𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹 @Fairlight_Cap Twitter profile

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

2 years

Just remembering that time Warren Buffett called Donald Trump’s bluff and released his tax data…

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@Fairlight_Cap

3 years

$BBW.SI Azeus Systems Holdings Ltd., our new long analysis on a profitable, high-quality SaaS company. Growing rapidly while returning capital to shareholders. Led by management with skin in the game. SGX: $BBW

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

1 year

Fairlight Capital Q1 2023 Letter:

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

10 months

Fairlight Capital Q2 2023 Letter:

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@Fairlight_Cap

1 month

Fairlight Capital Q1 2024 Letter:

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@Fairlight_Cap

7 months

Fairlight Capital Q3 2023 Letter:

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@Fairlight_Cap

4 months

Fairlight Capital Q4 2023 Letter:

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

1 year

Fairlight Capital Q4 2022 Investment Letter:

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

10 months

Dream International, a leading toy manufacturer, announced +65% net profit growth for 1H 2023, driven primarily by its plush stuffed toys segment. Revenues have been growing at a rate of 17% for the last five years. Dream is well-positioned to capitalize on growth trends in the…

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

2 years

Fairlight Capital Q3 2022 Investment Letter:

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@Fairlight_Cap

2 years

Fairlight Capital Q2 2022 Investment Letter:

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@Fairlight_Cap

2 months

@netcapgirl This kind of command center is starting to become more common in business. And there’s an interesting company that provides these kinds of solutions…

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

2 years

PAX Global Tech: Disrupting the Global Payment Terminal and Global POS System Markets (thanks to @gabcasla for additional info). Cash registers, Munger and exploiting the Innovator's Dilemma.

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

11 months

@hkuppy Not in London, but here’s the answer. UK mentally hardwired to pass on the right (like most countries), but history prevails on the roads…

Why Americans and Brits Drive on Different Sides of the Road

The British custom of driving on the left side of the road isn't a sign of eccentricity—there's actually a very sensible reason for it.

www.rd.com

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

6 months

$MCB.TO $MCCRF McCoy Global Inc. is an oil drilling tech company, evolving from operating as a pure engineering firm towards digital and IoT technologies. It's a micro-cap stock currently valued at C$50 million.

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

2 years

$RICK is a rapidly evolving company consolidating the adult nightclub space while building a community and platform. @RicksCEO @BradleyChhay @nicholaspp66 1/4

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

1 year

Microcap investing advantages for small firms like us and enterprising investors: - Proven alpha over large caps/high liquidity - Information asymmetry - Large institutions can’t invest - Little or no analyst coverage - High potential for significant returns (multi-baggers)

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

2 months

An illustrative page from the McCoy Global presentation (on their website). $MCB.TO $MCCRF - B/S has $15.7 million cash (and no borrowings). - EBITDA growing at 54% YoY and other income statement lines show high growth. - Automation of manual labor on rigs solves big problems…

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

2 years

Pax Global continues to show great progress: “sales of Android smart payment terminals soared by 77.8% year-on-year to HK$2,276.6 million, contributing over 50% of the Group's revenue…” 1/4 $0327.hk

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

1 year

Great results from Opera Ltd today. Above estimate growth in revenue, growing total users, ARPU from $1.06 to $1.18 (partly driven by the strategic decision to focus on high ARPU users). More than 20% buybacks last period. Dividend of $0.80. $OPRA 1/2

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

3 years

@Adam_Wyden Here’s our back of the envelope calculation for the per share value of $RICK!

Adam D. Wyden

@Adam_Wyden

3 years

Our estimate of $RICK FCF assuming the whole country is open is approximately 8.00 a share! If the Company compounds FCF at 15/20 percent organically thats a 20/25 percent expected return if the Company sells for a 5 pct FCF yield or 160.00 a share. But, what if the Company...

