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Mikro Kap David

@david_katunaric

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turning over micro rocks and sharing my discoveries || there's always a cheap market somewhere || not investment advice

🇭🇷
https://t.co/5kRqc3oMct
Joined April 2021
Don't wanna be here? Send us removal request.
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@david_katunaric
Mikro Kap David
@david_katunaric
9 months
If you're interested in going outside of Wall Street, here are 15 indicators I frequently use to detect illiquidity and obscureness 1) low free-float adjusted market-cap I prefer market caps of below 100M. However, a 350M company like $RCS.MI, which is 75% owned...
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@david_katunaric
Mikro Kap David
@david_katunaric
1 year
Is there a better investing resource than the class notes from Greenblatt’s Special Situations Class at Columbia No, I don't think there is
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@david_katunaric
Mikro Kap David
@david_katunaric
1 year
@georainbolt nice, we'll take that
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@david_katunaric
Mikro Kap David
@david_katunaric
1 month
Tb 1975, when Buffett and Munger were running a Ponzi😉
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@david_katunaric
Mikro Kap David
@david_katunaric
2 years
No-brainer idea alert🚨 1/ $RCS.MI is a close-to-wonderful business at a wonderful price. With an EV of 300M, 130 M in TTM free cash flow, a dividend yield of 9.5%, and valuable intangible assets, this is an opportunity that value investors shouldn't overlook.
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@david_katunaric
Mikro Kap David
@david_katunaric
1 month
I don't know (I do) who needs to hear this, but this is what Buffett meant by buying a wonderful business at a fair price 11xP/E, 12% historical grower, and most growth is capex-free 3.5-4x PBT after anticipated price-increases Beautiful.
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@david_katunaric
Mikro Kap David
@david_katunaric
11 months
🧵I always get a little irritated when investors quote Buffett’s “It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price” as an excuse to buy $NFLX at 40x earnings or $MSFT at 12x revenue In his most successful days, young Buffett...
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@david_katunaric
Mikro Kap David
@david_katunaric
1 year
🧵Alibaba brain dump As much as my stance on Chinese companies has gotten increasingly more bearish over the years and the e-commerce market there has gotten more competitive. I still got to hand it to $BABA’s management team. I’ve been following the story for a while now and..
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@david_katunaric
Mikro Kap David
@david_katunaric
3 months
Just finished Capital returns, and my Top 3 needed to be updated 1. Columbia Class Notes 2. Capital Returns 3. Gannon Compilation These will be my re-reading friends for a long, long time
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@david_katunaric
Mikro Kap David
@david_katunaric
9 months
@Culture_Crit Budapest is the most underrated European city
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@david_katunaric
Mikro Kap David
@david_katunaric
10 months
@georainbolt This is Tanzania, nice
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@david_katunaric
Mikro Kap David
@david_katunaric
3 months
Reasons why high asset growth underperforms via Capital Returns
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@david_katunaric
Mikro Kap David
@david_katunaric
1 year
What is today's example of Nick Sleep buying a cement producer at 1/70 of its replacement cost? Examples of "deep discount to replacement cost with latent pricing power"🏢
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@david_katunaric
Mikro Kap David
@david_katunaric
3 months
@RayDalio @taylorswift13 My last two brain cells at 3AM:
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@david_katunaric
Mikro Kap David
@david_katunaric
23 days
Atm, what's one stock that is so attractive that you'd make your two sisters lever up 95% just to buy as much of it as they can❓️ A 1974 Berkshire equivalent
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@david_katunaric
Mikro Kap David
@david_katunaric
8 months
I'm not a fan of deep dives or lengthy investment write-ups, however, @JonCukierwar 's $DNP.WA research is one of the most impressive things I've read in a long time It got me very biased. Not gonna lie
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@david_katunaric
Mikro Kap David
@david_katunaric
8 months
I have never seen so many red flags in a 2-minute video before 🚩.
