FCF or Bust @CapStructKing

Bit late here but the PA is +8% YTD as of Sept 30, lagging the market a bit. Lots of stuff I am very excited about, thread below 🧵 $DBO.TO - 7% $HMM.A - 6% $XLY.TO - 6% $RCMT - 6% $PPIH - 6% $GRGD.TO - 6% $ZDC.V - 6% $CODA - 5% $VST.CN - 5% $LGCY - 5% $PKE - 5% $FTG.TO - 4% $TVK.TO - 4% $FFH.TO - 4% $PNG.V - 4% $MPTI - 4% $WATT - 3% $SMOP - 3% $CSU.TO - 3% $LIB.V - 2% $MDA.TO - 2% Starter Positions (Disclosed Below) - 6%

Here is my latest article on $EVI Industries. kairosresearch.substack.com/p/evi-industri…

3x OE, Negative EV, 8% dividend and 12% buyback, explosive owners earnings growth over the next 5 years. 11 covering analysts to speed up the re rating. Insiders buying. Incentive compensation is refreshingly aligned. One of the clearest indirect AI beneficiaries I have encountered. I read 18 articles and interviews along with all calls and reports. IBKR accessible, $1B free float. Tommrow at 8am on Substack

Night Watch Investment Management Q3 letter just published @roojoo3 Bullish on Marex $MRX and Adyen $ADYEN.AMS And countercyclical exposure to oil refiners, and distributors of specialty chemicals - Azelis $AZE.BB and IMCD $IMCD.AMS

LRT Global, Sep 2026: +6.94%; +38.23% YTD; +25.18% since inception. All numbers net. More at lrtcapital.com

If you haven't seen it, the October farmer fertilizer newsletter has been sent. Otherwise, here are the updated corn/fertilizer ratio charts. - Urea is back to the higher side - UAN is high, but hard to see short-term correction - DAP is high - Potash no longer cheap

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Some of the new write-ups added today: > @InfoArbMonitor - $RFIL > @BlackwoodRes - $POT.NZ > @LuxOpesResearch - $R3NK.DE, $CMHC.SW, $V1NC.DE, $VU.PA, $IFX.DE, $AMRZ, $BC8.DE, $PUIG.MC, $KTN.DE, $VOW3.DE > @DavidDiranko - $3558.T, $2354.T, $QVCG, $INS.DE, $9441.T

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Taiwan Semiconductor Manufacturing Co Ltd $TSM dominates global contract chip fabrication with over 72% market share powering leading technology giants worldwide. Driven by the massive artificial intelligence infrastructure boom, the enterprise continues to deliver net profit margins above 50% while expanding its sub-3nm process nodes and advanced packaging capacity. With planned annual capital expenditures reaching $60 billion and new multi-fab facilities under construction in Arizona, Japan, and Europe, the company is actively securing its global footprint. Will unrivaled manufacturing scale and technological leadership allow TSMC to sustain its market dominance against escalating geopolitical pressures and rising overseas operational costs?

Stone Sentinel Capital is long Marex — their thesis in 5 points: • Revenues rose 9x and EPS 11x over the past decade; ROE increased from 5% to 26% last year, yet the stock still traded at only roughly 12x forward PE. • Marex’s core is clearing of derivative trades plus prime brokerage; clearing is described as a sleepy back-office function but can carry 50% PBT margins. • Large banks are constrained by capital regulations and only serve the biggest clients, while Marex as a non-bank requires 80-90% less capital to support clearing and can serve small and medium clients. • Marex has scale as one of the top 10 clearing firms, giving it lower fixed cost per trade than smaller rivals; margin balances have grown 50% over the past two years versus low-to-mid-single-digit growth at large banks. • The PE owners still own roughly 9% and should pare stakes over time; CEO Ian Lowitt owns 3.6%, and the market is still giving insufficient credit to Marex’s structurally advantaged position. Source → hfbestideas.com/letters?open=J…

$SGG.ST making money every time you’re speeding in Holland. So, the perfect hedge does exist..