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

2 months

For those who have been following the evolution of this hardware tech company. McCoy Global $MCB.TO $MCCRF posted great Q4 results. Growing 33%, increased sales and market adoption of their smartFMSᵀᴹ, smartCRTᵀᴹ and smarTRᵀᴹ products that combine cloud and ML technologies…

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

2 years

This is a great piece: The Mental Model Fallacy. “you can’t get good at martial arts without practice.” “Read from the source material of master practitioners, copy their actions, climb their skill trees…”

The Mental Model Fallacy

The mental model fallacy is that it’s worth it to read descriptions of mental models, written and aggregated by non-practitioners, in the pursuit of self-improvement and success. It isn't.

commoncog.com

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@Fairlight_Cap

5 months

#AsiaGenesis “Risk reward is the best I have seen in 40 years of investing and trading. The best thing is it offers great scale and choices.”

Singapore hedge fund eyes ‘big upside’ in Chinese stocks after four-year slump

Investors should look past all the bad news and grab the bargain of a lifetime, says Asia Genesis Asset Management. ‘Risk reward is the best I have seen in 40 years of investing and trading,’ founder...

www.scmp.com

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@Fairlight_Cap

4 months

Great podcast with Bobby Kraft and Jim Rakievich ( $MCB.TO CEO) about how McCoy Global helps their customers with technologies to reduce reliance on increasingly scarce headcount and expertise. They’ve been doing great work to utilize digital technologies to make CRT equipment…

Bobby Kraft

@BobbyKKraft

4 months

My guest on the show today is Jim Rakievich, President & CEO of McCoy Global $MCB.TO. McCoy Global Inc. is a product and service provider for the international oil and gas sector with new digital technology solutions. McCoy’s series of Smart products seeks to increase efficiency,…

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@Fairlight_Cap

2 years

@gabcasla Been travelling across the United States these last couple of weeks and I’m seeing more Pax terminals than previously. Either influence of BoA deal or general marketing. Either way the trend is good. $0327.hk Pax Global

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

3 months

It’s sometimes useful to see dividends as a marker of cashflows. One would rather have buybacks, but it can show that real and increasing cashflows are coming through.

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

2 years

The Big Short: “Burry did not think investing could be reduced to a formula or learned from any one role model… the lesson of Buffett was: To succeed in a spectacular fashion you had to be spectacularly unusual.” @michaeljburry 🤘

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

11 months

There seems to be a large dispersion in market behavior at the moment. Even when the main market is down or choppy, some stocks are still surging due to the underlying business.

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@Fairlight_Cap

1 year

Great piece on $CZBS by @dirtcheapstocks . Effectively trading at a negative EV, with steady asset deployment into revenue generating loans. We also believe it’s undervalued >2x & that’s without factoring in wider net interest margins from the higher interest rate environment.

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

1 year

Just a note to folks that are interested, it’s worth keeping an eye on the community bank call reports today. $MFBP

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

2 years

@BradleyChhay @RicksCEO @RCIHHinc @ZeroTangoTango The market appears to like the sales results for $RICK. As well as the share buybacks, great capital allocation and growth through acquisitions.

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

1 year

It’s going to be an interesting week. Opera $OPRA reports first quarter 2023 results before the market opens on Thursday, April 27th, 2023. And…

Opera

@opera

1 year

apparently we’re about to launch something big

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

2 years

@LukeWolgram Agreed. The large/mid/small cap distinction as a proxy for risk is very misleading. Micro caps are considered risky and yet $cvna a former large cap stock (now small cap) has fallen over 97%!!! Need to look at the underlying business.

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

5 years

We also see a lot of value in small-cap stocks in the current market: The famed investor Michael Burry told Bloomberg he saw passive investment strategies as a "bubble" that ignores small-cap stocks.

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

2 years

It is an honor to receive this award and to be recognized as one of the top equity hedge funds. We could not have done it without the support of our incredible team, third-party providers and partners. @HedgeWeek

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

6 months

We’re going to put out a write-up on a North American stock in the next few days. A little reading for the holidays on a new idea…

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

3 years

Tomorrow, we will publish a report on a new long. An early-stage SaaS company that is profitable, growing rapidly in a large, expanding market. Valued at a fraction of other public market SaaS companies.

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

1 year

@JerryCap @AltaFoxCapital Am I note that the next paragraph is also a little more hopeful! “Fortunately, there are more resources than ever both online and in print to learn from the greatest fundamental investors in history.”

