18 Degree Journal Tunes

Happy New Year!Continues research on lumber, just a little addition and nothing special.Trying out a new format, let me know how it goes, cheers!Full article: I’m continuing to look at Canadian lumber mills,Just a small update/clarification,Cheershttps://open.substack.com/pub/andreevdan/p/background-lumber-small-update-1?r=4klyy7&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true

Hey everyone, Happy New Year! As promised (and with a little bit of a wait), we have a very special episode to kick off the year. For this installment of the Chit Chat, we are joined by a special guest: Whit Huguley, founder and Portfolio Manager of River Oaks Capital. Those of you who follow our "Spotlight" series and read the letters will immediately recognize Whit. Over the last 6 years, he has built a reputation for his concentrated micro-cap fund, delivering consistent results by finding value where others aren't even looking.In this 1.5-hour deep dive, Whit pulls back the curtain on his "private equity style" research process. He shares the secrets behind his idea generation, how he vets management teams, and the specific frameworks he uses to find "A+" CEOs in obscure markets.I hope you enjoy this masterclass in micro-cap investing!🔗 Connect with Whit & River Oaks:Our Deep Dive Article on Whit: Here.Website: River Oaks Capital Twitter/X: @Whit_HuguleyLinkedIn: Whit Huguley, CFA Disclaimer:This content is for INFORMATIONAL PURPOSES ONLY. It is NOT an offer to buy or sell any security or a solicitation of an offer to buy any product or service. The views expressed are strictly the personal opinions of the host and guest and DO NOT represent the official positions of River Oaks Capital or any other associated entities.Investing, especially in micro-caps, involves a high degree of risk and the potential for TOTAL LOSS OF CAPITAL. We are not financial advisors; you must DO YOUR OWN RESEARCH and consult a professional before acting on any information shared here. The host and guest MAY OWN POSITIONS in the securities or funds discussed and may trade them at any time without notice. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

18 Degree Partnership WritingsFull Letter at: https://open.substack.com/pub/andreevdan/p/memo-the-american-premium-bubble?r=4klyy7&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true

Hey Listeners,I have been doing some research on the sawmills and compiled a miniature crash course....expect something very cool coming soon,Happy holidays.Substack: https://open.substack.com/pub/andreevdan/p/background-the-lumber-industry-business?r=4klyy7&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true

Third time reading the Nomad letters and I’m still blown away. Why Nick & Zak’s letters are (for me) better than Buffett’s, how they turned money into 10× in 13 years with just three stocks, why treating the index as ‘safe’ is dangerous, the brutal ethics of fund size, and yeah… that insane Ferrari 250 GTO story. You lot are gonna love this one.Substack: https://open.substack.com/pub/andreevdan/p/spotlight-nick-sleep-and-qais-zakaria?r=4klyy7&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true

Hello everyone! It’s been a while since my last letter. I’ve had some unexpected computer issues, but I'm finally back up and running! Thanks for having me.Today, we're exploring Enwell Energy ($ENW), a Ukrainian oil and gas company on the AIM market. We dive into a fascinating deep-value situation, a company trading below its cash pile, but with all the complications of war, sanctions, and suspended licenses.Instead of just focusing on the idea, I dedicate some time to explaining the indirect, and more important, lessons I learned while analyzing it. It was a major "aha!" moment on some of the core teachings of Buffett and Munger, and why this kind of bet ultimately lands in the "too hard" pile.Full article here: https://open.substack.com/pub/andreevdan/p/write-up-and-memo-recursive-thoughts?r=4klyy7&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true

The last guest to visit Bogumil Baranowsku's podcast was Whit Huguley, in which he went into detail about himself and his fund. If it's not super obvious, I really enjoyed their talk and went down the rabbit hole of learning everything I could about Wit Hugly. Potentially coming across as a stalker, I searched all public information I could gather from his podcast appearances, guest panel speeches, and writing (as well as all his 770 tweets, from which I found old writing and the fact that he is a big New Orleans Saints fan). Today, I wish to share the lessons I've taken away from his investment journey, and I hope it brings you some entertainment and value.Full Article: https://andreevdan.substack.com/p/spotlight-river-oaks-capital

Just a quick tour through Poland’s markets, spotlighting unique companies like Huuuge Inc ($HUG) in mobile gaming and Stalexport Autostrady ($STX) in toll roads.Not investment advice, just ideas worth exploring.Read the full write-up here: https://andreevdan.substack.com/p/write-up-interesting-ideas-a-polish

Hey Everyone,Welcome to my first company write-up! I've packed this episode with a bit of everything: the history of Wish.com, a detailed stock analysis of ContextLogic, and some background on the company. I had a blast putting this together, and I hope you enjoy listening as much as I enjoyed creating it!Check out the full article on Substack here: https://open.substack.com/pub/andreevdan/p/write-up-special-situation-contextlogic?r=4klyy7&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true

In this episode, I'm diving into some more rough though. Warning, not well done.As promised, following up on the previous rough-raw-idea and piggybacking on the same two-sentence idea theme. This one is influenced by a book I recently started reading.You can read the full article and more on my Substack here: https://andreevdan.substack.com/p/memo-green-anti-globalisation?r=4klyy7Books:Let My People Go SurfingThe War Below

