Concentrated fundamentalist | 8-12 positions across any sector | Price and fundamentals over narrative | Nordic small caps, micro caps, special situations | Margin of safety, then patience
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Asset-rich, price-taker: a 2–4 year NAV story, not a forever hold
Arrow is a junior Colombian oil producer with a strong balance sheet and a binary catalyst. The thesis rests on three pillars: a debt-free balance sheet with a rapidly building cash position ($24.2M as of May 2026), a pending Tapir license extension that would unlock significant 2P/3P reserve value, and a fresh multi-zone discovery at Icaco that diversifies the asset base.Read more
PagSeguro: A Cheap Bet on a Bank Hiding Inside a Payments Company, Priced for Failure
The setup. A Brazilian payments-and-banking hybrid (PagBank) trading at ~$9.32, roughly 6.8x normalized earnings, ~1.0x book, with a ~14% combined capital-return yield (buybacks + dividends).Read more