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

2 years

Great write-up on the relative value of US & Non-US small cap and large cap stocks. Non-US small caps have outperformed historically when at these relative valuation levels: "The first rule of fishing is to fish where the fish are." #Munger @PutnamToday

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

4 months

Pleasing to see announcement of an increased dividend in the $MFBP earnings release for Q4 2023 (although buybacks would be even better). Also, good to see that the majority of the Q4 provision was due to a single borrower. It’s highly probable the coming quarters provisions will…

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

2 years

An truly excellent piece of work by @dirtcheapstocks analyzing these banks. The Treasury investments being made using the Emergency Capital Investment Program (ECIP) is a largely overlooked, amazing effort to help underserved communities, small businesses and community lenders.

Dirtcheapstocks

@dirtcheapstocks

2 years

Cheap companies with buckets of cash hidden in plain sight. The U.S. Treasury is injecting small banks with huge sums of capital. While this capital is considered perpetual preferred stock it more closely resembles a cash gift to common shareholders. My first public write up...

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@Fairlight_Cap

1 year

Supremex Announces Solid Q4 2022 Results and Raises Quarterly Dividend by 16.7%. $SXP.TO

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

2 years

Interesting comparison piece on Belichick & Buffett from @JohnHuber72 . Funnily enough we had exactly the same thoughts that we wrote up in our piece “Competitive Games” last Dec 2020! Great minds…

John Huber

@JohnHuber72

2 years

New Post: The Superpower of Belichick and Buffett (some thoughts after watching episode 2 of Man in the Arena)

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

1 year

“Intensity is the price of excellence” – Warren Buffett

연구원

@MtReadings

1 year

"Professional investing is not a game for the lazy. But it may be one for the “lazy competitive” who create the right structures and manage their energy and attention best." via @NeckarValue

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@Fairlight_Cap

10 months

Druckenmiller on How AI is Dominating His Long Portfolio #Duquesne #druckenmiller #AI 17m:

Druckenmiller on How AI is Dominating His Long Portfolio

Stanley Druckenmiller, Chairman & CEO, Duquesne Family Office speaks with Bloomberg’s Sonali Basak at Bloomberg Invest New York 2023. --------Subscribe to B...

www.youtube.com

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@Fairlight_Cap

2 years

There’s been some focus on Credit Suisse and Deutsche Bank CDS (credit default swap) levels, so we thought we would post a thread giving some background on CDS spreads for those not fluent in that part of the Credit markets. 1/8 @WikiCommons

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

3 years

@1MainCapital We largely agree with the cash flow assumptions presented by @1MainCapital . The market is now starting to give $RICK proper credit for the strength of its business model and growth opportunities. However, we believe shares are still undervalued and worth ~$100 today...

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@Fairlight_Cap

3 years

@vperelman @Adam_Wyden Our updated back of the envelope calculation for $RICK.

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@Fairlight_Cap

2 years

Came across this very interesting research on equity durations as an explanation of the value premium: “We find that short-duration stocks have, on average, both higher expected and realized returns than long-duration stocks.” @EDHEC_BSchool

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

2 years

In the spirit of Buffett and Munger’s thoughts on intellectual compounding, here’s some good pieces on mental models: Latticework, the Pareto Principle, Compounding, Inversion and Homeostasis from @ModelThinkers

5 Versatile Models to Get Started

Feeling overwhelmed? Not sure where to start on your Mental Model journey? Think of this as your 'Mental Model Starter Pack.' These five deceptively simple Mental Models are highly versatile and po...

modelthinkers.com

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@Fairlight_Cap

2 years

Equity cashflow duration recently reached a peak of 40 years (highest since the dot-com bubble). Likely to reverse in a similar way as meme and extreme valuation tech stocks underperform relative to defensive and value-tech stocks. Chart from @KailashConcepts

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

2 years

"My partner Charlie Munger says there’s only three ways a smart person can go broke: liquor, ladies and leverage." — Warren Buffett

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

11 months

“Don't be careful, be competent”. — Tom Cruise

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

1 year

Opera unveils integrated browser AI: Aria $OPRA

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@Fairlight_Cap

1 year

Been looking at US stocks and definitely my favorite ticker is $HOWL for Werewolf Theapeutics, Inc.! Although it’s definitely not our kind of stock.

