I think it's more helpful to show active positions only, so the following is my portfolio as of market close 11/7/2025: I've realized I'm not measuring performance correctly, and so I'm going to rebuild the portfolio over the course of the coming month. It's quite manual and sluggish. My calculation of alpha is not honest enough and there's essentially no rebalancing going on ever. I might even transition to tracking performance in a paper trading portfolio and use excel to t

Denny's is being acquired for $6.25 a share by Yadav Enterprises and Treville Capital. This officially puts a bow on my experience owning and following Denny's. The cost basis for my position was $5.99 a share, so this buyout would've netted me about a 3.3% gain assuming I held through the summer and sold today. While it would've been nice to get back to breakeven, I don't think selling over the summer was a bad choice. The real lesson learned is to sell earlier. Two of the b

The following is the message I sent to Silver Fund with my thoughts and analysis of Morningsta r's third quarter: Morningstar reported their 3Q earnings after close today. I think it's best characterized as "more of the same", with solid fundamental performance being overshadowed by the AI conversation and commentary on their end markets being discouraging. Revenue was up 8.4% vs. our estimate of 6.8% and street of 6.2% driven mostly by the Credit businesses' 27% organic grow

Honeywell reported third quarter earnings before market open today. They posted really strong organic growth in the Aerospace Tech unit and I think that's the primary reason for the ~7.50% gain today. In my 3 quarters owning Honeywell, it seems like that's all that people really care about. Aerospace was great in 1Q, mediocre in 2Q, and great in 3Q and this has corresponded with the performance of the stock. Sell-side seems to be asking a lot about the margin profile as well,

The following are copies of materials for my research on Morningstar: See the memo for my full thesis. It's redundant in my eyes to parrot the memo when I've already done that work. I think this is how I want to share work moving forward given the time it created to initiate in the past. It's more important to get the documentation right than getting the journal entries to look beautiful in my eyes.

This is more of a mid-October update but still wanted to get a product out. The following is my portfolio as of market close 10/16/2025: And the following is my performance against the S&P 500: And the following is my exposure by sector and geography as of market close 10/16/2025: I'll start by saying I gave up quite a bit of performance in the last month. It's been hard to keep up with the market for the entire time I've been investing truthfully. None of my names have repor

To start the annual report I want to define more precisely what I want the purpose of this blog to be. This blog will best serve me as an online investing journal and a tool to document my learning. It is not meant to be a place that forces me to publish research at each quarter. I find this has added stress to my life and made the portfolio less rewarding. Henceforth, this will serve as a place to get my thoughts down as an investor. With that being said, let's look at perfo

Entry Price: $36.1 Exit Price: $50.4 Return: 40.43% Alpha Contribution: 2.78pp Hold Period: 186 Days I'm really proud of the work I did...

Entry Price: $5.99 Exit Price: $3.70 Return: -38.2% Alpha Contribution: -3.64pp Hold Period: 197 Days Denny's has been far and away the...

BTC Holdings: 628,946 BTC Yield: 25.0% BTC mNAV: $75,278 Premium to NAV: 50.07% Strategy "reported earnings" two weeks ago and little has...

Sales Growth: 8% y/y Organic Growth: 5% y/y GAAP EPS: $2.45, 4% y/y Honeywell reported a fine 2Q, with 8% topline growth and 4% EPS...

The following is my portfolio at 8/9/2025: And the following is my performance against the S&P 500: And the following is my exposure by...

The position is still held. Similar to Deckers, I will stop publishing my research on Niterra because of my work at Grandeur Peak. I have...

Position is still held. Because of my involvement at Grandeur Peak I can no longer publish my research on Deckers. I still believe...

Held For: ~3 Months Position Return: 3.35% Alpha Contribution: 9 bps I pitched this in Brigham Capital during my first semester and do...

The following is my portfolio at 7/1/2025: And the following is my performance against the S&P 500: And the following was my exposure by...

The following is my portfolio as of 5/30/2025: And the following is my performance against the S&P 500: Not a good month for the...

Revenue: 3.7% y/y Unit Volume: 2295 Buses, 265 EVs Gross Margin: 19.7% Diluted EPS: $0.79 I'm surprised by the reaction to this earnings...

4Q25 Revenue: 5.5% y/y EBIT: 25.3% y/y EPS: 92.1 FY 2025 Revenue: 6.3% y/y EBIT: 13.4% y/y EPS: 466.34 Another great quarter for Niterra...

Revenue: 1.5% y/y Denny's SSS: (3%) y/y Keke's SSS: 3.9% y/y EPS: $0.01 Store Count: (8) Denny's and (3) Keke's I was listening to Stan...