company’s communications footprint and customer base. Balbirnie has overseen the integration of these platforms and the consolidation of multiple brands into a unified operating structure.

The broader management team consists of executives with long tenures inside the organization, particularly across product, technology, and operations. Many senior leaders joined the company through acquisitions and have remained through subsequent integrations, contributing to institutional knowledge and continuity. Collectively, management’s experience is concentrated in communications technology, PR workflows, investor relations services, and regulatory-facing customer environments.

Other notable shareholders:

• Topline Capital Management, LLC - 18.3% or 709,264 shares.

• Graeme Rein (Board Member and CIO of Yorkmont Capital Management, LLC) - GR owns 1.61% and Yorkmont owns 5.24% and in total 6.85% or 265,091 shares.

5. Competitors

The press release and corporate communications market remains dominated by legacy incumbents that historically benefited from distribution scale, deep enterprise relationships, and high switching costs. While these incumbents continue to hold meaningful pricing power, the category is also increasingly defined by customer dissatisfaction with opaque pricing, rigid contracts, siloed product experiences, and slow platform innovation. This creates an opening for a more unified, subscription-oriented platform that competes on workflow, analytics, and customer experience rather than pure distribution reach. Enter ACCESS

• GlobeNewswire, now part of Notified, is typically strongest where global distribution breadth and enterprise credibility matter most. Its footprint and long-standing relationships can make it a default choice for larger customers with global needs or established vendor lists. However, for many mid-market and cost-sensitive organizations, GlobeNewswire is perceived as relatively expensive and more rigid in contract structure. In addition, its offering is often viewed as distribution-led rather than deeply integrated PR tooling, which can limit its appeal for teams that want a single platform that connects creation, distribution, monitoring, and measurement in one workflow.

• PR Newswire, owned by Cision, remains one of the most recognized names in the industry and benefits from strong market positioning, regulatory familiarity, and entrenched corporate procurement relationships. That said, the PR Newswire model is frequently criticized by customers for opaque pricing, transaction-heavy economics, and the feeling of paying “tolls” rather than subscribing to a value-expanding platform. Where ACCESS aims to align incentives through subscriptions and bundled functionality, PR Newswire’s legacy structure can feel misaligned with modern expectations around predictability, usability, and measurable ROI.

ACCESS Newswire’s competitive positioning is best understood not as an attempt to outspend incumbents, but as an attempt to out-execute them on customer experience and business model alignment. The company emphasizes transparent and predictable pricing, a unified PR and IR offering that reduces fragmentation, and a subscription-first approach that encourages platform adoption rather than one-off transactions. ACCESS also appears to be innovating faster in areas like AI-assisted workflows, social monitoring, and real-time analytics, which can resonate with customers who are dissatisfied with static reporting and legacy toolchains. In effect, ACCESS’s go-to-market advantage is based on being a more modern, converged platform that is easier to adopt, easier to understand economically, and more capable of increasing customer value over time

6. Financials & Metrics

All financial figures referenced below reflect continuing operations only and exclude the divested compliance business.

For the first nine months of 2025, ACCESS generated revenue of $16.8 million and maintained gross margins of approximately 75%. Operating losses narrowed materially to $1.1 million, compared to a $2.0 million operating loss during the same period in 2024. Net loss from continuing operations was approximately $1.0 million.

Importantly, Q3 2025 marked a near break-even quarter on a GAAP basis for continuing operations, reflecting the early impact of operating leverage following restructuring.

Adjusted EBITDA further highlights this trend. The company generated adjusted EBITDA of $933,000 in Q3 2025, representing a 16% margin. For the first nine months of the year, adjusted EBITDA totaled $2.3 million, or approximately a 14% margin. These results underscore the profitability potential of the core business as revenue mix continues to shift toward subscriptions.

As of September 30, 2025, ACCESS reported cash and equivalents of $3.26 million and net accounts receivable of $4.14 million. Deferred revenue stood at $5.02 million, up from $4.74 million at year-end 2024, signaling continued momentum in subscription bookings.

The balance sheet has been materially strengthened following the compliance divestiture. Long-term debt declined from $15.9 million at year-end 2024 to approximately $2.8 million post-sale. This reduction significantly lowers financial risk and allows management to focus capital allocation on product development and growth initiatives rather than debt service.