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@Fairlight_Cap

2 years

We see that Pax Global has issued a (positive) profit alert. It expects to report >= +30% for H1 YoY. This is even before their planned additional production is in place. $0327.HK #Android #PAXSTORE

Gabriel Castro, CFA

@gabcasla

2 years

Pax Global did it again. They reported AH a profit alert indicating that Pax will achieve an eps growth above 30% for 1H. I expect Pax increasing FY guidance on results and beating the street (+15/18% growth and even our internal estimates +20% growth). Also, strong divi increase

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@Fairlight_Cap

3 years

@swansongcapital @Adam_Wyden This isn’t a one-year rerating play. $RICK has competitive advantage and a large growth runway. Compare the valuation to Wingstop $WING and other restaurant companies this is stable, growing and the cheapest.

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@Fairlight_Cap

1 year

@eriksen_tim @TreyHenninger For $CZBS (and the other ECIPs) I think it’s worth considering the NIM across the whole balance sheet. Rates were 1.50%-1.75%, June 2022; 3.00%-3.25%, Sep 2022; and 4.50%-4.75% now. A very rapid increase that is still feeding through to loans and investments for these banks.

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@Fairlight_Cap

1 year

Song Lin, Co-CEO of Opera: “Following the mass interest in generative AI tools, we believe it’s now time for browsers to step up and become the gateway to an AI-powered web”. Exciting times ahead for Opera. @opera $OPRA

Opera

@opera

1 year

Generative AI services are giving people new superpowers! We are announcing the first plans for upcoming integrations in our browsers, such as a webpage shorten feature as a sidebar integration. Here are our plans:

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

3 years

Long-term transformation appears to be happening at $PGNT. The customer base of SI Systems alone could justify the current parent company valuation. Overall, $PGNT currently trades for 1.2x the average revenue for the last 10 years.

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@Fairlight_Cap

2 months

@netcapgirl We will share shortly. Just finishing up our quarterly letter (will also mention it there).

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

2 years

@RicksCEO At Fairlight we use a look-through methodology for our portfolio and so earnings, cash balances and repurchases boost the attractiveness of cashflow generating businesses like $RICK.

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

11 months

Opera issues a clarification on their Jul 14 shelf filing: "A Shelf Filing does not constitute an actual sale or issuance of Opera stock. Once effective, it provides an opportunity, but not a commitment, for Opera or its pre-IPO shareholders to conduct SEC registered offerings…

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

6 months

Very sad to hear of Charlie Munger’s passing. A true investing legend. So good he made Warren Buffett a better investor. #CharlieMunger

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

1 year

Many thanks! Glad you find what we’ve written useful.

Sebastian

@SebKrog

1 year

- Alluvial Capital @alluvialcapital - Cedar Creek Partners @eriksen_tim - Fairlight Capital @Fairlight_Cap - Praetorian Capital @praetoriancap - Alta Fox Capital @AltaFoxCapital (currently offline, but there were great!) What funds are you following?

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@Fairlight_Cap

2 years

Interesting to see that Henry Ellenbogen’s approach overlaps with Fairlight. We look at companies somewhere between VC and PE (like Growth Equity). We focus on public markets, but agree the distinction from private markets is somewhat arbitrary.

Frederik Christopher Gieschen

@NeckarValue

2 years

This is Henry Ellenbogen who managed the massive T. Rowe Price New Horizons Fund. E. picked growth and compounder stocks, expanded into venture, beat the market, then left to found Durable Capital. Here's what I learned from his letters about his playbook for "durable growth":

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@Fairlight_Cap

1 year

@MarcusFrampton @longcastadviser Agreed. From our experience in micro caps stock selection is critically important. Just as a miner sifts through tons of dirt and rock to find a precious stone, an investor must carefully research & evaluate a multitude of micro cap stocks to find those that have the potential…

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

1 year

This was a very prescient chart, but one flaw is that the axis lines shouldn’t have been drawn where they are…

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@Fairlight_Cap

2 years

@kevdco Perhaps he can give us a call the next time he’s due to appear.

