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Hey everyone! This week I wanted to share a very short write-up on what I believe is one of those hidden, high-quality compounding businesses hiding in plain sight. AlphaPolis has one of the most fascinating business models I've come across in years, combining powerful network effects, incredible operating leverage, and what I think is a very compelling valuation. I hope you enjoy the read! Full Article: https://andreevdan.substack.com/p/writeup-alphapolis-co-ltd-tokyo-stock?r=4klyy7&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true Disclaimer Below:"The 18 Degree Journal is a personal research log and blog published strictly for informational, educational, and entertainment purposes. Nothing contained in this publication, podcast, or associated media constitutes professional investment, legal, financial, or tax advice, nor does it represent a solicitation or recommendation to buy or sell any security, asset, or financial instrument. The author is a private investor managing personal capital and is not a registered investment advisor, financial analyst, or broker-dealer in Canada or any other jurisdiction. All analysis, data, and opinions are presented "as is" without any express or implied warranties regarding accuracy, completeness, or suitability for any specific purpose. Investors must conduct their own independent due diligence and consult with a licensed professional before making any financial decisions. Potential Conflicts of Interest: The author may hold long, short, or beneficial positions in any of the securities, companies, or assets discussed in this journal at any time, without obligation to provide updates or notification of changes in positioning."

Hey everyone,Finally got over the line and found some time to finish this video!Today's piece: South Korea's second-largest job board platform, trading below cash. Saramin Co., Ltd. ($143240, KOSDAQ).In short: Saramin sold off its stake in Remember (a Korean business-card/networking app) in 2025, leaving it sitting on a cash and deposits pile worth more than the entire company's current market cap. Throw in a real estate trust and some investment property on top of that, and you're basically being paid to take a still-profitable HR-tech platform off their hands.In the video I get into how the actual business works (career platform, staffing, HR consulting), the ongoing fight with JobKorea and whether they're anywhere near the "tipping point" where one platform just runs away with it, a back-of-the-napkin valuation of the business itself even in a pretty pessimistic scenario, and some of the risks, Korean governance structures, currency exposure, and the chance JobKorea just keeps winning.Full written write-up with all the sourcing and detail:https://open.substack.com/pub/andreev...(Automated) Disclaimer Below:"The 18 Degree Journal is a personal research log and blog published strictly for informational, educational, and entertainment purposes. Nothing contained in this publication, podcast, or associated media constitutes professional investment, legal, financial, or tax advice, nor does it represent a solicitation or recommendation to buy or sell any security, asset, or financial instrument. The author is a private investor managing personal capital and is not a registered investment advisor, financial analyst, or broker-dealer in Canada or any other jurisdiction. All analysis, data, and opinions are presented "as is" without any express or implied warranties regarding accuracy, completeness, or suitability for any specific purpose. Investors must conduct their own independent due diligence and consult with a licensed professional before making any financial decisions. Potential Conflicts of Interest: The author may hold long, short, or beneficial positions in any of the securities, companies, or assets discussed in this journal at any time, without obligation to provide updates or notification of changes in positioning."

It has been a very long time (I know, I know...). Writing became the sacrificial lamb to keep up with life lately, but I’m currently traveling in South America to unwind and finally have the breathing room to get back into it.In this video, I’m sharing a quick update on what's been eating my time, including an "AI feedback loop" I got stuck in while optimizing my workflow, and a sneak peek at a Global Logbook tool I'm building with a friend—inspired by Warren Buffett’s old-school Moody’s manual flip-throughs—to replace standard doom-scrolling with market screening. I also dive into the downward spiral of Mount Logan Capital ($MLCI), what I've learned from experts and executives about their insurance cash loops, and why it probably belonged in the "too hard" pile from the start.Read the full, detailed memo on Substack: https://andreevdan.substack.com/p/memo-and-fractional-write-up-an-updateSubscribe to the 18 Degree Journal: https://andreevdan.substack.com/Let me know in the comments if you have any feedback on the logbook tool, or which market we should flip through first. Until next time, cheers!Important Disclosure: All content provided in this video is for educational and entertainment purposes only. The author is investing personal funds only and is not a registered investment advisor or broker-dealer. No content here constitutes a solicitation, recommendation, or offer to buy or sell any securities. Investing involves risk; please consult a professional before making financial decisions.#ValueInvesting #StockMarket #MLCI #SmallCaps #InvestingWorkflow

