value and opportunity

Rob Vinall’s 2025 letter to investors is worth reading, as he also discusses why he sold some positions (Prosus, PDD, International Pet.)

A good reminder that Value Investing only works long term if it stops working short term 

Despite the rhetoric, Stablecoins are rarely used for actual payments

An epic write-up on the “Seabed economics landscape”

Some interesting thoughts from Heavy Moat on Capital allocation and the virtue of dividends

Jamie Ward with a nice write-up on Chapters Group

Sixt competitor Avis experienced an epic short squeeze this week. How needs fundamentals these days anyway ?