@CNBC
CNBC
@CNBC
8 months
Birkenstock CEO Oliver Reichert discusses how he plans to keep the brand relevant after it begins trading Wednesday. @SquawkStreet
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@david_katunaric
Mikro Kap David
@david_katunaric
11 months
🧵If anyone's looking for ideas in the value trap land called Japan. Here's one non-value trap called Nisshin Group🇯🇵 $8881.T is a Japanese net net that's actually a stable value-creating business with improving capital allocation at play, selling for 0.45x P/NCAV and 0.35x P/B
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@david_katunaric
Mikro Kap David
@david_katunaric
2 years
@GrahamStephan Instructions not clear, went all in $GME
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@david_katunaric
Mikro Kap David
@david_katunaric
3 months
@West4thCapital The only downside to not living in the US
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@david_katunaric
Mikro Kap David
@david_katunaric
1 year
Hey, Warren. What are you buying today? Well, I found this company that is selling for 0,1x P/E. Seems like a decent setup
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@david_katunaric
Mikro Kap David
@david_katunaric
4 months
Even in the MID-cap land, 20���30 cent bills can sometimes yield a dollar My latest piece on $PARA is out! Be sure to check spam or go to the website version because this is a lengthy one
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@david_katunaric
Mikro Kap David
@david_katunaric
1 year
Once you read all the classic investing/biz books and built a habit of reading 10K-s every day What's the best return on invested time? How can one continue to improve as an investor aside from the obvious repetition of the same old practices? Would love to hear your thoughts
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@david_katunaric
Mikro Kap David
@david_katunaric
1 year
1/ Every now and then, you get lucky and stumble upon evergreen content🌲 The "Finding Moats" episode by @FocusedCompound precisely that. It makes you see business through a different lens🔍 There is probably no better way to spend two hours learning about...
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@david_katunaric
Mikro Kap David
@david_katunaric
8 months
Easy
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@netcapgirl
sophie
@netcapgirl
8 months
Apparently, all men have a favorite historic battle. Spill it, gents.
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@david_katunaric
Mikro Kap David
@david_katunaric
1 year
1/ IMO most investing books are just a form of mental masturbation We all lead busy lives, and once we've read "the classics", our time is far better spent by actually reading the 10Ks and Qs. Turning over rocks, applying the knowledge, playing the game & learning from mistakes.
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@david_katunaric
Mikro Kap David
@david_katunaric
9 months
For curiosity's sake, I've decided to start tracking the performance of fintwit favorites (based on my feed experience) Here are 20 darlings that I will equally weigh at 5% and then check their performance over a one and three-year timeframe Feel free to give me some
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@david_katunaric
Mikro Kap David
@david_katunaric
1 year
1/In 2016, @Moatology and @PaulAndreola gave a presentation that every investor operating in the microcap space should watch If I had to sum up their presentation in one line, it would be "You Can Be a Stock Market Genius - Microcap edition."🧵
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@david_katunaric
Mikro Kap David
@david_katunaric
1 year
$BIG is a high-risk, higher-reward idea that I believe will appeal to diversified investors looking for bets where the odds are in their favor 🧵🧵
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@david_katunaric
Mikro Kap David
@david_katunaric
1 year
What happened here?
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@david_katunaric
Mikro Kap David
@david_katunaric
2 months
Also, one of the final things Munger has said publicly Expecting 10% as a given is more than dangerous
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@philoinvestor
Philoinvestor
@philoinvestor
2 months
And as I explained in the podcast @ValueStockGeek and I did, this is one of the reasons I hate passive investing. The self-entitlement that you somehow DESERVE a ~10% a year return without practically doing anything. Rude awakening loading...
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@david_katunaric
Mikro Kap David
@david_katunaric
1 year
Is Poland a fertile ground for new ideas?🇵🇱 Please give me some interesting micro names🙏 (a 1-2 sentence pitch would be ideal)
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@david_katunaric
Mikro Kap David
@david_katunaric
1 year
Munger when he reads $BABA restructuring news today
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@david_katunaric
Mikro Kap David
@david_katunaric
1 year
1/ Industrial bros, take a look at this $HYDRA.AS is an industrial holding company that trades at ~3X LTM FCF Insiders own nearly 80% and have a strong M&A track record Otherwise, the business is stable, its gross margins are high and growing, and it appears to be insulated..
