r/SecurityAnalysis

Q4 2025 Letters & Reports

Investment Firm | Return | Date Posted |Companies ---|---|---|--- [Greenfield Investment Management](https://www.greenfieldinvestment.ca/post/time-flies-when-you-are-having-fun)| | January 8| [Desert Lion Capital](https://mcusercontent.com/2b965ce88104d672785279e80/files/9c8198f8-7be7-5e3a-dc4e-ba48a010c802/2025_12_Desert_Lion_Investor_Report_December_2025.pdf)| | January 8| [Kerrisdale Capital - Long Thesis on TDS](https://www.kerrisdalecap.com/wp-content/uploads/2026/01/TDS-Kerrisdale.pdf)| | January 8| TDS [Horizon Kinetics](https://horizonkinetics.com/app/uploads/Founders-Letter-2026_Final.pdf)| | January 23| [Tectonic Investors ](https://files.constantcontact.com/403e24bc901/eec7a07e-ad4e-44d5-b24c-95da84ba0bb1.pdf)| …

Trying to break into equity research / capital markets – any advice?

**Edit**\*: I've found this\* [**finance interview course** ](https://financeinterviewprep.com/)to be very helpful, they have dedicated courses for equity research and capital markets. Starting to ramp up prep for equity research and capital markets roles and wanted to get some perspective from …

Platform & Leisure Multiples Entering 2026

From Grid & Reshoring Supercycle to Small-Cap Execution: CTOS vs ALTG

Versant - would you buy CNBC at 5X earnings?

“Versant” is the name that’s been given to a new entity that spun off from Comcast. Every 25 shares of Comcast got one share of Versant (an absurdly high spin ratio) in the “when issued” market last week, and the …

Fixing the CAPE Ratio - Does Liquidity Matter?

The way that CAPE currently works, trailing earnings are adjusted for inflation to match the purchasing power of today. ***I think i can make a compelling case that liquidity would be a better adjustment.*** If that were the case, then …

The 2025 Distressed Investing Conference | Detailed Review

My Beef With CAPM

NVDA Acqui-hires Groq’s Talent and Inference IP

Ricky Sandler - Investing Through Perception Shifts and Market Cycles