Experimental model research — not investment advice or a price target. May hold positions in names discussed.

I do two kinds of posts on Substack: deep dives on a single ticker where I go over a CAPY model output, and posts about my process and my views on the markets or investing philosophy. My most recent deep dive post was on Jet2 (LON:JET2) which is a profitable, cash-rich UK travel operator the market is pricing as if it were worth almost nothing - capytrainer.substack.com/p/j… Research, not advice. Positions disclosed in every report.

After a bad quarter for a security I own — like Haivision Systems Inc. (TSX: HAI), Q2 FY2026 — I'm left with 1) management has failed the credibility test, so cut the loss, versus 2) the asset's too cheap, so add. CAPY is the quantitative bridge between the two. I discuss this in my new post: capytrainer.substack.com/p/w… Research, not advice. Positions disclosed in every report.

Haivision Systems Inc. (TSX: HAI) printed a bad quarter and the stock fell from ~C$10 to ~C$4. The instinct is to pattern-match or panic. I'd rather run a process. NEW POST on what CAPY does after a gut punch: capytrainer.substack.com/p/w… Research, not advice. Positions disclosed in every report.

Jet2 grew revenue from ~£69m to ~£7bn over about three decades and generated billions in cash since COVID — yet trades like the market is pricing in a slow-motion collapse. So the question is: "Is the sky falling, and how fast?": capytrainer.substack.com/p/j… Research, not advice. Positions disclosed in every report.

A lot of investors play in brutally hard market segments when they don't have to. The edge isn't out-analyzing Wall Street on a mega-cap — it's fishing where Wall Street isn't looking. I talk about segment selection in my latest Process, Philosophy & Markets post: capytrainer.substack.com/p/c…

I handed JET2.L to the CAPY valuation engine and then argued with it. It nailed the business and the capex cycle; I think it's too bearish on the downside. The full breakdown, plus the partial model output: capytrainer.substack.com/p/j… Research, not advice. Positions disclosed in every report.

A lot of what gets sold as skill is just risk wearing a disguise — concentration, beta-hacking, factor-stacking. Three ways investors quietly take on more risk and call the result performance: capytrainer.substack.com/p/c…

Jet2 (JET2.L): a UK operator doing ~£400m in earnings under a ~£2bn market cap that's largely covered by cash and assets — so the operating business trades at roughly zero enterprise value. I ran it through CAPY. New Trainer Note: capytrainer.substack.com/p/j… (Experimental model research — not investment advice or a price target. May hold positions in names discussed.)

The benchmark isn't "beat the market." It's beat SPY (or VT)-and-sleep, meaning a passive index, after tax, after fees, adjusted for risk. Fewer than 1 in 5 managers clear that over a decade. The real hurdle, and the math behind it: capytrainer.substack.com/p/c…