Posts
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)| | January 23| [Bonhoeffer Partners](https://mcusercontent.com/2511717cdf1bae9a0638c942a/files/4ce92677-66f3-d646-b342-59c9b7cbcc51/Bonhoeffer_Partner_Letter_Q3_2025.pdf)| | January 24| [Kerrisdale Capital …
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 people on the other side of the table. I have …
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 stock will begin regular-way trading on Monday Jan 6th. Versant …
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 stocks were actually much cheaper in 2021 than initially thought. …