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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3x Upside or Wipeout - Position Size Accordingly
Catalysts Products or services that could move sales or earnings meaningfully The biggest needle mover is Kito Crosby itself. It brings roughly $1.1 billion in revenue at a 23.6% adjusted EBITDA margin, which is far above legacy Columbus McKinnon's 15%.Read more
Medical Facilities (DR): Strong Balance Sheet, Cheap Assets, but Upside Hinges on Capital Allocation
Introduction to the company Medical Facilities Corporation (TSX: DR) is a small Canadian listed holding company whose value sits almost entirely in two specialty surgical hospitals in the United States: Arkansas Surgical Hospital (ASH) and Sioux Falls Specialty Hospital (SFSH). These are physician owned, focused facilities that perform high acuity surgical procedures, mainly orthopedic, cardiac, and other specialty cases, in lower cost settings than full service general hospitals.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
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