November 2025 Portfolio Update

Quote, Portfolio, Complimentary Monthly Commentary, Earnings, Events, New 13Fs and more ...

Nov 18, 2025

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Quote for this month:

“The genuine investor in common stocks does not need a great equipment of brains and knowledge, but he does need some unusual qualities of character.” - Benjamin Graham

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 | BKTI 0.00%↑ - 04 | BOC 0.00%↑ - 09

2025 - IAC 0.00%↑ - 01* | $GRVY - 08 | $C??? - 08 | $N??? - 10 | $D??? - 10 | $C?? - 10 | $ONFO - 10 |

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

Complimentary Monthly Commentary - CMC

There has been a lot of things happening under the hood for the last month or so …

So I wanted to provide more information now that I finally can…

ONFOLIO

First of, the stock that I said in the last update that I couldn’t speak about was … Onfolio - $ONFO … paid subscribers know that I been following this company for a while and I have been dollar cost averaging into it via my IRA account + I am invested into ONFO via Pref and SPV …

I did a one pager on it in June:

Onfolio Holdings Inc. ($ONFO) - One Pager

Yegor

Jun 30

Read full story

I participated in the the private offering that was completed at the end of the October and although I did mention that I was taking out $30,000 from this account, the investment was a bit larger but for purpose of keeping this dollar for dollar, I have added ONFOLIO to my Portseido portfolio at the price that I participated at, so even though its in the separate account after some time it is possible for me to try and transfer those shares to my Webull account (at some future point).

So moving forward ONFOLIO will be in the main portfolio even if it does not reflect so in Webull, it will be reflected in via Portseido since be it “up” or “down” that $30,000 was invested in public company that has trackable share price (although given the volatility sometimes it can be stomach turning)

I think for now I will leave it at that, but I will be sure to come back to this holding in the near future…

GRAVITY

A new holding that I have been building up since August is $GRVY …

This one is interesting because company is a net-net

TradingView chart — Created with TradingView

A few people have written about it over the past few years and yes there is a reason why its a net-net

Altay Capital - Mostly Value Investing

Gravity - Cheap but an Obvious Value Trap

Gravity Co., LTD. is a video game developer based in South Korea and trades in the U.S. (GRVY) and is extremely cheap. It’s cash rich and trades at TTM P/E of 8.3. Net income TTM is $35.5m USD vs $295m market cap…

3 years ago · 5 likes · 2 comments · AltayCap

Value Degen’s Substack

How do you solve a problem like Korea? Gavity Co. $GRVY

Of all the trends in the world today, one of the most confusing has been the strength of the US dollar despite the 6% - 7% fiscal deficit that our congress has been maintaining. For all of our concerns about debt service payments and unfunded liabilities, it hasn’t translated into a weakening currency, yet. Perhaps with the US access to cheap energy, …

a year ago · 19 likes · 8 comments · Unemployed Value Degen

I recommend reading the two write up above plus follow

AppInvestor

for more up to date updates on Gravity

The parent company that owns large stake in $GRVY - Gungho Online Entertainment, a Japanese listed game developer is being targeted by an activist - Strategic Capital, Inc and they have been more active with Gungho …

Strategic Capital has been pointing out on multiple occasions that current management or more precisely Kazuki Morishita is not fit to run Gungho and has been running it for his own benefits and not for the benefits of Gungho (or Gravity) shareholders. I highly recommend checking out Strategic Capital website and more in details the website they have created for GungHo Online Entertainment.

Both Gungho and Gravity are ran too conservatively (regrading capital allocation) and my hope is that if Strategic Capital can change management then both Gungho and Gravity value can be unlocked.

I’m new to activism but I know in Japan its not been looked at “nicely” at least not until recently with Japan changing its ruling towards publicly traded companies and outside shareholders and I also know in Korea its even worse then in Japan so my hopes are not that high but I think it’s interesting situation, especially given that Gravity is actually making good progress with expending Ragnarok. I should definitely write more about Gravity especially with emphasis on Strategic Capital’s activism towards the parent co.

EVOLUTION and ???

I have sold out of $EVVTY and another undisclosed holding for tax loss purposes. As of right now I have over $80,000 of realized profit and before the sale of those two it was almost $100,000. I will be looking to get back in those two before the end of the year / beginning of next.

I know Evolution has been seen as disappointment to the X community, but I don’t think the results were that bad + as long as they are generating cash as they are and buying back shares (as they are), I think in the long run things will work out … similarly how I think about $PYPL.

Earnings

BKTI - all around another great quarter (with all metrics are moving “up”) and I like what company and its management is doing overall.

PYPL - This one is controversial on the internet but I’m still a big fan and believer in PYPL turn around story... please take a look at what Sergey and Darius wrote

Compounding Your Wealth

Paypal Q3 2025 Earnings Analysis

Financial Results…

21 days ago · 10 likes · 1 comment · Sergey

Darius Dark Investing

PayPal - Finally Waking Up?