Hello Everyone, It's been a almost a year since we started, and I'm extremely thankful for your support & feedback. I hope to keep growing alongside you all. I decided to try to capture some of my thoughts on the current AI narrative, and I hope at least some parts of it are comprehensible. Thank you and cheers! Full Article: https://andreevdan.substack.com/p/memo-on-the-changing-dynamic-between?r=4klyy7 #AI #GenerativeAI #LLM #ArtificialIntelligence #SaaS #SoftwareEngineering #FutureOfSoftware #AILimitations #MachineLearning #AITools #VibeCoding #ProductDesign #CloudComputing #LocalAI #TechTrends #18DegreeJournal #AIDebate #FutureOfWork #TechPodcast #GenAI

It's been a while since I posted, and a few ideas have been turning over, so I decided to introduce an idea after so long. Hope you enjoy. Full Article: https://open.substack.com/pub/andreevdan/p/writeup-mini-intro-write-up-dfm?utm_campaign=post-expanded-share&utm_medium=web Disclaimer & Disclosure: 18 Degree Journal is a personal research log published by the author as a private investor for informational and educational purposes only. It does not constitute professional investment, legal, or tax advice, nor is it a solicitation to buy or sell any security. The author is not a registered investment advisor or broker-dealer. At the time of publication, the author holds a beneficial position in the securities mentioned and may trade these securities at any time without further notice. All information is provided “as is” without warranty of accuracy or completeness. Investing involves significant risk; readers are solely responsible for their own due diligence and should consult a licensed financial professional before making any investment decisions.

Hello again, I was recently posed quite an interesting question: “If you could own only one business for the next 100 years, at any valuation, what would it be, and why?”  So, I decided to note my thinking and see how it changes every 5 years. Enjoy! Article: https://open.substack.com/pub/andreevdan/p/memo-100-year-holding?r=4klyy7&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true Substack: https://andreevdan.substack.com/Spotify: https://open.spotify.com/show/5MNW9zh5C93o4Equb5OrA9?si=B6dzp6YuQ6-NevUicU-iVA#AssetManagement #InsuranceBusiness #InvestmentResearch #FinancialModeling #SmallCapStocks #EquityResearch #InvestingChronicles #PortfolioManagement #DeepDiveDisclaimer & Disclosure: 18 Degree Journal is a personal research log published by the author as a private investor for informational and educational purposes only. It does not constitute professional investment, legal, or tax advice, nor is it a solicitation to buy or sell any security. The author is not a registered investment advisor or broker-dealer. At the time of publication, the author holds a beneficial position in the securities mentioned and may trade these securities at any time without further notice. All information is provided “as is” without warranty of accuracy or completeness. Investing involves significant risk; readers are solely responsible for their own due diligence and should consult a licensed financial professional before making any investment decisions.

Hey everyone, Following up on the end of the tender offer and the recent 25% drop in the stock price. Now that the dust has settled, I wanted to take a closer look at the "hidden risks" inside MLCI that make this such a twitchy play right now. Full article: https://open.substack.com/pub/andreevdan/p/writeup-mlci-post-tender-update?r=4klyy7&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true Past Article: https://andreevdan.substack.com/p/write-up-arbitrage-opportunity-mount?r=4klyy7 Disclaimer & Disclosure: 18 Degree Journal is a personal research log published by the author as a private investor for informational and educational purposes only. It does not constitute professional investment, legal, or tax advice, nor is it a solicitation to buy or sell any security. The author is not a registered investment advisor or broker-dealer. At the time of publication, the author holds a beneficial position in the securities mentioned and may trade these securities at any time without further notice. All information is provided “as is” without warranty of accuracy or completeness. Investing involves significant risk; readers are solely responsible for their own due diligence and should consult a licensed financial professional before making any investment decisions.

