Letters by company
Ascentech K.K.
4 letters discussing 3565. Everything written about it on this site is on its ticker page.
- Stone Sentinel Capital Pitch, know, invest: Q326 letter to partners Stone Sentinel Capital argues that compelling AI narratives and specialist knowledge cannot substitute for risk controls, updating and room for error. It sold Ascentech after reassessing revenue quality and governance, retains Marex and Protasco, and initiated Chien Kuo Construction for its contractor operations, customer-deposit investment float and asset-backed valuation. Q326 5515 $287M3565 $123M
- Stone Sentinel Capital The Proteus test: Q126 letter to partners Stone Sentinel Capital frames AI, wars and energy disruptions as uncertainty to endure only where business outcomes remain bounded, and urges selling only when a thesis breaks. It defends Ascentech’s Citrix infrastructure business against AI-disruption fears and views Protasco’s Roadcare renewal risk as mispriced given incumbency, partner alignment and switching costs. Q126 3565 $123M
- Stone Sentinel Capital Wild or zoo: 2025 letter to partners Stone Sentinel Capital frames investing as choosing between a constrained, benchmark-oriented environment and an unconstrained one that rewards patience, original judgment and infrequent action. The portfolio added Ascentech K.K., citing its shift to Citrix operator in Japan, recurring revenue, higher margins and durable demand for virtual-desktop infrastructure. 2025 3565 $123M
- Stone Sentinel Capital Risk before reward: Q226 letter to partners Stone Sentinel Capital argues that unpopular stocks offer lower expectations and greater downside protection than crowded AI beneficiaries, whose capital spending may outrun sustainable demand. The portfolio added Marex on its clearing-market advantages, while retaining Ascentech and Protasco despite market skepticism over their operating results and valuations. Year-to-date as of June 30 2026 MRX $5.4BAMZN $2.9TGOOGL $3.6T
