AlmostMongolian Annual Review+Portfolio Update Heartbeam – BEAT
Pitch Summary: Heartbeam has shown a return of +61% from its cost basis, driven by the FDA approval of its 12-lead equivalent, cable-free ECG device. The company’s focus on commercializing its life-saving device supports a bullish outlook. While the company faces challenges related to funding and short-seller attacks, its potential to revolutionize cardiac monitoring justifies […]
AlmostMongolian Annual Review+Portfolio Update Western Gold Resources – WGR.AX
Pitch Summary: Western Gold Resources has shown strong performance, with a return of +109% from its cost basis. The company’s strategic focus on increasing production and expanding its drilling program supports a bullish outlook. The company’s recent capital raise fully funds its production plans, and its focus on developing a low-risk, low-capex gold project positions […]
AlmostMongolian Annual Review+Portfolio Update LibertyStream Infrastructure – LSTR.V
Pitch Summary: LibertyStream Infrastructure has shown strong performance, with a return of +404% from its cost basis. The company’s strategic focus on advancing its infrastructure solutions and partnerships supports a bullish outlook. The company’s recent capital raises provide the necessary funding to advance its projects, and its potential to receive a Department of Energy grant […]
AlmostMongolian Annual Review+Portfolio Update Sintana Energy – SEI.V
Pitch Summary: Sintana Energy has faced challenges in 2025, with a return of -27% from its cost basis. The company’s performance has been impacted by various risks, including dry wells, oil price weakness, and delays in fiscal stability legislation. Despite these challenges, the company’s valuation remains strong, and potential catalysts, such as farmouts and partnerships, […]
AlmostMongolian Annual Review+Portfolio Update Comstock Inc. – LODE
Pitch Summary: Comstock Inc. has shown a return of +31% from its cost basis, driven by a surge in silver prices. The company’s focus on monetizing its mining assets and improving the economics of its solar panel recycling business supports a bullish outlook. The company’s recent permitting success and focus on proving its technology at […]
AlmostMongolian Annual Review+Portfolio Update Cerrado Gold – CERT.V
Pitch Summary: Cerrado Gold has shown strong performance, with a return of +185% from its cost basis. The company’s growth has been driven by rising gold and silver prices, as well as successful underground production. While some company-specific catalysts have been delayed, the company’s valuation remains low, providing significant upside potential. The company’s focus on […]
AlmostMongolian Annual Review+Portfolio Update Aduro Clean Technologies – ADURO.CN
Pitch Summary: Aduro Clean Technologies has shown strong performance, with a return of +648% from its cost basis. The company is focused on developing its Pilot plant and Demo plant, with significant partnerships and third-party validation supporting its technology. The recent $20 million raise provides the necessary capital to build a demonstration-scale facility, which will […]
AlmostMongolian Annual Review+Portfolio Update Hydreight Technologies – HYDT.CN
Pitch Summary: Hydreight Technologies has shown impressive growth, achieving 1.3 million orders in 2025, which was initially seen as an ambitious target. The company’s revenue increased significantly, and licensee growth exceeded expectations, indicating strong market demand. Despite a lower average order value than projected, the company’s diversification into lower-priced products and discounts to early adopters […]
AlmostMongolian Annual Review+Portfolio Update Victory Square Technologies – VST.V
Pitch Summary: Victory Square Technologies (VST) has been a significant position in the AlmostMongolian Portfolio, with a strong performance in 2025. The company has shown substantial growth, with a return of +116% from its cost basis. The strategic decision to convert half of the Hydreight position to VST has paid off, as VST has outperformed […]
Carl Zeiss Meditec: A Wounded Enterprise With an Unbreakable FoundationCarl Zeiss Meditec AG – AFX.DE
Pitch Summary: Carl Zeiss Meditec AG is currently trading at a significant discount, with a P/E ratio of 17x compared to its decade average of 43x. Despite recent management turbulence and margin compression, the company maintains a strong balance sheet and a robust order book. The strategic realignment aims for a 16–20% EBITA margin and […]