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@Fairlight_Cap

3 months

@Aureliusltd28 Another driver, although longer term, that I don’t see mentioned very often is the pull to par effect. For any securities held by banks that are underwater due to recent rate rises, they will pull to the principal value over time and mark-to-market losses decrease with no change…

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

1 year

Great development from a very interesting company. We will be talking more about this in the near future… $OPRA

Opera Investor Relations

@InvestorOpera

1 year

This morning Opera announced an $0.80 per ADS special dividend $OPRA #specialdividend

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

2 years

@OtterMarket @dirtcheapstocks Thanks very much for the shout out! Very much appreciated. I think there is an awesome cohort of emerging managers and investors in this space including you guys.

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@Fairlight_Cap

2 years

@michaeljburry We agree (with a very smart guy) that inflation doesn’t come down in a benign way. Human nature forces us to think that because it seemed to come quickly m, that it will go away quickly. But it won’t.

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@Fairlight_Cap

1 year

Fantastic insights from @RayDalio here. He breaks down the principles and key entities relating to Debt Crises. In shorter and longer (pdf) versions. Well worth the read. 1/3

Ray Dalio

@RayDalio

1 year

I will do the first of these in the following article and the second in a week or two: (2/2)

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@Fairlight_Cap

3 years

New research posted on Tapinator, Inc. An underfollowed and undervalued stock in a very hot sector. $TAPM $PLTK $ZYNG $SCPL

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@Fairlight_Cap

1 month

@InvestSpecial @gatorcapital @InvestorPilk @vdmandele @_Tourlite @DeepSailCapital @JamesHollier24 @Headwaters_Cap @SagaPartners Many thanks for including us on this great list. 🙏

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@Fairlight_Cap

1 year

@carlquintanilla @BusinessInsider This is a classic case of The Innovator’s Dilemma (Clayton Christensen). Google doesn’t want to risk the successful search business, but faces a hugely disruptive AI technology. In the Google/AI scenario the right-hand line is nearer the vertical. @claychristensen

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

3 years

@Adam_Wyden Our conservative low-end estimate is a price of $120 for $RICK. If we include club acquisitions, bombshell expansions we model out over $300 share price.

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@Fairlight_Cap

3 years

Azeus reports 60% increase in net profit to HK$17.5 million for 1H FY2022 (equivalent to US$2.24 million).

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@Fairlight_Cap

1 year

Browse with AI. Opera Ltd $OPRA is continually adding in new features. Should increase user stickiness and usage.

Opera

@opera

1 year

We're live with generative AI tools in our Desktop Browser! With contextual AI Prompts & sidebar integrations of popular GPT-based services, we're excited to give these new browsing superpowers to early access users. Download & get started here:

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@Fairlight_Cap

2 years

Deposit growth looking healthy among the best MDI community banks. Good summary here up to Q2 2022. @SPGlobal

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

2 years

Bear markets over the last century. They come in all shapes and sizes: 2022: down 18%, over 136+ days 2020: down 34%, 33 days 2007-2009: down 57%, 1.4 years 2000-2002: down 49%, 2.5 years 1987: down 34%, 101 days 1980-1982: down 27%, 1.7 years 1973-1974: down 48%, 1.7 years 1/3

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

2 years

@RicksCEO GREAT TO SEE @RicksCEO CONTINUE HIS EXCELLENT CAPITAL ALLOCATION RECORD. REPURCHASING 1.78% OF SHARES OUTSTANDING SINCE END MARCH!

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

1 year

Opera Reports Record Results for the Fourth Quarter and Full Year 2022 $OPRA

Opera Reports Record Results for the Fourth Quarter and Full Year 2022 | Opera Limited

Q4 revenue grew 33% year-over-year, with an adjusted EBITDA margin of 24% in the quarter, both exceeding prior guidance ranges Opera GX exceeded 20 million monthly average users in the fourth...

investor.opera.com

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@Fairlight_Cap

2 years

US and China discuss tariff rollbacks. Good news for many E Asia listed stocks, e.g. Pax Global. If not directly impacted, then shifting trade climate will benefit them.

