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Thursday, September 17, 2026

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@blondesnmoney 1 click

Cluseau Investments on X

Disclaimer: I have sold this position and have no view on the valuation or future prospects My craziest OTC adventure this year was discovering a single-asset refinery that sells Jet Fuel to the US Military. It sounds kinda crazy, but it's the exact type of ridiculous setup funny enough to look into. In July, refining crack spreads were blowing out, and nearly every refiner $PBF, $PARR, $VLO, $PSX were steamrolling. I wanted some exposure, but I felt sheepish chasing names that were already tearing it up. I started looking at smaller refiners, but nearly everyone was in the 3x - 5x forward earnings range, not expensive, but for a cyclical, also not really that cheap. It turns out that, aside from the megacap refiners and $PARR, there's only one other US listed microcap refiner, Blue Dolphin Energy $BDCO. The stock is heavily insider owned, and at the time, was trading at just over 4x Q1 earnings ($0.99). Crack spreads are publicly viewable, and other refiners were demolishing estimates - $PARR came in at $11 in Q2, triple Q1, so it didn't take too much math to realize BDCO's Q2 was gonna be strong given jet fuel prices, and that the stock was potentially trading under 1x forward earnings. Of course, it's an OTC name with limited liquidity so you can't realize size it up, but how often do you get a chance to buy someone who supplies jet fuel to the Department of Defense under 1x annualized earnings? It was almost comedic, the story was funny enough to swallow the OTC stigma and just pick up a little bit up. About a week later, Q2 results came in at $1.19 (putting 1H earnings at ($2.18), and the market suddenly realized a stock trading at $4 on $2.18 of two quarter's EPS was just too cheap. The stock hit $18 today - I've been trimming since entry and am finally out. It was a tiny position, but I continue to find it ridiculous that these OTC setups exist. With a small amount of capital and a love for reading filings, you can probably find a slew of OTC names that are actually decently profitable that are simply too small for larger investors to take a stab at. I have no position in BDCO and have no opinion on it, $4 and $18 are totally different prices, but the fact this setup existed and somehow flew under the radar until earnings is pretty entertaining.
@KEDM_COM 3 clicks

KEDM.com on X

Greenhaven Road @GreenhavenRoad took a full position in Burford Capital $BUR on the economics of its protein price-fixing book: Burford has put more than $150m of its own capital into the chicken, beef, turkey and pork cases, so it keeps all of the upside rather than sharing it with a client and it controls when the cases settle. The track record behind that underwriting: 285+ concluded cases, 90% won or profitably settled, an 82% return on invested capital over a 2.6-year weighted average life for a 25% IRR. The catalyst is dated — the chicken trial against Tyson Foods, Pilgrim's Pride, Koch Foods and Cargill is set for 2027.

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Zack Buckley on $PRTH's take private

Priority Technology’s chairman offered $6.00 to $6.15 a share to take PRTH private, while Zack Buckley argues Treasury Solutions and…

PRTH $641M
Yet Another Value Podcast 3 clicks

Titan Mining Q2 Update

Titan Mining reported Q2 revenue of $25.7 million and adjusted EBITDA of $9.6 million as zinc output rose, while advancing its Kilbourne…

TII $284M
Sylence Capital 4 clicks
KVHI · long

KVH Industries

KVH Industries is winding down capital-intensive GEO antenna manufacturing and pivoting to an asset-light maritime connectivity business.

KVHI $136M
Value Investors Club 3 clicks

NLOP - I'm Buying Again

NLOP’s selloff after a weak KBR property sale has created a high-potential IRR entry point.

NLOP $147M
Nat Stewart - Stock Picking Newsletter 1 click

Programmatic DSPs

Entravision’s Smadex AdTech unit generated 104% revenue growth and 378% EBIT growth, becoming the main upside driver after Meta ended its…

EVC $666M
The Mikro Kap 1 click

The Priority Technology Situation

Priority Technology received an opportunistic buyout proposal, with its business better suited to remaining public absent a much higher…

PRTH $641M
Nat Stewart - Stock Picking Newsletter 5 clicks

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