Hey Everyone, Today, I wanted to share a look at a Canadian oil producer that is actually resilient on the downside. I was not looking for "lottery tickets"; instead, I went searching for companies that don’t need a massive oil spike just to keep the lights on. With costs coming in at just over $15 CAD per barrel, a very interesting company emerged: Hemisphere Energy ($HME)! Between their technical edge in Polymer Flooding (the "dish soap" method) and a management team that actually prioritizes returning capital to shareholders, this feels more like a Charlie Munger "Belridge Oil" play than a typical junior explorer. Read Full Article here: https://open.substack.com/pub/andreevdan/p/writeup-a-hidden-gem-with-shareholder?r=4klyy7&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true Disclaimer & Disclosure: 18 Degree Journal is a personal research log published by the author as a private investor for informational and educational purposes only. It does not constitute professional investment, legal, or tax advice, nor is it a solicitation to buy or sell any security. The author is not a registered investment advisor or broker-dealer. At the time of publication, the author holds a beneficial position in the securities mentioned and may trade these securities at any time without further notice. All information is provided “as is” without warranty of accuracy or completeness. Investing involves significant risk; readers are solely responsible for their own due diligence and should consult a licensed financial professional before making any investment decisions.

Hey Everyone, Continuing the rollout of the fund managers’ articles today (are you tired of them yet?). Today, we have someone who is (for now) a little less known in the community (at least from my experience), an up-and-coming passionate fund manager.  Please “welcome” Peter Smith of Palm Harbour Capital. Full Article : https://andreevdan.substack.com/p/spotlight-peter-smith-palm-harbour?r=4klyy7 Peter's Website: https://www.palmharbourcapital.com/en/ Disclaimer & Disclosure: 18 Degree Journal is a personal research log published by the author as a private investor for informational and educational purposes only. It does not constitute professional investment, legal, or tax advice, nor is it a solicitation to buy or sell any security. The author is not a registered investment advisor or broker-dealer. At the time of publication, the author may hold a beneficial position in the securities mentioned and may trade these securities at any time without further notice. All information is provided “as is” without warranty of accuracy or completeness. Investing involves significant risk; readers are solely responsible for their own due diligence and should consult a licensed financial professional before making any investment decisions.

Hello Hello, As promised, I'm quickly back and running on the next article. This one is going to be short and sweet. In the last memo, I talked about the books I read and pondered over in 2025 (I’ll link it at the end of this section). Having finished that, I realized it might actually be a good moment to stop for a second and think about something slightly different: the three-ish books that have had the biggest impact on my life so far. And yes, I said three-ish because, once again, I “cheated.” You’ll see what I mean in a second. Full article: https://open.substack.com/pub/andreevdan/p/memo-a-mini-memo-on-the-3-ish-books?r=4klyy7&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true Previous Memo (2025 Books): https://andreevdan.substack.com/p/memo-2025-read-books-reflection?r=4klyy7 Attached to the books below are links; all but one (the one with it disabled) are Amazon affiliate links. If you purchase books through those links, I will receive a commission at no cost to you (subject to other conditions). If I do receive commission, it will be used to further develop the 18-degree journal. However, don’t feel pressured. If you prefer not to use them, a quick Google search for the title works just as well. All Book covers taken directly from Amazon. Thinking, Fast and Slow (Daniel Kahneman): ⁠https://amzn.to/4qRHLgn The Inheritance Cycle (Christopher Paolini): https://amzn.to/3MmmMDo  Percy Jackson and the Olympians (Rick Riordan): ⁠https://amzn.to/4atYQqT The Education of a Value Investor (Guy Spier): https://amzn.to/3NRyxCl  The Dhandho Investor (Mohnish Pabrai): https://amzn.to/3ZgN2lD Damn Right! (Janet Lowe): ⁠https://amzn.to/3LRkImS ⁠ Shoe Dog (Phil Knight): ⁠https://amzn.to/4tjVpe0 Disclaimer & Disclosure: 18 Degree Journal is a personal research log published by the author as a private investor for informational and educational purposes only. It does not constitute professional investment, legal, or tax advice, nor is it a solicitation to buy or sell any security. The author is not a registered investment advisor or broker-dealer. At the time of publication, the author holds a beneficial position in the securities mentioned and may trade these securities at any time without further notice. All information is provided “as is” without warranty of accuracy or completeness. Investing involves significant risk; readers are solely responsible for their own due diligence and should consult a licensed financial professional before making any investment decisions.