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@david_katunaric
Mikro Kap David
@david_katunaric
2 months
Hello I spent the day weighing in the probabilities and determined $PARA is still a worthwhile bet However, I'm not as comfortable with the risk-reward as I was just two days ago I sized it smaller this time and bought back half the position I sold yesterday, so 8% of my total
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@david_katunaric
Mikro Kap David
@david_katunaric
2 months
Wow❗️ 18 months of casual writing for my blog has attracted an audience of over 2000 readers I'd like to thank every single one of you! It is truly an honor to have such a large network of like-minded investors providing excellent feedback, both in the comments and in the DMs
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@david_katunaric
Mikro Kap David
@david_katunaric
8 months
Following the $XPEL plunge today, I've decided to check how the fintwit favorites portfolio has been performing since my tweet on Aug 25 $SPY -0.83% $FINTWITDARLINGS -2.41% I expected worse, but I expect worse going forward ...quietly hoping fintwit proves my arrogance
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@david_katunaric
Mikro Kap David
@david_katunaric
2 months
Heading into Easter weekend with 0 cash and a bunch of deep-value
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@david_katunaric
Mikro Kap David
@david_katunaric
6 months
Today I learned that L'Occitane is listed in Hong Kong because they thought they could get a higher multiple there back in 2010 Fast forward to 2023; fintwit is pitching me P/Es of 4-5 in HK on a regular basis How times have changed
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@david_katunaric
Mikro Kap David
@david_katunaric
1 year
@lonewolvesfrank 17.5%
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@david_katunaric
Mikro Kap David
@david_katunaric
5 months
Now that none other than Will Thorndike, author of The Outsiders, is involved with Lindbergh $LDB.MI, perhaps it's time to remind people that Lindbergh's CEO Michele Corradi gave an interview for The Mikro Kap this October So if you want to learn more about him or the company he
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@david_katunaric
Mikro Kap David
@david_katunaric
2 years
@CharlieMunger00 Dunder Mifflin
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@david_katunaric
Mikro Kap David
@david_katunaric
10 months
A piece on my new 20% position has just hit your inboxes🇸🇬 $BHU.SI
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@david_katunaric
Mikro Kap David
@david_katunaric
4 months
Guys, I was trying really hard not to look But Mag7 baffles me. How does a company add >500B in market cap in a month while doing only 27B in revenue LTM? It would take f*cking 19 years of revenue in order to cover that YTD market cap gains $NVDA
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@david_katunaric
Mikro Kap David
@david_katunaric
11 months
A piece on my No.1 Japanese Net-Net has just hit your inboxes🇯🇵 $8881.T
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@david_katunaric
Mikro Kap David
@david_katunaric
3 months
There's something so liberating when 99% of micro-cap Fintwit couldn't care less about your picks, but the 1% that does care has actually done impressive, or dare I say autistic, level of due diligence To the 1%, I salute you
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@david_katunaric
Mikro Kap David
@david_katunaric
27 days
Apollo-Sony bid confirmed by @nytimes all cash ~26B for $PARA Let the PE hunger games begin
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@david_katunaric
Mikro Kap David
@david_katunaric
9 months
Exceptional newsletters written by great investors Hunting for asymmetric risk-rewards and putting in the extra effort that others aren't willing to Thank you, fellas. Cannot recommend enough❗️
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@david_katunaric
Mikro Kap David
@david_katunaric
10 months
beautiful Croatia, beautiful balance sheet (for a 48M market cap)
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@david_katunaric
Mikro Kap David
@david_katunaric
6 months
One of the best to ever do it RIP to the 🐐 and thanks for all the wit and wisdom You will be missed.