In this episode, I'm sharing my half-baked thoughts on AI &Books.You can read the full article and more on my Substack here: https://andreevdan.substack.com/p/memo-quick-thoughts-on-ai-and-books?r=4klyy7

In this episode, I'm diving into Giverny Capital.Join me as I delve into the timeless wisdom of François Rochon and Giverny Capital, exploring their remarkable investment philosophy and highlighting some of my key takeaways from their annual letters.You can read the full article and more on my Substack here: https://andreevdan.substack.com/p/spotlight-giverny-capital

A Misunderstood Disconnect: My TakeI've been thinking about why it feels like the world's falling apart, even when, by most measures, we're doing better than ever. I believe it's because fear sells in the news, and social media creates these filter bubbles that reinforce negativity.Take the US-China situation and Huawei—it's a perfect example of how complex issues get simplified and misunderstood. My goal with this memo is to challenge us all to be more open-minded and look beyond the headlines.Read my full thoughts here: https://andreevdan.substack.com/p/memo-a-misunderstood-disconnect

Ready for a rapid education on the taxi business? This episode is your crash course to getting up to speed on its underlying model. We cover the crucial background, from traditional operations to the forces of change, delivering a focused and informative look at how this vital service works. There is no fluff (hopefully), just the facts you need.Check out: https://open.substack.com/pub/andreevdan/p/background-the-taxi-business-model?r=4klyy7&utm_campaign=post&utm_medium=web&showWelcomeOnShare=false

This piece, "Memo: Stepping Away from the Index," details an investor's decision to exit their S&P 500 index fund position, driven by a discomfort with owning a "black box" and a commitment to understanding underlying investments. The author highlights concerns about the index's elevated valuations (P/E ~28, CAPE ~36.5), historical dividend lows (~1.3%), record net margins (~12.7%), and extreme concentration (top 10 companies nearing 40% of the index), echoing risks seen in past market peaks. The author argues that actively understanding business fundamentals, risks, and profit drivers offers greater comfort than relying on an index whose past performance may not be sustainable, especially without hyperinflation, and whose concentration could lead to a domino effect during a market panic. The memo advocates for individual responsibility for investment outcomes and an aspiration to outperform the index over the long term by focusing on transparent valuations rather than broad market assumptions.You can read the full memo here: https://andreevdan.substack.com/p/memo-stepping-away-from-the-index

I meant to write a quick intro about stock exchanges to lead into a stock write-up... but it ended up turning into its own full project.Topics covered include:IntroductionWhat is an Exchange & InstrumentsHistoryMajor PlayersExchange OptionsBusiness ModelsConclusionsYou can find the full breakdown on Substack here:https://open.substack.com/pub/andreevdan/p/background-the-business-of-exchanges?r=4klyy7&utm_campaign=post&utm_medium=web&showWelcomeOnShare=falseA full PDF is also available at the end if you prefer everything in one file.

I meant to write a quick intro about stock exchanges to lead into a stock write-up... but it ended up turning into its own full project.Topics covered include:IntroductionWhat is an Exchange & InstrumentsHistoryMajor PlayersExchange OptionsBusiness ModelsConclusionsYou can find the full breakdown on Substack here:https://open.substack.com/pub/andreevdan/p/background-the-business-of-exchanges?r=4klyy7&utm_campaign=post&utm_medium=web&showWelcomeOnShare=falseA full PDF is also available at the end if you prefer everything in one file.

I meant to write a quick intro about stock exchanges to lead into a stock write-up... but it ended up turning into its own full project.Topics covered include:IntroductionWhat is an Exchange & InstrumentsHistoryMajor PlayersExchange OptionsBusiness ModelsConclusionsYou can find the full breakdown on Substack here:https://open.substack.com/pub/andreevdan/p/background-the-business-of-exchanges?r=4klyy7&utm_campaign=post&utm_medium=web&showWelcomeOnShare=falseA full PDF is also available at the end if you prefer everything in one file.

I meant to write a quick intro about stock exchanges to lead into a stock write-up... but it ended up turning into its own full project.Topics covered include:IntroductionWhat is an Exchange & InstrumentsHistoryMajor PlayersExchange OptionsBusiness ModelsConclusionsYou can find the full breakdown on Substack here:https://open.substack.com/pub/andreevdan/p/background-the-business-of-exchanges?r=4klyy7&utm_campaign=post&utm_medium=web&showWelcomeOnShare=falseA full PDF is also available at the end if you prefer everything in one file.

I meant to write a brief introduction about stock exchanges to lead into a stock write-up, but it ended up becoming its own full project.Topics covered include:IntroductionWhat is an Exchange & InstrumentsHistoryMajor PlayersExchange OptionsBusiness ModelsConclusionsYou can find the full breakdown on Substack here:https://open.substack.com/pub/andreevdan/p/background-the-business-of-exchanges?r=4klyy7&utm_campaign=post&utm_medium=web&showWelcomeOnShare=falseA full PDF is also available at the end if you prefer everything in one file.