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Interview #134 just published. For this edition we welcome Patrick Rial from TriVista Capital and Hosomichi Fund. Patrick discusses his background, approach to investing, and pitches two Japanese small caps. capitalemployed.com/p/2-stoc…

Best Stock Pitches newsletter just published. 62 ‘fresh-off-the-press’ stock pitches to get stuck into, from Italian tire makers to organ transplants. Find your next idea > capitalemployed.com/p/62-qua…

After digging around, I finally settled on my favorite Japanese machine tool producer: Makino $6135.T From giga-casting molds and satellite structures to gas turbine cooling holes and vascular stents, Makino’s tools excel in the toughest machining jobs. The failed Nidec acquisition in 2025 and the blocked PE buyout in April revealed the company’s strategic value. The Japanese government blocked MBK Partners’ acquisition of Makino on national security grounds, arguing that its machines “are widely utilized by manufacturers of defense equipment in Japan.” I found several examples of Makino machines inside defense manufacturing ecosystems across Japan, Europe, and the US. They are used to make flight-critical structures and propulsion components for F-35 and Typhoon fighter jets, CH-47 and OH-1 helicopter engines, and gas turbines of Japanese destroyers. Beyond defense, management is also targeting aerospace, energy, semiconductor, and medical markets, where customers need high-precision machining of difficult materials and are willing to pay up for productivity, accuracy, and process know-how. Key applications are aircraft engine parts, gas turbines, semiconductor equipment, and medical devices. Makino’s opportunity in the emerging space economy deserves a separate post. The US satellite producer Astranis uses Makino MAG3.EX to machine full satellite panels in-house (video linked below). I’m also fairly confident that Makino machines are integrated into the supply chains of SpaceX and Blue Origin. After the acquisition fiasco, management is under pressure to unlock Makino’s true potential. The “Corporate Value Enhancement” plan announced in May focuses on larger and more complex machines, pricing discipline, shorter lead times, higher-margin engineering and aftermarket services, dividends, and buybacks. The plan is good, but I think it undersells the opportunity. I assume the company will achieve at least 7% revenue CAGR and reach 15% operating margin by 2030. That gets me to ¥21,500 per share or ~50% upside. At ~13 P/E, Makino looks too cheap for its strategic importance, technical depth, and end-market optionality. I took an initial position this week and will be watching for the buyback announcement and continued order build-up.

Interview #133 just published. For this edition we welcome @leevalueroach from The Value Road. Lee discusses his approach to investing, and shares two stock ideas. capitalemployed.com/p/2-stoc…

Nearly all of the Q1 2026 fund letters have been published now. The average YTD return was -3.14% So well done if you're beating that. capitalemployed.com/p/q1-202…

'Prices fluctuate more than values — so therein lies opportunity.' Joel Greenblatt

Best Stock Pitches newsletter just published. 43 ‘fresh-off-the-press’ stock pitches to get stuck into, from beauty devices to Greek shipping. Find your next idea > capitalemployed.com/p/43-bes…

I was interviewed by @capitalemployed and pitched 2 stocks! One was a previous disclosed position and the other a new one

Interview #132 just published. For this edition we welcome @HalvioCapital Anthony discusses his background, his approach to investing, and shares two stock ideas. capitalemployed.com/p/2-stoc…

$LUXE could easily be a 1-2x from here. Stock at $7.80 USD -- trades at 0.2x EV/sales and 0.5x EV/gross profit. On FY26 ex-Offprice, it's at ~7x EBITDA. Run-rate rev at 2.5B EUR, growing LDD -> ~3B in 2 years. At mgmt's 8% margint target, that's like 2.6x EBITDA, and ~160m EUR in net income. About $1.30 per share in EPS. At a 15x multiple (cheap for a LDD grower) that's worth >$20. Stock has sold off on inflation fears, but lux consumers are well insulated. Meanwhile, web traffic trends continue to accelerate as LUXE turns around acquired brands Net-a-Porter and Mr. Porter.

*US meatpackers, cheap enough?* The US' largest domestic protein producers $TSN $SFD $PPC screen relatively attractively when viewed across the cycle, enjoy defensive demand, and have scale moats. However, each protein cycle is unique, and we might be approaching a time of great cost inflation at a time of demand disruption. We have to go over each of the company's segments, capital allocation history, demand/cost drivers, leverage, and arrive at a comment on their valuation

Best Stock Pitches newsletter just published. 44 ‘fresh-off-the-press’ stock pitches to get stuck into, from a variety of fund managers and investment newsletters. capitalemployed.com/p/44-bes…

Thanks for having me. Excellent newsletter.

Interview #131 just published. For this edition we welcome Wengang Ji from Trigram Partners @TrigramPartners Wengang discusses his background, launching Trigam Partners, his approach to investing, and shares two stock ideas. capitalemployed.com/p/2-stoc…

Fuji Sangyo $9906.T raises FY3/26 guidance today, 4% on sales & 17% on OP while bumping their dividend from 130 to 160 (3.7% yield). Remains awfully cheap at 0.9x TBV, 2.4x EV/EBIT & 7.5x P/E with ~2/3rd of mkt cap in net cash and electric grid tailwinds.

Best Stock Pitches newsletter just published. 42 ‘fresh-off-the-press’ stock pitches to get stuck into, from a variety of fund managers and investment newsletters. capitalemployed.com/p/42-sto…