US and China discuss economic challenges as talk of tariff rollback swirls

The United States and China held talks Monday to discuss the huge challenges facing the global economy amid mounting speculation that some Trump-era tariffs could be cut to ease inflation and boost...

amp.cnn.com

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

2 years

@alonsorobots It's truly staggering progress that this technology has made in just the last few years. GPT-3 models are able to generate text that is indistinguishable from human-written text. The above text was AI generated! AI themes will appear more in our A to Z bottom-up analysis.

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@Fairlight_Cap

2 years

Very pleased with Azeus announcement of FY 2022 results. Revenue HK$217.7 Million (+22%), net profit HK$48.5 Million (+105%), eps of HK$1.62 per share and overall gross margin 72.4% (+3.4%). Management states that it plans to pay the entire profit as a dividend. $BBW.SI

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@Fairlight_Cap

2 years

Company expansion, value creation and operational complexity. How Azeus Systems ($BBW.SI) is addressing these with the appointment of their new CEO. A thread… 🧵👇

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

1 year

OSLO, Norway, Feb. 10, 2023 /PRNewswire/ Opera, one of the world's major browser developers, announced today the upcoming integration of AI-generated content (AIGC) services into its PC and mobile browsers. $OPRA 1/2

Opera enters the generative AI space with new features in browsers and content apps | Opera Limited

OSLO, Norway , Feb. 10, 2023 /PRNewswire/ -- Opera, one of the world's major browser developers, announced today the upcoming integration of AI-generated content (AIGC) services into its PC and...

investor.opera.com

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@Fairlight_Cap

3 years

@JMihaljevic Value investor typing out Warren Buffett’s name ...

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

2 years

Not something we are good at predicting (or that directly affects us), but wouldn’t the Fed want to take the opportunity to hike 75 bps because the market largely expects that? #fedratehike #FOMC

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@Fairlight_Cap

1 year

Performing a calc of Mkt Cap - Cash - Investees, compared to forward earnings gives a mid single-digit multiple. This for a company growing revenues well into double-digits and returning value to shareholders. DYODD. $OPRA 2/2

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@Fairlight_Cap

1 year

@OverlookedAlpha These were marked at $35.3 million in the Q3 2022 financial report. So the company has only had to use $12 million of the $166 million (Q3 figure) cash and equivalents for the dividend. And this doesn't take into account any additional cash earned in Q4. 2/2

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

2 years

Bill Patterson, National Cash Register and PAX Global (). A thread starting with a quote from Munger… 🧵

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

1 year

@QCompounding Peter Lynch may have had a point back in the day, but the world of toys has evolved since then. Today's toy manufacturers create a demand for collectibles, which means children want multiple variations of the same toy. Kids want to expand their plushie collection!

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@Fairlight_Cap

2 years

@CNBCnow Fed officials now predict the key rate will end 2022 at a range of 4.25% to 4.5%, a full percentage point above the 3.25% to 3.5% they projected in June, and close out next year at 4.5% to 4.75%, according to their median estimate. #FOMC 1/2

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𝗙𝗮𝗶𝗿𝗹𝗶𝗴𝗵𝘁 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

@Fairlight_Cap

2 years

“Why are Android payment terminals so popular”: A good piece on Android SmartPOS terminals and PAXSTORE (Pax Global | ). #POS #Android

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@Fairlight_Cap

1 year

@paultoo It is possible that Google is facing challenges in competing in new markets due to the Innovator's Dilemma, a situation in which a company is unable to pursue disruptive innovation because doing so would require it to divert resources away from its existing products…

Paul Buchheit

@paultoo

2 years

Google may be only a year or two away from total disruption. AI will eliminate the Search Engine Result Page, which is where they make most of their money. Even if they catch up on AI, they can't fully deploy it without destroying the most valuable part of their business!

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@Fairlight_Cap

1 year

@vestingschedule @pbcinc Yes, it has! It’s a position we own. Agree with all of Adi’s comments. There are a lot of investee proceeds which gives an EV/E in the ~3.5 area depending on assumptions and the Opera GX user base is growing rapidly (high ARPU customers gaining 2m+ per quarter).

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