For several years, PayPal has been a source of frustration for investors. Before its latest earnings announcement, the stock had lost approximately 17.7% since the beginning of the year, a performance that displayed the pessimism surrounding its future. Yet, following the release of its third-quarter 2025 results, something shifted. There was a surge of…

18 days ago · 8 likes · 2 comments · Darius

NTDOY - Company is doing great, but I do not know if its for the right reasons…

IAC - This is the one that I’m a bit struggling with and maybe just too stubborn to sell and move on. Everything seems like crap to mediocre and no one really cares about Holdco discount aka “you buy this and everything else is free”

WBD - Everyone just waiting for someone to buy all or in parts WBD …

BUR - Burford’s stock is getting destroyed pretty much every day since the last hearing, and yet company has so much more to offer then YPF case … with that said for me Burford is YPF case play not the company because when it comes to company I don’t think anyone can really explain how they do what they do (I made this point already before)

LKQ - still lots of uncertainty in the world with tariffs and new management doing its best to move LKQ into the right direction. LKQ is selling off parts of businesses while trying to navigate challenges in Europe, monitoring…

GRVY - not much change - on look out for what the activist will be doing with parent co.

AppInvestor: Tracking the Business of Apps

Gravity ($GRVY) Q3 Preview: Good Quarter, Strong Pipeline, Market's AFK

Data-driven insights on the mobile app economy, ahead of earnings: AppInvestor tracks mobile app through real-time store data (App Store, Play Store), identifies trends with AI models, and analyzes financials…

12 days ago · 7 likes · 2 comments · AppInvestor

VMD - Dean did a great job in covering earnings, all I will add is that company is a lot more diversified now but I’m cautiously optimistic in their move into things like breast pumps and if they their tech is as good as they say their sleep resupply business should do well.

Petty Cash

Viemed Q3 2025 – $VMD

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

11 days ago · 4 likes · Dean

SFM - Hindsight 20/20 it was a great on my end to sell bunch of stock around 100-150 with that said this sell off to 75-80 I think is a bit too much. SFM is still expending and still printing fcf , slowdown is understandably but I think as it was over exhausted to go from 70 to 170 and now from 170 to 70ish …

EVVTY - I listened to the earnings call and as before my thoughts are the same in that Evolution is now more of a mature company and not growth. Although there are growth opportunities. Unfortunately the whole fiasco with piracy is a big negative to the whole thing and still have not been fixed. For now buying back shares and paying out dividend is a good way to go, but maybe Board should also consider putting a fresh blood in CEO seat, someone with a new perspective…

Do Not Distribute

Evolution's Q3 2025: Quarter in Review

“Evolution remains the product leader in Live Casino and its sales have just declined year-on-year for the first time. Guess the year…

20 days ago · 36 likes · 7 comments · Ali Gündüz

The Wolf of Harcourt Street

Evolution: Are Asia’s Problems Becoming Unfixable?

Executive Summary…

21 days ago · 41 likes · 14 comments · Wolf of Harcourt Street

SPOT - To be honest I did fully listen to the call (and did not go thorough the numbers) I have sold out of SPOT but still keeping an eye on it. If / when price goes sub $100B I will put it more on the radar until then I recommend subscribing to Nikhs Substack and follow as they do great job with recaps!

Nikhs

Spotify Q3 2025 Earnings: The Execution Engine Goes Live

TL;DR…

12 days ago · 4 likes · 1 comment · Nikhs

Doing this review and it was a bit exhausting, what I mean I own to many companies … need to slim down because when I was writing on a few things I actually did not really remember well enough how the earnings went which is honest truth but also I understand is concerning because a lot of times I’m on the move and do not have time to write thoughts/comments … really need to re think about this…

Events

I had a pleasure of attending to two events in the month of November…

1 … by

Michael W. Green

at Fordham University Gabelli School of Business

Mr Green gave a talk on how passive investing “kind of (lightly said)” ruining the investing world, because of passive investing markets are more irrational then ever and in the bubble zone, the problem there is really no real solution (per se).

I also enjoyed the chat between Michael Green, Paul Johnson, and another Mike (I forgot the last name) who runs a hedge fund. Three of them had a great conversation on passive investing and how it has changed the markets (for the worse) over the years.

2 … by

SuperJoost

at NYU Stern School of Business

I want to say big thanks to Joost for letting me be present at his Fire-chat with CEO of Unity - Matthew Bromberg - I have never been to any events like these (or NYU for that matter) so if was really nice to listen on conversation on Unity but also gaming in general. Mr Bromberg was very generous with his time and had more then a few of good advises for those who seeking to be in the gaming business + lots of interesting personal stories.

For most of my life I been a big gaming nerd so it brought a bit of nostalgia and got a few of my neurons fired up when listening to gaming but from more of a corporate / investing angle.

I highly recommend checking Joost’s Substack: