Everyone ready to be liberated again?

The "great white whale" of my investing career is finding a way to trade on the Swiss OTC-X market. Just look at the names of these companies. It is killing me that I can't buy them!

Love to make a principal peyment

How often do you see an 88% year-over-year revenue decline in a candy business? "Sow Good Inc." needs a new name.

At 40 I can feel myself drifting farther from the cultural zeitgeist by the day and it's a peaceful sensation. I have no idea what a labubu is and I am just fine with that.

Congrats, American electorate. Who needs an independent Central Bank anyway?

Doing a thread of some Iceland pics. If you have ever thought of going, DO IT. Just avoid anywhere that the cruise ships offer excursions. First, views of the southern Snæfellsnes Peninsula.

Had to explain to my 9-year-old why his "yo mama" jokes directed at his sister do not have the desired rhetorical effect.

All I know is no one had better try to tell me that women are too emotional for the presidency.

The submarine vets have the best float in my town’s Memorial Day Parade.

What happened to all the people saying "Tariffs don't matter, a rising US Dollar will offset the higher cost of imports?"

These mobile spammers have no idea who they're trying to scam.

New post on tactilefund.substack.com. A link to our first quarter letter and a recent conversation. Thanks for reading!

Seeing a lot of "2x free cash flow, insane margins, will grow 20% for years!" stock pitches where the author does not seem to realize the company is operating in a legal gray area that could end with the stroke of a pen, or is an outright fraud. Be careful.

It's very fun having my son at the office today, but so far he is much more interested in snacks and playing Minecraft than parsing financial filings. Maybe someday.

There is a day every father hopes for: the day his son looks up at him and says “Dad, what was D-Day?”

Just an incredible disclosure in this 8-k. www.sec.gov/ix?doc=/Arch...

Let me be very honest for just a moment: this sucks.

Good time for a company to drop an 8-k if they were sitting on some bad news. No one's going to read it.

There is a certain low-end investment bank that pushes dodgy IPOs and private placements, and their brokers have called me 2-3 times each week for the past three years. I have never once picked up or responded to their voicemails. These guys are machines. I can almost summon a grudging respect.

I was bewildered as to why Deutsche Bahn would need sleeping cars by the millions, then I learned that "sleepers" are what our European friends call railroad ties.

Gotta be honest, I don't understand the big fear American investors have around owning PFICs. It's an extra form and some adverse tax treatment. Not that onerous for the right opportunity.

Last night I failed my team at bar trivia by failing to remember which e-commerce player eBay bought in 2002 for $1.5 billion. Any other geriatric millennials out there know?

Everything in my portfolio that benefits from a worried US consumer is on fire this month.

Just starting my look through small German construction cos. and contractors. Any names I should focus on?

Are we 100% sure a Democratic infiltrator isn’t feeding Trump these ideas? “F*** you, farmers!” seems like bad electoral strategy.

It's very fun watching TSLA plunge today, but remember that the 52-week low is $139.

Russell 2000 now -4% from Election Day close, down nearly 12% from 2024 high.

Any deleveraging stories out there? Went looking last night and found nearly nothing. I don't think "good business, bad balance sheet" situations are real, but are there really no businesses trading at 6x EBITDA levered 3x that can increase equity value 33% by paying down one turn of leverage?

Our creative 8-year-old son has invented a detailed narrative about a warrior Arctic Fox who fights evil iguanas. He wants to write a book. I fully support this, but I have to figure out how to tell him the main character can’t be named “White Claw.”

The basic search function for the SEC’s EDGAR database, the repository for all US securities filings, appears to be broken tonight. Here is what a search for Apple Inc. returns.

Not really my area, but did investors really not think it possible that AI would experience huge improvements in efficiency and computational load?

Where are US self-storage cap rates right now? I could not help notice that UK self-storage cos. are trading at 6-7 caps. Of course, the "UK" part explains it.

R2K down 12% from the post-election euphoria. Reasonable to think there has been an over-reaction in both directions now?

I love the 20th-century character that the Euronext Paris maintains. Where else can you invest stuff like Paulic Meunerie SA, which owns a buckwheat mill in Brittany? $ALPAU. No, it doesn't make consistent profits. But doing so would not be very French, would it?

Does anyone here know someone who does appraisals on Southern California commercial real estate?

Took our kids and two of their neighborhoods friends sledding. Sure beats watching the 10-year hammer my rate-sensitive holdings.

Limit. Orders! Doubly-important for OTC securities. $MCEM

The My Pillow guy has a public company: FrankSpeech Network, ticker FSBN. The market cap is around $100mm and it actually earned an operating profit in the 3rd quarter.

I need a term for a company that uplists to a major exchange and gets busted down to the OTC market again in the space of 12 months. I have seen it happen multiple times this year. Maybe a “dolphin?” Lives underwater, leaps up for a brief moment in the sun, quickly plunges below again.

UTG, Inc. $UTGN is an OTC-traded insurer I have never seen mentioned anywhere. And it's a good one, growing book value per share at 11.9% annually over the last decade and at 9.8% for the last 20 years. At 45% of book value, seems like a decent entry here.

"Vemanti Group Shifts Focus Back To FinTech, Cryptocurrencies, and Digital Assets" - When your business model is "getting whipsawed."

Also very funny to me: Lamb Weston shares getting chopped by >20% TWICE in 5 months. Shares now flat since 2018. I guess people just really want to believe French fries are one of the world's great businesses? Maybe this time we'll stop bidding this to 25x earnings. Naw, investors don't learn.

Never ceases to amuse me how in thinly-traded securities, you can have a huge block of 100k+ shares change hands at say, $30, and then minutes later, 200 shares at $27. And now $27 is the market price. Nothing unfair about it. Last trade is last trade. Just funny to me and probably only me.

Have to confess I don't understand the big move in Bank of Utica shares this year. If anything, the move is self-limiting and self-defeating. A higher share price takes away any possible pressure the Sinnotts feel to do something for shareholders.

The boys are fightiiiiiiiing!

Just once I want someone to email me with some UNactionable insights. "Nothing to do here, just thought this was cool and wanted to share." Now that I would read.

Whitney Tilson for NYC mayor seems like juuuust a bit of a long shot, but Value Investors Club is gonna try?

"Oh brave new world, That has such securities in't." - William $hakespeare

Another for my "never invest with felons" file. At various points Paragon Technologies $PGNT has looked very cheap, but I could never get past the fact that the CEO (now dismissed) stole money from a charity years ago. Looks like it may have happened again.