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Thursday, September 17, 2026

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House of Weichai

Weichai Power built a global engine group through Baudouin and a 46% stake in PSIX, positioning both for large-bore generator demand from data centers.

PSIX $1.1B
Maius Partners 2 clicks

From X

@blondesnmoney

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.
@eriksen_tim

Tim Eriksen on X

The $FNDM story just keeps getting better for shareholders and weirder at the same time. After the large dividend in December FNDM still held Bitcoinica BTC claims from the settlement with Thomas Braziel. The receiver decided to sell the claims now rather than wait. He hired a firm to solicit bids in an auction. The winning bidder was an entity formed by ..... Thomas Braziel. The proceeds from the winning bid is why another $5.60 per share dividend is coming this week. A final small distribution is expected later.

Investor Letters

All letters

Alarm.com: False Alarm?

Alarm.com, founded after CEO Steve Trundle’s bad home-security experience, has fallen from $105 in 2020 to about $55, testing whether…

ALRM $2.6B
TSOH Investment Research 1 click

Unpolished Thoughts on Stocks #1

Genius Sports aims to turn official sports data into AI-driven, real-time advertising, with media and ads already about 40% of revenue.

GENI $1.6B
Sylence Capital 2 clicks
CC · long

the chemours inc.

Chemours (CC) is presented as a long investment in its three-segment specialty chemicals business.

CC $2.3B
Value Investors Club

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 $727M
The Mikro Kap 1 click

Portfolio Update - January 2026

Portfolio update exits The Trade Desk, QXO and Park Hotels, then adds Tencent at a 35% discount, SoftBank for AI exposure and HelloFresh at…

PK $3B
Modern Value Investing

Obscure Stocks Annual Review

Obscure Stocks reviews 2025 positions, including ELMSQ’s illiquid bankruptcy stock and DallasNews’ Hearst buyout, while setting stricter…

ELMSQ $9.9M
Obscure Stocks

Return of the Power King

China Yuchai (CYD) seeks a 2026 rerating as governance normalization, global expansion, AI data-center power demand, and green-powertrain…

CYD $1.3B
Maius Partners 6 clicks

Haw Par Corporation Limited

Haw Par combines Tiger Balm’s stable cash flows with property, leisure and healthcare operations plus stakes in UOB and UOL.

HAWPY $3B
smallvalue. 4 clicks

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