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7. Thesis

ACCESS Newswire should be evaluated as a high-margin communications SaaS platform in transition rather than a declining legacy newswire business. The company represents a subscription conversion story supported by a post-restructuring balance sheet and visible operating leverage.

If management continues to execute on ARR growth, platform adoption, and sustained profitability, ACCESS has the potential to re-rate from a legacy services valuation toward a modern platform multiple.

Why the Market Is Mispricing ACCESS

Legacy Labeling Error:

A meaningful portion of the market still appears to mentally categorize ACCS as either a legacy issuer-services business or a low-growth press release utility. That framing fails to fully reflect the strategic transformation that occurred through the compliance divestiture, the corporate rebrand, and the company’s deliberate repositioning around a converged communications platform. As a result, the market may be anchoring on an outdated business mix and an outdated narrative, rather than underwriting the go-forward model.

GAAP Noise Obscures Core Earnings Power:

Reported GAAP results can appear messy during periods of restructuring and major portfolio changes, particularly when discontinued operations, tax impacts, and transaction-related items distort comparability. In ACCS’s case, these items can obscure the underlying progress of the continuing operations business, which has already demonstrated positive adjusted EBITDA at mid-teens margins. As long as the market continues to focus on noisy GAAP headlines rather than normalized operating performance, the company’s improving earnings power may remain underappreciated. Then again you can’t “eat” EBITDA…

ARR Is Underappreciated (and Not Fully Surfaced in Filings):

Despite the fact that subscription mix has reached roughly half of revenue and management has communicated a clear target to push that mix materially higher, subscription ARR is not always cleanly “headline visible” in the way many SaaS investors expect. In the absence of a highly standardized ARR disclosure format, investors may underestimate the extent of recurring revenue durability and the degree to which future cash flows are becoming more predictable. In this context, deferred revenue trends may be a more useful signal than the market is currently crediting, particularly because deferred revenue functions as a forward indicator of contracted subscription activity that has not yet been recognized on the income statement.

Small-Cap Illiquidity and Limited Coverage Create Structural Discount:

ACCS’s position as a small-cap name on NYSE American naturally limits its investor audience. With modest liquidity and limited sell-side coverage, the stock is less likely to attract generalist SaaS investors, large funds with liquidity constraints, or passive inflows tied to major indices. This dynamic can create a persistent valuation discount that only closes when operational progress becomes impossible to ignore, or when a broader investor base begins to understand the business as a platform rather than a legacy service provider.

Operating Leverage Is Inflecting Faster Than Perception:

The company’s financial profile includes structural elements that are typically associated with platform businesses, including gross margins around 75%, improving efficiency post-restructuring, and the potential for strong incremental margins as subscription revenue expands. If headcount remains relatively flat and subscription mix rises, incremental revenue should translate into disproportionately higher EBITDA. The market may be slow to price this dynamic until revenue growth becomes more visibly ARR-driven and profitability becomes more consistently reflected in reported results.

With that said near-term revenue growth remains modest, and the company faces ongoing competitive pressure from larger incumbents with substantial resources. Execution risk exists around subscription conversion, and customer budgets may prove sensitive during macroeconomic downturns. That said, the company’s significantly reduced leverage, strong gross margins, and improving profitability profile materially mitigate existential risk.

8. Conclusion

ACCESS Newswire should be analyzed as a platform transition and re-rating candidate rather than a static press release business. The company has simplified its model, cleaned up its balance sheet, demonstrated subscription traction, and achieved early operating leverage. The remaining question is top-line acceleration, not structural viability. If subscription mix and ARR growth continue to progress toward management’s stated targets, the gap between market perception and underlying economic reality is likely to narrow meaningfully, and if not buy backs should take care of that over time.

That said, I’ve too often jumped in prematurely and paid for it mentally while companies worked through long transformation periods. Even when operational progress became visible, Mr Market frequently withheld recognition for extended stretches. While that delay can ultimately create opportunity, it has taught me the value of patience. This time, I plan to wait for clearer visibility before committing capital.

This one is on my watchlist.

