A commodity business with not-so-commodity dynamics at 4× EV/FCF
A hidden asset, net cash, and share buybacks…
THE MODERN INVESTING NEWSLETTER
Investing in global stocks from all kinds of sectors with a focus on commodities, cyclicals and value.
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Latest posts
H1 Update: The Widow-Maker Strikes Again
A portfolio update, the oil thesis, and lessons from a turbulent first half
The UK Brick Industry Could Be One of the Most Mispriced Cyclical Setups in Europe
An overlooked oligopoly at cycle lows with attractive dividends & buybacks
From School Dropout to Marine Empire
A growing and diversified business trading at 5x FCF
The Explosives Industry: From Alfred Nobel to the Strait of Hormuz
How conflict, ammonia, and supply chains are reshaping global markets…
Weather, Politics and Olive Oil: A Trade Worth Watching
The Legacy of the World’s First Options Trader
Agriculture & The Most Impressive Business I Have Ever Found
One of the largest agricultural conglomerates trading at cents on the dollar while paying a 60% special dividend
The Most Toxic Stock in the World — I’m Long
From Lawsuits, Corruption, and Debt to Refinancing and Asset Sales
Update on the Fallen Angel Thesis Post Earnings
Earnings Commentary and Thesis Confirmation…
Metlen -20% on Profit Warning | Opportunity or Trap?
Update on Metlen and my thoughts on the crash…