Substack
Treasure Hunting
Everything we have picked from this writer, newest first.
commodities RI(N)sing higher
RIN prices near all-time highs reflect tighter renewable-fuel mandates, a shrinking credit bank, and biodiesel production shortfalls.
Treasure Hunting
m&a Half-year 2026 update, reflections on +55%
AstroNova’s $29-per-share sale helped drive a 55% first-half return, while concentrated winners and strict loss control shaped the…
Treasure Hunting
small caps My story: two years as a full-time investor
Treasure Hunting marks two years as a paid blog and recounts a path from early microcap losses to a Deufol special-dividend winner.
Treasure Hunting
aerospace & defense Short-term inflection, long-term compounder?
A debt-free Canadian aerospace microcap trades near 5x EV/EBITDA, with backlog-driven profit growth and a board-led capital-allocation…
Treasure Hunting
emerging markets Portfolio Update: May 2026
Portfolio returned 3.2% in May and 21.4% year to date, with Colombian oil holdings positioned for a pro-exploration election-driven…
Treasure Hunting
earnings Q1 Earnings Update - Part II
Sanara MedTech posted 19% Q1 revenue growth and its first GAAP profit; Frontera Energy’s pipeline dividends are set to reduce debt to $131…
Treasure Hunting
earnings Q1 Earnings Updates - Part I
Cipher Pharmaceuticals (CPH.TO), Ascent Industries (ACNT), and three undisclosed portfolio holdings report Q1 results.
Treasure Hunting
emerging markets Portfolio Update: April 2026
Portfolio gained 8.48% in April and 17.8% year-to-date, with Frontera Energy positioned for either Colombian election outcome amid oil…
Treasure Hunting
m&a Quick and timely idea: Positioned for a sale
A company’s strategic-alternatives review follows a declined private-equity bid; the thesis assigns 80%+ odds to a premium sale within…
Treasure Hunting
balance sheets 30% Levered FCF Yield but Bad Balance Sheet, Bad Business?
A regional commodity oligopoly trades at a roughly 30% 2026 levered FCF yield, with asset sales and EBITDA recovery aimed at repairing its…
Treasure Hunting
emerging markets Q1 2026 Portfolio Update: Reflections on +9.1%
A portfolio concentrated in Latin American oil companies returned 9.1% in Q1 2026, versus a 4.63% S&P 500 decline.
Treasure Hunting
energy Ready for Stagflation? Positioning for the Oil Shock — Weekly Treasure Hunt #05
Iran-related oil disruptions have cut Gulf output by at least 10 million barrels daily, favoring North American and Latin American energy…
Treasure Hunting
emerging markets The Cheapest Oil Stocks in the World
Colombian E&Ps trade at 2.6–3.2x EV/EBITDA and below $10/boe of 1P reserves, with consolidation, overseas expansion and a 2026 election as…
Treasure Hunting
energy Portfolio Update: February 2026
The portfolio is up 2.7% YTD as energy and materials lead markets amid Iran-strike uncertainty, while small position sizes muted gains from…
Treasure Hunting
earnings Q4 2025 Earnings Preview: What to Watch
BluMetric’s February 26 results will reveal its acquired consulting business contribution and whether water-tech margins recover after a…
Treasure Hunting
earnings A $622M Divestiture, a Venezuelan License, and Three Earnings Updates
Frontera Energy’s US$622 million Colombian E&P sale funds a roughly CA$7.18 special dividend, leaving its infrastructure business as a…
Treasure Hunting
emerging markets The Great Rotation: Long Live the Old Economy — Weekly Treasure Hunt #04
Vaca Muerta’s $36–45-per-barrel breakevens, Milei reforms and $17 billion infrastructure buildout underpin the bullish case for Vista…
Treasure Hunting
ai Do You Want to Be Right or Do You Want to Make Money?
Investor ego can turn contrarianism, averaging down, and rigid styles into costly attachment.
Treasure Hunting
activism My Biggest Position: A Monopoly Priced for Failure
A former value-investor darling, down 50%, pairs a monopoly with a recurring-revenue razor-and-blade business; debt paydown, margin…
Treasure Hunting
portfolio management 2026-02-01 portfolio management Portfolio update January 2026 (Paid Subscribers only)
The January 2026 portfolio returned 1.1%, added four positions, exited one and trimmed three while shifting toward catalyst-driven…
Treasure Hunting