9. Holdings Disclosure

At the time of this publication, I do not own shares of in my main porftolio.

Disclaimer

The information in this article is provided for informational and educational purposes only.

The information is not intended to be and does not constitute financial advice or any other advice, is general in nature, and is not specific to you. Before using this article’s information to make an investment decision, you should seek the advice of a qualified and registered securities professional and undertake your own due diligence.

None of the information in this article is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any security, company, or fund. The author is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

I have decided to also start to include my checklist to provide even more look into the way I do research, but also (mostly) to keep myself from being lazy and not “skip” on steps when researching companies. This available to paid subscribers only. Checklist below:

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Let the munching begin!

Company Write Ups/Short Reports/Earnings/briefs/etc.

Corpay -- -- Write Up

Hims & Hers Health -- -- Write Up

Netflix -- -- Write Up

Angi -- -- $$$ -- Write Up

Sable Offshore -- -- Short Report

First Solar -- -- Write Up

Adobe -- -- Write Up

MicroStrategy -- -- Write Up

Mercado Libre -- -- Write Up

Gambling.com -- -- $$$ -- Write Up

Monroe Capital -- -- Short Report

Williams-Sonoma -- -- Write Up

LandBridge Co -- -- Write Up

Arista Networks -- -- Write Up

PayPal Holdings -- -- Write Up

Celestica -- -- Write Up

Interactive Brokers -- -- $$$ -- Write Up

Constellation Brands -- -- Write Up

Vita Coco Company -- -- Write Up

Uber Technologies -- -- Write Up

KULR Technology Group -- -- $$$ -- Short Report

AST SpaceMobile -- -- Write Up

Veeva Systems -- -- Write Up

Nebius Group -- -- $$$ -- Write Up

HA Sustainable Infrastructure -- -- Write Up

Waste Management -- -- Write Up

Cogent Communications -- -- Write Up

Praxis Precision Medicines -- -- Short Report

Caterpillar -- -- Write Up

Parker-Hannifin -- -- $$$ -- Write Up

dLocal -- -- Write Up

Innoviz -- -- Write Up

SharkNinja -- -- Write Up

EON Resources -- -- Write Up

Affirm Holdings -- -- Short Report

Kinsale Capital Group -- -- Write Up

Crocs -- -- Write Up

Grab -- -- Write Up

Share

Uber Technologies -- -- brief

Duolingo -- -- brief

Taiwan Semiconductor Manufacturing -- -- Earnings

Coupang -- -- brief

GitLab -- -- brief

Portillo’s -- -- brief

Tripadvisor -- -- $$$ -- brief

Versant -- -- brief

Rocket Lab -- -- brief

Netflix -- -- Earnings

Howmet Aerospace -- -- brief

Micron Technology -- -- brief

Nephros -- -- Earnings

Stratus Properties -- -- brief

Aktis Oncology -- -- brief

Adobe -- -- brief

Spotify Technology -- -- brief

Novo Nordisk -- -- brief

Optex Systems Holdings -- -- Earnings

QXO -- -- brief

Tesla -- -- brief

Brookfield -- -- brief

TAKE-TWO INTERACTIVE -- -- brief

Nomad Foods -- -- brief

Amazon -- -- brief

Williams-Sonoma -- -- $$$ -- brief

Sea Limited -- -- brief

Comstock -- -- brief

Charles Schwab -- -- brief

Intuitive Surgical -- -- Earnings

Meta -- -- brief

Robinhood -- -- brief

Tilly’s -- -- brief

AMD -- -- brief

Immunitybio -- -- brief

Paramount Skydance -- -- brief

Netflix -- -- brief

ASML Holding -- -- brief

More Company Write Ups/Earnings/briefs

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“You must survive the bad days, not just look good on average.” - Howard Marks

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*Portfolio*

*I am NOT a financial advisor. I’m sharing my investing journey. Not investment advice. Do your own research.*

Portfolio (Basic):

Holding since:

2020 - LKQ 0.00%↑ - 03

2021 - SFM 0.00%↑ - 03 | VMD 0.00%↑ - 05

2022 - WBD 0.00%↑ - 04 | $NTDOY - 12

2023 - PYPL 0.00%↑ - 01 | BSM 0.00%↑ - 05

2024 - $M?? - 01 | - 04 | - 09

2025 - - 01* | - 08 | $CR?? - 08 | $CR?? - 10 | - 10 | $EVVTY - 11 | $F? - 12

*IAC originally was purchased in 2021, but sold at the end of 2024 for tax loss purposes and re-bought back in 2025.

