THE DEEP END

RILYZ dividend · 2026-10-15 · $0.328125/share × 100

TSM dividend · 2026-09-16 · $1.113621/share × 14

RILYZ dividend · 2026-07-15 · $0.328125/share × 100

Testing

See RILY thesis.

Trading at cash value of their recently awarded IP infringement lawsuits - some collection risk but otherwise you get a coal power plant supply business for free alongside a burgeoning water utility filter business. Lot of unknowns remains a speculative position.

Very attractive sum of parts, needs to exit largest holdings crashing the stock price to pay down debt. DDI buyout should help.

Historically cheap relative to likely cash flows, growing great in China facing leadership and strategic direction issues as US sales have disappointed. Medium strength brand for a bargain price.

Hollister's success hiding inside ANF at an attractive valuation.

Supplement rollup, trading at a good price relative to cash flows, well led.

Fab Kings of Taiwan.

Oddly durable high margin product that is replaced often by a strangely loyal customer base and was extremely undervalued when I initially built my position.

Put a flyer into a distant second to SpaceX years ago on the strength of Peter Beck's vision and execution and it just kept doubling in value. Recently halved my position.

Priced relative to a decline not reflected in reality holding extremely valuable spectrum rights.

4x forward cashflows with 86% ships booked for the next 24 months. Great management, interesting niche within container shipping completely fuel cost agnostic.

Great growth, huge market leader, rock-solid management, amazing kpi's in Kazakhstan, expanding to another country amid a complicated environment rife with inflation.

Cash value + investments above MC, nearly a double even discounting all current unprofitable business lines. Activist investors seeking a return of value to shareholders in short term. Buying the outrage news on the strategic merger that will be voted down and cost the company 3% of their cash in breakup fees. Company trading at half their cash liquidation value.

Value disconnected from the new legal environment on weed rescheduling which drastically improves the financials and ability to invest in advertisements of weed shops which use WM services.

Extremely sticky 700k battery swap subscribers in Taiwan should turn cashflow positive by early next year as battery chemistry improvements for total cost of ownership turn their business profitable without raising prices, which they can and should do. Overseas success is possible as cities seek to lower emissions, noise, and the highly health destructive exhaust from 2 stroke motorcycles and scooters which can be 40x as pollutive as single car with a superior catalytic converter.

Legacy holding, waiting for its GPU division to reach significant AI server adoption. Paring down my position - given rich valuation.

Reliable revenue, superior product in the medical equipment niche that allows for superior cataract surgery throughput and high margin procedural revenue share. Experiencing temporary sell pressure from a failed acquisition as special sit arb's fled the stock halfway through a transitionary year on their way to positive cashflow and hopefully a return to previous system sales growth as they reestablish connections overseas.

1/3 of the business (SEO referrals) in decline with an overblown impairment due to recent AI search spam another 1/3 of the business is rapidly replacing it with superior margins, reliable revenue, and double digit growth.

Extreme cashflow yield near 50% MC. Can double 5 times over the next 5 years if they simply return to historic & unimpressive 12.xx% growth. The decline is often overblown and retargeting old users is easier/cheaper than new ones.

Korean deep value reliable cashflow single digit FCF multiple that does not issue dilutive SBC. Now a special situation buyout that I expect to go through in under 5 months north of $18 a share ($9.27 share cost basis)