KEDM Lite Vol. 1FMC Corporation – FMC
Pitch Summary: FMC Corporation has initiated a strategic review amid weak results and a challenging outlook for 2026. The review may lead to a potential sale, but management is currently focused on reducing debt by $1 billion through asset sales and licensing. While the company faces challenges such as the post-patent decline of Rynaxypyr, there […]
KEDM Lite Vol. 1DSM-Firmenich – DSFIR.AS
Pitch Summary: DSM-Firmenich has recently sold its ANH unit for €2.2 billion plus a €0.5 billion earn-out, aligning with expectations. Despite the market’s lukewarm reaction, this divestment significantly enhances the company’s financial profile by focusing on growth, higher margins, and increased pricing power. Current cyclical headwinds have driven the share price to low levels, presenting […]
ServiceNow – Oversold on a False Narrative, Now a Bargain!ServiceNow – NOW
Pitch Summary: ServiceNow is a mission-critical enterprise software company with a deeply integrated workflow platform that drives high switching costs and strong pricing power. Despite a recent 33% drop in share price, the company’s fundamentals remain robust, with 20%+ revenue growth, 98% customer retention, and best-in-class free cash flow generation. The sell-off is attributed to […]
Beiersdorf: A Fortress Brand Built for Slow CompoundingBeiersdorf AG – BEI.DE
Pitch Summary: Beiersdorf is a durable consumer-staples company with a strong moat built on brand trust, habitual consumption, and distribution advantages. The company’s governance is anchored by Maxingvest, which ensures continuity and long-term stewardship. Despite current market challenges and slower growth projections, Beiersdorf’s core business remains intact, presenting an attractive entry point for investors. The […]
New Fortress EnergyNew Fortress Energy – NFE
Pitch Summary: New Fortress Energy (NFE) is on the brink of bankruptcy due to its aggressive expansion strategy, which involved stacking large, capital-intensive projects. The company has a portfolio of high-quality assets but is burdened with expensive debt and financial obligations. Despite having valuable assets in Brazil and Puerto Rico, NFE is struggling with cash […]
Netflix – Down 40%, Now a No-Brainer for Long-term InvestorsNetflix, Inc. – NFLX
Pitch Summary: Netflix shares have recently experienced a significant decline, losing 38% of their value from a peak in late June 2025. Despite this, the investment thesis remains strong, with Netflix continuing to solidify its dominant position in the streaming industry. The company is well-positioned to benefit from industry consolidation, as the economics of streaming […]
Nextage (3186.JP) Update 2Nextage Co., Ltd. – 3186.T
Pitch Summary: Nextage has shown a remarkable recovery in its gross profit per unit (GPU) after a scandal hit the used car retail industry in mid-2023. The recovery was primarily driven by strong used car sales and improved inventory management. Despite the initial belief that the GPU issue was structural, the company managed to return […]
Quick thoughts on software post ServiceNow earningsServiceNow, Inc. – NOW
Pitch Summary: ServiceNow’s recent earnings report was slightly better than expected but did not meet buy-side expectations, leading to a sell-off. The company is experiencing a slowdown in top-line growth, which is typical as the revenue base grows larger. Despite the sell-off, ServiceNow trades above a market multiple, indicating that it is not necessarily expensive […]
Tesla Q4 2025 Results: 2026 Cash Burn All But ConfirmedTesla, Inc. – TSLA
Pitch Summary: Tesla’s Q4 2025 results showed a surprising beat in EPS due to record-low vehicle production costs, despite rising raw material costs. However, the company’s explanation of a higher regional mix contributing to improved gross margins is questionable. Tesla’s capex plans for 2026 suggest a significant capital raise, which could strain financials if revenues […]
ASML – Record Orders, a 34% FCF Margin, and Poised for Mid-Teens GrowthASML Holding N.V. – ASML
Pitch Summary: ASML delivered a strong Q4 performance, exceeding consensus expectations across key metrics such as revenue, order intake, and free cash flow. The company’s EUV lithography systems are critical for producing advanced semiconductor nodes, and ASML holds a monopoly in this space. As demand for AI and data-center chips grows, leading manufacturers are investing […]