*EVVTY originally was purchased in 2022, but sold at the end of 2025 for tax loss purposes and re-bought back in 2025.

Complimentary Monthly Commentary - CMC

Sold out of and

I sold BUR and MITK given the end of the year to harvests the losses with idea that I will be buying back BUR but I’m contemplating if I want to buy back MITK or just move on, still thinking about it as there just been too many changes with MITK.

Buying back holding that is only shared with paid subscribers for now (its up 25% YTD)

2025Y Review Investing +

Every year I like to review how I did for the last year and just compare things while also keeping “a log” to be able to look back, and also show to everyone consistent and transparent journey…

BKTI has been the clear winner for few years now…

Some “fun” stats from Account for maximum transparency:

When it comes to my best trades of 2025Y:

I guess from P&L point of view my best trades have been selling out of and while also still holding on to

When it comes to my worse trade of 2025Y:

Last year I cant say there have been “worse” trades, because even thought I sold out of I’m planning to buy it back and I do not count it being bad trade even if the stock went down (due to court hearing with Argentina which is still in play) but I will say holding on to and have been opportunity costs… I guess I will say that has been the “bad” that I have sold and need to really think hard if I want to buy back or just move on…

Forgot to share the yearly update last month for my Substack (it became a tradition now for me):

December 2025 marks another year on Substack and this blog has come a long way…

December 11 2020 - 2 subscribers

December 11 2021 - 327 subscribers

December 11 2022 - 1,155 subscribers

December 11 2023 - 2,321 subscribers

December 11 2024 - 3,547 subscribers

December 11 2025 - 3,952 subscribers ( I did big clean up in 2025)

Above numbers are after removing inactive subscribers

January 1 2025 - 5,561 - all followers as per Substack’s stats.

January 1 2026 - 8,345 - all followers as per Substack’s stats.

New Favorite Show

- Landman -

I am not the one commit to any shows …easily … (yes I have show commitment problems) but I really enjoyed Landman (did not watch the last episode yet so no spoilers!) and watching it from perspective of a father and investor makes it so much more … fun.

Highly recommend it!

Books

I realized that my descriptions of the books that I read may not always give them full credit as when I read these books and when I write about them, I only share one or two things that really stand out to me. So I have decided to also include a quick short description from Goodreads (no affiliations) so that way you get my thoughts but also more generic description to get a better feel for the books and in so hopefully adding them to your “to-read-list”.

This time around I finished three audiobooks:

1929: Inside the Greatest Crash in Wall Street History--and How It Shattered a Nation by Andrew Ross Sorkin

YZ:

I really enjoyed Andrew Sorkin’s 1929 and all the details of how the crash unfolded and how people reacted vs how things have happen with in the last 10-20 years and how people react … a lot has changed and yet many things still stay the same…

Goodreads:

From the bestselling author of Too Big to Fail, “the definitive history of the 2008 banking crisis,”* comes a spellbinding narrative of the most infamous stock market crash in history. With the depth of a classic history and the drama of a thriller, 1929 unravels the greed, blind optimism, and human folly that led to an era-defining collapse—one with ripple effects that still shape our society today.

In 1929, the world watched in shock as the unstoppable Wall Street bull market went into a freefall, wiping out fortunes and igniting a depression that would reshape a generation. But behind the flashing ticker tapes and panicked traders, another drama unfolded—one of visionaries and fraudsters, titans and dreamers, euphoria and ruin.

With unparalleled access to historical records and newly uncovered documents, New York Times bestselling author Andrew Ross Sorkin takes readers inside the chaos of the crash, behind the scenes of a raging battle between Wall Street and Washington and the larger-than-life characters whose ambition and naivete in an endless boom led to disaster. The dizzying highs and brutal lows of this era eerily mirror today’s world—where markets soar, political tensions mount, and the fight over financial influence plays out once again.

