Small/Micro-cap Investor. Mostly value with a catalyst or special sits. Full write ups on my blog:
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August was a strange month, but YTD returns are still strong. Also some commentary on themes/sectors I think are still interesting here:
treasure-hunting.co/p/portfo…
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Lots of volatility and fear around biodiesel margin in the last weeks with SREs and potential diesel export ban. RINs have come down to $2 from $2.50 and yet spot-margins are still materially higher than they have been in Q2.
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Sebastian Krog retweeted
Good reminder that Yellowbrick 2.0 is coming next week.
> 4,000+ authors tracked
> 350+ stock pitches added each week
> Returns tracked for every pitch and author (started 2024-01-01)
> Leaderboards, search/filters, custom feeds/notifications, API/MCP, and much more
> Discounts to some of the best paid publications like @pernasresearch @david_katunaric @AurelionRsch @SebKrog @irbezek @ClarkSquareCap @CEOStockWatcher (and you'll get their pitches directly in your feed)
If you are a Yellowbrick Premium sub or an author who posts pitches, DM me for early access
Am I the only one who nuked their sellside research consumption by like -90%?
Between ASKB, X, groupchats, substack and podcasts the marginal utility for me has gone to near zero.
Still skim spec sales for positioning but even that is down by a lot since I start with TMTB.
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One thing I've learned over the past few years, especially on X: never compare your returns with other investors'.
Comparison rarely makes you happy anyway, but with returns it also strips away all the context. A 25-year-old, single, no kids, doing 50% on $50k is impressive. But it's almost a different game from a 50-year-old doing 20% on $ 10M. The two require different skill sets.
And higher returns don't automatically make the young guy the better investor. His circumstances just happen to favor high returns.
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Sebastian Krog retweeted
1/3 Unmatched!
#europoorsinvienna26
@david_katunaric
@SebKrog
@Kreuzmann13
@EightTrack180
@HugoNavarroPer2
@FresnoCapital
@Floe_FS
@wusatiuk
@JoeValue
@MaksimRodin_
@SteigerwaldValu
@AxelGMueller
@erik_rnf
@MarkusEndl
@walter_schloss
@malbr15831661
@vanckzhu
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Sebastian Krog retweeted
Every stock pitch should be able to be boiled down to three things:
1. Consensus view
2. Your variant view
3. What event will make your variant view the consensus view.
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Most value investors never touch commodities. While you can certainly beat the market without venturing out into that space, I have found great value in doing so because it lives in a completely different „part“ of the market and forces you to take a different view as well.
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Sebastian Krog retweeted
📗Stock Picker is officially published! lnk.to/stockpicker
The world didn't need another "invest like me" or instruction manual for successful investing. What time has proven is all great investors and stock pickers invest differently. In fact, that is what makes them great. I wrote this book to inspire and motivate you to invest like you. To do it your own way. That is my story and it can be your story too.
I also wrote the book to educate the masses on microcap investing, a space that has been largely forgotten by most of the financial industry. My mission is to pull quality investors, companies, stakeholders into microcap. That is how we make a positive impact on this investment class.
Help me spread the word. Tell a friend. Leave a positive review. Thank you. 🙏
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At the end of 2025, I felt so out of sync with my portfolio that I wanted to start from scratch. To avoid rushing sell decisions, I first started a paper portfolio. During December and January, I rebuilt my portfolio on paper, with the goal of making my real portfolio match it by the end of January.
I haven‘t touched it since. It‘s up 46% YTD, here is what it looks like:
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This exercise was one of the most freeing and valuable ones I've done. It also shows that—even without any trading during the year—the stock selection was much better than what I previously held in my portfolio.
It is also reassuring to see that you can still be up 46% despite having a single position down 80%.
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Given the market is so broad and investment styles are so different, I have always learned the most by reading and listening to market participants that have a different approach to the market than I have.
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Go through any stock exchange and see how many stocks are up 50-100% in any given year. Then see how many have a 50%+ CAGR over 5+ years. Then decide what game you want to play.
Inversely, it does seem possible to find stuff that’ll appreciate 20% in 6 months, or double in 2 years etc. but it requires buying stuff that is undervalued *and then goes up*, vs just buying undervalued
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Plus there is virtually no business that has a 50% CAGR over a long period of time.
Why was Buffett and Greenblatts turnover so high when they were compounding 40+%? The longer you hold a business the more right you have to be, the more time there is for foreseen and unforeseen risks to come to fruition. A large edge comes from knowing the operator and his philosophy/process intimately. Jim Sinegal, Sam Walton, Jeff Bezos. Other than that it is hard to hold on for a long time and have spectacular returns.
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Sebastian Krog retweeted
Also working on shareable pitch cards. Need a little work still, but coming along
@SebKrog
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Anyone with an opinon on $CEPL? Since the uplisting the stock has known only one direction 📉
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Sebastian Krog retweeted
I love to buy resource stocks when they make no money.
This chart is a good reminder that the mining industry is generating profits on a scale no other sector in the market can even come close to matching.
tavicosta.substack.com/p/a-r…
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$EML.AX is a great reminder that (large) insider buys are no guarantee for a good investment.
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