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@david_katunaric
Mikro Kap David
@david_katunaric
3 months
Seeing so many complaints surrounding $PARA in the last couple of weeks, it truly feels like a "darkest before dawn" scenario Glad I can handle volatility and am young enough to own it in size Earnings tommorow. Will delete if I'm wrong🦧😉
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@david_katunaric
Mikro Kap David
@david_katunaric
1 year
I compiled a list of publicly available investing resources that I find insightful and enjoyable (link in bio)📚 Lmk if there is anything else I should include🙏
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@david_katunaric
Mikro Kap David
@david_katunaric
2 months
So many weak hands holding $PARA, I should do a blog update
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@david_katunaric
Mikro Kap David
@david_katunaric
10 days
Nov 2008 A clip of Alice Schroeder discussing Buffett's rationale for his private investment in Midcontinent Tab Card Company One of the few times he had the opportunity to buy a "Phil Fisher-type growth company at a Ben Graham-like price" Result? 33% CAGR over 18 years😴
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@david_katunaric
Mikro Kap David
@david_katunaric
9 months
What people think they need to read in order to improve as investors (left) vs. what they actually need to read (right)
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@david_katunaric
Mikro Kap David
@david_katunaric
9 months
Miss this guy He was one of a kind
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@david_katunaric
Mikro Kap David
@david_katunaric
5 months
A new article with updates on my highest-conviction ideas for 2024 has just hit your inbox 🇮🇹🇸🇬🇬🇧🇺🇸🇯🇵
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@david_katunaric
Mikro Kap David
@david_katunaric
2 months
We think any party interested in all or pieces of PARA, including studios, IP, CBS and real estate, are more likely to emerge now that the debt CoC is void," Cahall said, noting that creates more sum-of-the-parts upside potential $PARA Things are moving fast. I like my junk
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@david_katunaric
Mikro Kap David
@david_katunaric
2 months
A new write-up has just hit your inboxes❗️ Cardonomics at 4-6x normalized earnings
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@david_katunaric
Mikro Kap David
@david_katunaric
1 month
Buongiorno
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@david_katunaric
Mikro Kap David
@david_katunaric
3 months
I wrote up Redbubble $ATG.AX Once a Fintwit darling, is now down 93% from its highs and completely forgotten by the market I believe it provides a good risk-reward here since it trades at a forward multiple of 3xEV/FCF
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@david_katunaric
Mikro Kap David
@david_katunaric
1 month
@Tintincapital "I like buying stocks that are down 90% because you can only lose 10%. That's psychics" ~Albert Einstein
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@david_katunaric
Mikro Kap David
@david_katunaric
23 days
$LDB.MI quietly up 50% ytd
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@david_katunaric
Mikro Kap David
@david_katunaric
1 year
"Fish where the fish are"
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@david_katunaric
Mikro Kap David
@david_katunaric
1 year
"Fish where the fish are"
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@david_katunaric
Mikro Kap David
@david_katunaric
5 months
Sold half of my $VNO position for a 88% gain I believe the RE market segment, especially CRE, has morphed into pure speculation on the movement of long-term treasury yields Also, the fact that the same insider who has been buying shares this spring has now sold his holdings
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@david_katunaric
Mikro Kap David
@david_katunaric
8 months
On micro-cap fintwit we've quickly come from: 1. hey, check my YTD performance🥳 to 2. there's a big opportunity in non-US smalls❗️ to 3. all I feel is pain📉 I'll likely diversify into some GARP names that I'm following closely, when this G is free and when 4. happens
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@david_katunaric
Mikro Kap David
@david_katunaric
8 months
@CDInewsletter Why? You're already at a ~80% payout ratio, revenue fell in the 10-yr period while the earnings grew at a 1% CAGR. Both not beating inflation over that period. Meanwhile, you have US treasuries yielding you close to, or above 5%, depending on the duration I don't get the
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@david_katunaric
Mikro Kap David
@david_katunaric
3 months
Focus on the supply trends, not the demand growth Healthy supply side = healthy earnings power
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@david_katunaric
Mikro Kap David
@david_katunaric
3 months
Reasons why high asset growth underperforms via Capital Returns
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Mikro Kap David
@david_katunaric
1 year
"Diligence is the mother of good luck" Perfectly sound P/Es of 1 seem like a decent strategy, don't you think🙃?
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@david_katunaric
Mikro Kap David
@david_katunaric
1 year
Time flies @FocusedCompound
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Mikro Kap David
@david_katunaric
1 year
These two points appear the most frequently in the notes: 1. Do good valuation work. Plug in estimates for earnings in a normal year. Look at things through EV/EBIT basis. Know what something is worth 2. Think simply and little bit differently. It is the context in which you...