This is not just a story about money. 1929 is a tale of power, psychology, and the seductive illusion that “this time is different.” It’s about disregarded alarm bells, financiers who fell from grace, and skeptics who saw the crash coming—only to be dismissed until it was too late.

Hailed as a landmark book, Too Big to Fail reimagined how financial crises are told. Now, with 1929, Sorkin delivers an immersive, electrifying account of the most pivotal market collapse of all time—with lessons that remain as urgent as ever. More than just a history, 1929 is a crucial blueprint for understanding the cycles of speculation, the forces that drive financial upheaval, and the warning signs we ignore at our peril.

I give it 4.5 out of 5 stars.

Retail Gangster: The Insane, Real-Life Story of Crazy Eddie by Gary Weiss

YZ:

Retail Gangster is one book I did not think I would listen/read never mind the fact that I would enjoy it, but given that I live in Brooklyn (be it different years) it was too nostalgic hearing the stories and the streets! Crazy Eddie is a real story that should of not happen and yet it did. If you enjoy the likes of Enron, Madoff, etc … you will enjoy story of Crazy Eddie.

Goodreads:

Back in the fall of 2016 we heard the news about the passing of Eddie Antar, "Crazy Eddie" as he was known to millions of people, the man behind the successful chain of electronic stores and one of the most iconic ad campaigns in history. Few things evoke the New York of a particular era the way "Crazy Eddie! His prices are insaaaaane!" does. The journalist Herb Greenberg called his death the "end of an era" and that couldn't be more true. What's insane is that his story has never been told.

Before Enron, before Madoff, before The Wolf of Wall Street, Eddie Antar's corruption was second to none. The difference was that it was a street franchise, a local place that was in the blood stream of everyone's daily life in the 1970s and early '80s. And Eddie pulled it off with a certain style, an in your face blue collar chutzpah. Despite the fact that then U.S. Attorney Michael Chertoffcalled him "the Darth Vader of capitalism" after the extent of the fraud was revealed, one of the largest SEC frauds in American history after Crazy Eddie's stores went public in 1984, Eddie was talked about fondly by the people who worked for him. They still do--there are myriads of ex-Crazy Eddie employee web pages that still attract fans, and the Crazy Eddie fraud scheme is now taught in every business school across the United States.

Many years have passed since the franchise went down in spectacular fashion but Crazy Eddie's moment has endured the way that iconic brands and characters do--one only need Google the media outpouring that accompanied his death. Maybe it's because it crystallized everything about 1970s New York almost perfectly, the merchandise and rise of consumer electronics (stereos!), the ads (cheesy!), the money (cash!). In Retail Gangster, investigative journalist Gary Weiss takes readers behind the scenes of one of the most unbelievable business scam stories of all time, a story spanning continents and generations, reaffirming the old adage that the truth is often stranger than fiction.

I give it 4 out of 5 stars.

The Fairfax Way: Inside Prem Watsa’s Secret to Lasting Success by David Thomas

YZ:

Well timed book given the retirement of Warren Buffett … Story of Fairfax and story of Prem Watsa, I wish I read book existed 5 - 10 years ago because I think there just have been sooo much misunderstanding and distrust about Fairfax and for no real good reason (except that’s what Wall St. wanted I guess) if you ever wanted to learn about Prem Watsa and Fairfax, The Fairfax Way is a perfect book to get better understanding and appreciation for what Prem Watsa and the team at Fairfax has build and more importantly what they potentially can build in the future!

Indigo:

Even those who have heard of Prem Watsa and Fairfax Financial probably don’t understand them. The company sprawls across more than 100 countries and is known for its complex finances—so complex, they once attracted a who’s-who of Wall Street short sellers who misread the company as the next Enron and decided it could be profitably pushed into an open grave. The hedge funds even had Bob Dylan lined up to sing at the company’s funeral party. Fairfax stared down regulators and fought back. Dylan never got the chance to sing.

Watsa, now 75, stole a page from Warren Buffett in building a $45 billion global empire built on value investing and insurance assets. Its bold and creative trades are legendary, often moving against the herd and making billions while others lose their shirts. These days, the company is back winning billion-dollar bets, but away from the headlines. The Fairfax Way explores the lessons learned and why skies are now blue above a transformed company.

