Value investor. Bird appreciator.
Joined April 2025
- Tweets 1,145
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167 Photos and videos
Inbound matters more than outbound
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If you own a tanker or LNGC, how likely are you to sail it into Hormuz right now to pick up cargo and risk it getting stuck there
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Jun 14
The insanity in the junior mining sector continues with TSX-V mining equity raises reaching a record 11.1B CAD on a TTM basis in May
$GEO.TO $MDI.TO $OGD.TO $FAR.TO
May 20
TSX-V Mining equity raises were 566m CAD in April (175% y/y increase) bringing equity raises on a TTM basis to a new record - again
$FAR.TO $OGD.TO $MDI.TO $GEO.TO
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Jun 14
For the mining sector in general, TSX TSXV equity raises are still approaching their 2009 record.
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Dean retweeted
BREAKING: China bought 10 tonnes of gold in May, the largest monthly addition since January 2025.
This follows 8 tonnes acquired in April, marking their 3rd consecutive monthly net purchase.
China has now bought gold for 19 consecutive months, the longest streak since at least 2015, when its central bank began publishing more regular data on its gold reserves.
This brings China's official gold reserves to a record 2,331 tonnes, worth over 9% of their total FX reserves.
The country is also the 3rd-largest central bank buyer year-to-date, after Poland and Uzbekistan, with a total of 27 tonnes added.
China’s demand for gold is accelerating.
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Dean retweeted
Jun 7
The governance reforms in Korea seem to be working and impacting capital allocation. Total Soft Bank, 045340 KS, just repurchased an additional 1.6% of its own shares in Q2 so far. Impressive to see after never having bought back shares prior to 2026! @MikeFritzell @DaBao_ @douglaskimkorea @koreavaluehunt
May 17
I've seen a lot of pitches on niche Japanese software names but never anything on Korean software. Total Soft Bank (045240 KS) is a unique company, with its core software offering being for terminal/port operating systems ("TOS"). 59B KRW market cap and 33B KRW of cash. 12B of maintenance revenue that has grown at a 15% CAGR over the last 5 years 7-8B of normalized free cash cash. Super niche end market with an entrenched low-cost position. Governance inflection with paying out dividends and repurchasing shares for the first time. Surprised that software aggregators or even Cyberlogitec haven't snapped this up. DUE YOUR OWN DUE DILIGENCE! @InvestInJapan @MikeFritzell @DaBao_ @koreavaluehunt @joinyellowbrick @douglaskimkorea (1/8)
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Dean retweeted
China’s gold buying spree continues.
The metal is steadily moving from weak hands to strong hands.
Act accordingly.
tavicosta.substack.com/p/chi…
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Jun 7
RT @dlacalle_IA: "The abundance of domestic energy has allowed President Trump to make geopolitical decisions and moves that would’ve once…
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Dean retweeted
Jun 4
While I think this post is factually correct about corporate culture, disclosures and past actions in Korea, it completely misses the mark on (1) key changes that have been implemented like the 3% rule and (2) the sheer speed of regulatory changes in just the last couple of years. Fewer and fewer egregious acts against minority shareholders and more instances of improving shareholder returns. Going from a Grade F to C is extremely powerful and more powerful than going from a Grade B to A. I agree that there is still a long way to go
@MikeFritzell @douglaskimkorea @smartkarma
A lot of talk about South Korean equities lately given the semi rally and IBKR opening up access... But is Korea really "the next Japan"? Is the 'Korea discount' gone? I'm skeptical.
My latest article on why governance and chaebol culture still matter:
open.substack.com/pub/ridder…
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Dean retweeted
Jun 2
Solid quarter by Monument Mining $MMY.V $MMTMF earned $22.65M or $0.07 per share. Has almost $101M or $0.30 per net cash. Trading at ~ 2x earnings net of cash. monumentmining.com/news-medi…
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May 28
LNG traveling from British Columbia to Germany
This deal really highlights how much security of supply has started to matter more than just pure economics. How many days would such a voyage even take?
$PSD.TO $TOT.TO $SHLE.TO
boereport.com/2026/05/27/can…
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May 27
1/ Many Korean brokerages still trade at single-digit earnings multiples because the market doesn’t believe current earnings are sustainable.
That skepticism is understandable: Samsung Electronics SK Hynix have become ~35% of total KRX avg daily trading value.
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May 27
2/ but even excluding Samsung SK Hynix, KRX ADTV is up >100% y/y.
Earnings quality for brokerages is a bit poorer, but governance reform, domestic tax incentives, and foreign access suggest a higher structural turnover base.
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Dean retweeted
May 25
stole this from Oxford Economics. EM is getting shellacked when you remove TSMC, Samsung and SK Hynix.
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Dean retweeted
May 22
Btw Koreans pay 0% capital gains tax on domestic stocks.
Born to be degens
Korea is simultaneously the most overvalued market on the planet, while offering some of the best small cap value stocks in the world
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