@david_katunaric
Mikro Kap David
@david_katunaric
1 year
Is there a better investing resource than the class notes from Greenblatt’s Special Situations Class at Columbia No, I don't think there is
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Mikro Kap David
@david_katunaric
2 months
hahahahahahahahha
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Mikro Kap David
@david_katunaric
6 months
@marketplunger1 If your CFO wears these you are running an optimal capital structure
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@david_katunaric
Mikro Kap David
@david_katunaric
7 months
When you write up an obscure microcap and unintentionally turn it into a Fintwit favorite😔
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Mikro Kap David
@david_katunaric
6 months
Vividly remember the first time I read this chapter. Felt like an unexplored gold mine, just waiting for my pickaxe. It doesn't get better than One Up on Wall Street when you're first starting out
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Mikro Kap David
@david_katunaric
1 year
🧵10 largest $VNO properties, accounting for half of the portfolio (all class A buildings)
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Mikro Kap David
@david_katunaric
2 months
Grahamites, 1968 🐐s
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Mikro Kap David
@david_katunaric
1 year
A good pond to fish in
‘There are no domestic equity investors’: why companies are fleeing London’s stock market

Lure of higher valuations and a deeper pool of investors in the US have sparked a string of departures

www.ft.com
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@david_katunaric
Mikro Kap David
@david_katunaric
8 months
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@david_katunaric
Mikro Kap David
@david_katunaric
9 months
For curiosity's sake, I've decided to start tracking the performance of fintwit favorites (based on my feed experience) Here are 20 darlings that I will equally weigh at 5% and then check their performance over a one and three-year timeframe Feel free to give me some
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Mikro Kap David
@david_katunaric
6 months
Added cash, added $KWEB, 3% of portfolio Stop loss at $24 You either die a micro-cap investor or live long enough to see yourself become a China sentiment trader
@david_katunaric
Mikro Kap David
@david_katunaric
6 months
I realize that you didn't come for this type of content, but there's so much pessimism around China atm that I'm considering returning🇨🇳 Doing a small trade this time(🤡), waiting for less-negative sentiment with a stop-loss( $KWEBB probably) I have no fundamental view on any
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Mikro Kap David
@david_katunaric
24 days
Agree💯💯 For most retail investors who are new(er) to the game, I believe the most incorrect or, better yet, dangerous lesson is “diversification is protection against ignorance. It makes little sense if you know what you are doing.” After starting out investing and reading a
@puppyeh1
Jeremy Raper
@puppyeh1
24 days
What you’re saying is correct in as far as it goes. But this is hardly the only way to generate large excess returns when managing small $$. I think you can learn as many incorrect lessons from Buffett as correct ones, especially now when he’s so widely emulated.
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@david_katunaric
Mikro Kap David
@david_katunaric
2 months
Actually, it's not that long I read the WSJ article, I noticed two members of the special committee stepping down. The ones who were supposed to protect interests of the minorities. Our interests It's a clear sign that Shari has made a deal with the devil and secured her bag
@david_katunaric
Mikro Kap David
@david_katunaric
2 months
I'm completely out of $PARA Will provide you with a reasoning in an hour
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@david_katunaric
Mikro Kap David
@david_katunaric
10 months
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@david_katunaric
Mikro Kap David
@david_katunaric
10 months
Down to 0 cash
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@david_katunaric
Mikro Kap David
@david_katunaric
15 days
Almost 45 years since one of the most well-known articles about the stock market was written BusinessWeek: The Death of Equities, 1979 Bonds yielding 11%, gold doing a 19% CAGR over a decade+, investors fleeing US for foreign stocks... How times have changed "Today, the old
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@david_katunaric
Mikro Kap David
@david_katunaric
5 months
Portfolio going into '24 28% ytd
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@david_katunaric
Mikro Kap David
@david_katunaric
5 months
Sold half of my $VNO position for a 88% gain I believe the RE market segment, especially CRE, has morphed into pure speculation on the movement of long-term treasury yields Also, the fact that the same insider who has been buying shares this spring has now sold his holdings