In its 39-year history, Fairfax’s annual compound return of 19.2% trounces the S&P 500’s 11.3%. Lately, it is outperforming even Silicon Valley tech stocks and winning back an investor following. It’s time to get to know Fairfax better. The company’s holdings include strategic investments like Bauer hockey sticks, William Ashley wedding gifts, Sleep Country mattresses, Golf Town stores, and Seaspan container ships. If you took home Swiss Chalet chicken last week or went for steak at the Keg, you ate at Fairfax restaurants.

It’s time to get to know Prem Watsa better, too. People long misjudged him as a recluse. Truth is, he simply always wanted to build a business, not talk to the media. After 40 years, he and his executives have finally decided it’s a good time to open up.

For all the colourful dealmaking, billion-dollar bets, high-stakes hedge fund wars, Thomas reveals an inspiring story for our current troubled times. What emerges is that many people just had trouble believing Fairfax had the audacity to build a company culture based on the golden rule—treat others as you would have them treat you. The Fairfax Way captures the inside story of how a culture of treating people right can be a secret competitive moat to long-term outperformance.

I give it 4.5 out of 5 stars.

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Welcome to the eighty ninth edition of BWM (Bi-Weekly Munchies) …

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If you missed live session, you can watch / listen to recording … this is for paid subscribers only as I do not like to “show myself” and prefer to keep low profile.

Get more from Yegor in the Substack app

Available for iOS and Android

Get the app

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This will be the last issue for 2025. BWM (Bi-Weekly Munchies) will be back on January 10-11 of 2026 … Happy Holidays!!!

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“Thinking is the hardest work there is, which is probably the reason why so few engage in it.” - Henry Ford

Subscribe now

*Portfolio*

*I am NOT a financial advisor. I’m sharing my investing journey. Not investment advice. Do your own research.*

Portfolio (Basic):

Holding since:

2020 - LKQ 0.00%↑ - 03

2021 - SFM 0.00%↑ - 03 | VMD 0.00%↑ - 05 |

2022 - MITK 0.00%↑ - 01 | WBD 0.00%↑ - 04 | $NTDOY - 12

2023 - PYPL 0.00%↑ - 01 | BSM 0.00%↑ - 05 | BUR 0.00%↑ - 09

2024 - ($M??) - 01 | - 04 | - 09

2025 - - 01* | $GRVY - 08 | $C??? - 08 | $C?? - 10 | $ONFO - 10 | EVVTY - 11|

*IAC originally was purchased in 2021, but sold at the end of 2024 for tax loss purposes and re-bought back in 2025.

*EVVTY originally was purchased in 2022, but sold at the end of 2025 for tax loss purposes and re-bought back in 2025.

Complimentary Monthly Commentary - CMC

We are moving into (are already there?) in holiday season, with a bunch of holidays and schools having winter break means that I will be spending more time with family and probably a bit less time on investing (that’s probably not true lol I live and breath investing) but I think these two last weeks we all deserve a little break. I think 2026 will have a lot of developments if nothing else just the fact that I will be doing a lot of re shuffling within this and the next month or so but you will of course hear about all of it in the following monthly updates!

ONFOLIO the new chapter

Just a month ago a revealed that I have established position in and since then there have been big changes and I think 2026 will be an interesting year for ONFOLIO

Onfolio is shifting to a hybrid model that pairs operating cash flow with a diversified digital asset treasury which basically means they are still looking to acquire profitable businesses but also (now) buying $BTC $ETH and $SOL.

I have my thoughts on it and I would rather not go too much in it yet, and I would rather let time show how things will develop, but if you want my option you can always DM me or I’m more willing to share things behind a wall. I don’t have any original thoughts but I usually think in a bit “weird” and not “standard way” and I would rather not have to explain my self (or become pray to trolls) to every single person, if y’all know what I mean.