Coverage doing well! Shout to my partner @Ben_Pirie1 who picks better stocks than me. He is criminally underfollowed on here.

Atrium Research @Atrium_Research

a day ago

Our team has published our quarterly recap note for Q3/26. The report includes all the research content we have published throughout the quarter. 🔍 Read the full report below! 📰 Disclosure: Disseminated on Behalf of the Companies Mentioned

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Quartz Sea Research: European Aerospace & Defense Equity Desk. Public desk schedule (CEST): - Mon-Sun: Daily OSINT Brief - Mon-Fri: EU A&D Close Wrap - Sat: Weekly Euro Brief - 4-6x/mo: Initiations, Coverage Updates & Thematic Research Join us today: join.quartz-sea.com/?utm_source=x&…

Daily OSINT Brief | Oct 2: - Leaked Russian AOMZ files expose single-source bottlenecks in Kh-101 and Oreshnik missile production. - Rheinmetall ($RHM.DE) launches early-warning satellite to accelerate tactical missile-tracking.

Compliance – how to make money from the box-ticking culture It's time to embrace compliance as a money-making opportunity. One little-known compliance stock is up 55% since Undervalued Shares pointed it out in May 2026. What are some other such plays?

New post: A Small Cap Transplant Compounder poundtherockinvesting.substack.com/p/a-small-cap-…

It happened G.ON $SGN.WA

Lennar is struggling to sell houses. So it found a buyer it knows well: Millrose, the REIT it spun off last year. We identified 700+ homes, roughly $200 million, sold to Millrose in about a month. $LEN $MRP

In January I wrote up Furuya Metal on Substack for free (still for free): "The Iridium and Ruthenium Gatekeeper: Why Furuya Metal (7826.T) might be a hidden Bottleneck Play for the AI Era". Back then I framed ruthenium as optionality. Up roughly 200%. What has changed since then is that it is no longer hidden. What would be highly relevant for Furuya is the thesis @SemiAnalysis lays out here: ruthenium replacing copper in the narrowest wires of logic chips. Custom HBM, on the other hand, barely matters for Furuya in my view. I wouldn't call the stock fundamentally cheap today. But share prices aren't made by numbers alone. They are numbers multiplied by a story, and the story is a number from the future. That story is now for others to tell. My part was being early. There are only four stocks where I'd claim I was the first to spot and pitch them in the relevant context. Furuya Metal is one of them, and all four have become multibaggers. Being early is almost always the key to finding multibaggers, and if they are also small caps, the opportunity becomes even more compelling. All four have something else in common: I found it where others hadn't looked, during my four-week break from work and I enjoyed spending that free time doing research. I do this as a hobby. My day job has absolutely nothing to do with investing or the topics I write about. It only works because the stock market has been my passion for decades, and because I'm a deeply curious person with very broad interests. Even though it has always been just a hobby, I've gathered a lot of experience over the years and lived through the highs and the lows. In my view, the stock market is like real life: strong characters are forged in the bad times. Those are the times that shaped me most. I see curiosity and a broad understanding of the world and the technology that drives it as the foundation of this work. Curiosity is the key to what you don't know yet. What I'm missing is time, and those four weeks showed what becomes possible when I have it. The only way to get that time is to do this professionally. Starting next year, I'll turn this passion into my profession. I don't know yet what that will look like. But if you move forward with courage, something will come of it. x.com/MoodyWriter13/…

SemiAnalysis @SemiAnalysis_

a day ago

Ruthenium has risen from about $560 an ounce in early 2025 to dealer quotes near $1,950 this September. It is a key material in hard drives, with new use cases also emerging. (1/5)🧵

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Saint-Gobain trades at relatively low multiples, while the stock has been pressured by higher French bond yields. Meanwhile, the business is growing in higher-value construction solutions and markets like India and North America. Interesting setup to watch. $SGO