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@david_katunaric
Mikro Kap David
@david_katunaric
1 year
I spent the day browsing through Croatian publicly traded firms, A to Z style🇭🇷 Found nothing remotely interesting. Everything is either unprofitable and on the verge of bankruptcy, more expensive than it should be, or outside of my circle of competence
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@david_katunaric
Mikro Kap David
@david_katunaric
1 month
Italian mafia or soon-to-be Serial HVACquirer❓️ My $LDB.MI scuttlebutt journal is out on the usual place
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@david_katunaric
Mikro Kap David
@david_katunaric
1 year
2 birds 1 stone no-brainer situation🚨 Thesis summary: $PPH.L and $ARNT (ZSE) both trade at a significant discount to NAV. PPHE's market cap is at ~45% of NAV, while ARNT currently sells in the market for less than 35% of NAV🧵
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@david_katunaric
Mikro Kap David
@david_katunaric
1 year
I get that Ackman is "hated in the nation (fintwit)" but a 37% discount to NAV seems excessive
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@david_katunaric
Mikro Kap David
@david_katunaric
10 months
This the best conversation I've listened to in a long time Thank you @jeremygiffon @patrick_oshag
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@david_katunaric
Mikro Kap David
@david_katunaric
2 months
So...Druck's strategy in a nutshell
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@marketplunger1
Brandon Beylo
@marketplunger1
2 months
@PythiaR It's amazing how many investors try to overcomplicate things. Here's what Druck does. He buys stuff that's going up. And sells stuff that's going down. That's it. You can add all the "value" and "macro" bullshit you want. But that's why he's the GOAT.
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@david_katunaric
Mikro Kap David
@david_katunaric
2 months
Also, new cash just hit my IBKR, and I'll be making $PARA a 15% position (close to 12% previously) when the market opens On the bidding front, my thesis is playing out exactly as I expected and I believe the "Paramount cannot be profitable as a standalone company" scenario is
@david_katunaric
Mikro Kap David
@david_katunaric
2 months
Important week ahead for me: $RCS.MI reporting Wednesday $LDB.MI reporting Thursday
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@david_katunaric
Mikro Kap David
@david_katunaric
1 year
Is that 32% FCF margin on $BABA 🧐
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@david_katunaric
Mikro Kap David
@david_katunaric
4 months
Fintwit highlight of the day: In 2020, @TreyHenninger was buying $SODI for ~1x 2024 earnings
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@david_katunaric
Mikro Kap David
@david_katunaric
4 months
Two babies arrived in mail this morning @ElementaryValue I think you'll recognize one of them😉
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@david_katunaric
Mikro Kap David
@david_katunaric
7 months
You should see the look on my friends' and family's faces when I tell them that half my portfolio is in: 🇮🇹newspaper 🇬🇧greeting cards retailer 🇺🇲office RE
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@david_katunaric
Mikro Kap David
@david_katunaric
1 year
For anyone interested in Japanese net nets🇯🇵
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ネットネット株一覧

2023年6月2日（金曜日）現在の様々なネットネット株のリストを掲載しています。 １．Net Cash Sto…

net-net-value.com
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@david_katunaric
Mikro Kap David
@david_katunaric
9 months
A trip down memory lane Worth every re-listen
@marketplunger1
Brandon Beylo
@marketplunger1
9 months
Bruce Greenwald invited Li Lu to speak to his class on value investing. The result is a 90 minute masterclass on how to be a value investor. If you haven't watched the video, do it now. If you have, it's worth re-watching. Here is a list of my favorite quotes from Li Lu 👇
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@david_katunaric
Mikro Kap David
@david_katunaric
2 months
$RCS.MI FY2023 results 0.07 divvy per share, 16.7% increase yoy, 9% yield🥳 -2% revenue decline -136M in EBITDA, up from 130M prior year (before non-recurring expenses) -595K Corriere della Serra subscribers, 17% yoy -214K Gazzetta subs, 25% yoy -136K El Mundo, 35% yoy -82K,
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@david_katunaric
Mikro Kap David
@david_katunaric
3 months
@ValueInvestorAc
Value Theory
@ValueInvestorAc
3 months
Cathie Wood is the Warren Buffett of the Digital Age She’s one of the most disruptive investors on Wall Street. A star stock-picker & champion of disruptive innovation. Her top 20 investing principles: 🧵
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