I would suggest reading these two articles:

• Building a Modern Public Holding Company: Why Onfolio
  Is Pairing Digital Assets With Operating Cash Flow

• How Our Acquisition Strategy Is Evolving

Again you can always DM me (my DMs are open) or even better if you have questions regarding ONFOLIO you can ask Dom Wells. Find him on LinkedIn or use contact page on https://onfolio.com/contact/

GRAVITY

I did collab write-up with on check it out below:

Buying back EVOLUTION

As I mentioned in last monthly update, this month I already started buying back shares in $EVVTY

There are also a few other changes that are coming in tomorrow or sometime this week that I will discuss in more details in paid section

GOING LIVE

On December 19th (Friday) at 11:00am (EST) I will be going live with another (much smarter) investor and a friend from .

I will be doing “schedule” tomorrow and everyone will receive an email notification when live will be starting, this will be the first time I will be doing something 1) live and 2) showing my self on camera … Just for the live session … will see how that goes…

It would be awesome to hopefully “see” someone of you at live session and we could interact … if you can’t but want to ask question, you can DM me or reply to this email.

See y’all on December 19th!

Share

Earnings

Private Investments

I put a few five figures capital into companies that I’m already invested in. These three are making some good moves and I thought I would share more about them:

• Ivee

I first learned about Ivee when invested in it via Republic and then I look cab (couple of times) from one of the airports in NY and they kept coming up, so that’s when I decided to get in touch with founders … and good thing I did …

Learn more about Ivee via their website : https://www.goivee.com/ or if you would like you can DM me with questions or I can try and get you in touch with the team…

• RAD Intel

I been following RAD Intel for a few years and had a chat with CEO and Jeremy and his team (seems to me) are on to something. Very interesting company and they are moving fast…

Some of their clients are - Hasbro, MGM, Sketchers, and many many more big names!

Learn more about RAD Intel via their website : https://www.radintel.ai/ or if you would like you can DM me with questions or I can try and get you in touch with the team…

• UpShift

Similar theme as with the other two, I been following UpShift for sometime and I think Ezra and the team is doing something different (in a good way) from many other start ups specially with the whole AI / self driving vehicles hype…

Learn more about UpShift via their website : https://www.upshiftcars.com/ or if you would like you can DM me with questions or I can try and get you in touch with the team…

Books

I realized that my descriptions of the books that I read may not always give them full credit as when I read these books and when I write about them, I only share one or two things that really stand out to me. So I have decided to also include a quick short description from Goodreads (no affiliations) so that way you get my thoughts but also more generic description to get a better feel for the books and in so hopefully adding them to your “to-read-list”.

This time around I finished one audiobooks:

Merger Masters: Tales of Arbitrage by Kate Welling and Mario Gabelli

YZ:

Merger Masters was an interesting book / case studies on different famous investors and how they did their M&A. No one thing really stood out (because really each of them had their own spin on the idea of M&A) and it was a breezy listen while on long drives but what did stood out is the fact there is many ways of doing M&A and in fact you must have some kind of advantage (be it time or knowing how to execute options) or knowledge (or thinking in probabilities better say) that others might not posses or willing to dig into work but also be humble enough to know that sometimes things just don’t work out the way you want them to work out because of politics, human factor, etc.

Goodreads:

Merger Masters presents revealing profiles of monumentally successful merger investors based on exclusive interviews with some of the greatest minds to practice the art of arbitrage. Michael Price, John Paulson, Paul Singer, and others offer practical perspectives on how their backgrounds in the risk-conscious world of merger arbitrage helped them make their biggest deals. They share their insights on the discipline that underlies their fortunes, whether they practice the “plain vanilla” strategy of announced deals, the aggressive strategy of activist investment, or any strategy in between on the risk spectrum.

Merger Masters delves into the human side of risk arbitrage, exploring how top practitioners deal with the behavioral aspects of generating consistent profits from risk arbitrage. The book also includes perspectives from the other side of the mergers and acquisitions divide in the form of interviews with a trio of iconic CEOs: Bill Stiritz, Peter McCausland, and Paul Montrone. All three took advantage of M&A opportunities to help build long-term returns but often found themselves at odds with the short-term focus of Wall Street and merger investors. Told in lively, accessible prose, with bonus facts and figures for transaction junkies, Merger Masters is an incomparable set of stories with plenty of unfiltered lessons from the best managers of our time.

I give it 4 out of 5 stars.

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