Hey Everyone, A short special episode quickly going over the book that I had the pleasure of going over this year. Full article: https://open.substack.com/pub/andreevdan/p/memo-2025-read-books-reflection?r=4klyy7&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true Attached to the books below are links; all but one (the one with it disabled) are Amazon affiliate links. If you purchase books through those links, I will receive a commission at no cost to you (subject to other conditions). If I do receive commission, it will be used to further develop the 18-degree journal. However, don’t feel pressured. If you prefer not to use them, a quick Google search for the title works just as well (you can highlight and right-click to search Google directly for local bookstores and a normal Amazon link). All Book covers taken directly from Amazon. Thought-Provoking & Timeless The Lost Bank (Kristen Grind): https://amzn.to/4a7kUX8 Buffett’s Early Investments (Brett Gardner): https://amzn.to/4t9D3w6 Buffett and Munger Unscripted (Alex W. Morris): https://amzn.to/45FtKtT The War Below (Ernest Scheyder): https://amzn.to/49OsqHw China & Global Economics Apple in China (Patrick McGee): https://amzn.to/3NQVCFa To Overthrow the World (Sean McMeekin): https://www.amazon.com/Overthrow-World-Rise-Fall-Communism/dp/1541604580 (Non-Affiliate) House of Huawei (Eva Dou): https://amzn.to/49NrCTe Business & Biographies The LEGO Story (Jens Andersen): https://amzn.to/4taxVYs Junk to Gold (Willis Johnson): https://amzn.to/3NW4oBK Source Code: My Beginnings (Bill Gates): https://amzn.to/49OpDOy Honorable Mentions Who Is Government? (Michael Lewis): https://amzn.to/3OcUNqe The Frackers (Gregory Zuckerman): https://amzn.to/3LGLU7O The Fund (Rob Copeland): https://amzn.to/49RoOoc The Man Who Knew (Sebastian Mallaby): https://amzn.to/4t5cIPT Revenge of the Tipping Point (Malcolm Gladwell): https://amzn.to/4fRkIAn Disclaimer & Disclosure: 18 Degree Journal is a personal research log published by the author as a private investor for informational and educational purposes only. It does not constitute professional investment, legal, or tax advice, nor is it a solicitation to buy or sell any security. The author is not a registered investment advisor or broker-dealer. At the time of publication, the author holds a beneficial position in the securities mentioned and may trade these securities at any time without further notice. All information is provided “as is” without warranty of accuracy or completeness. Investing involves significant risk; readers are solely responsible for their own due diligence and should consult a licensed financial professional before making any investment decisions.

As many of you know, I’ve been binging fund letters lately, and today’s subject really stunned me. Matthew Peterson of Peterson Capital Management has one of the most unique approaches I’ve seen yet. In this episode, I’m breaking down my research on his firm and his philosophy. We talk about his "Structured" approach (using puts and warrants to enter positions) and how he captures dividend value while waiting for prices to settle. I also dive (a very tiny bit) into the Horsehead Holding Corp (ZINCQ) situation and what it taught him about management risk. One of my favourite parts is the story of how he crashed a conference just to get the truth about Daily Journal’s software. If you’re a student of investing, you need to hear about his tenacity. Read the full write-up: https://andreevdan.substack.com/p/spotlight-matthew-peterson-peterson?r=4klyy7 Disclaimer & Disclosure: 18 Degree Journal is a personal research log published by the author as a private investor for informational and educational purposes only. It does not constitute professional investment, legal, or tax advice, nor is it a solicitation to buy or sell any security. The author is not a registered investment advisor or broker-dealer. At the time of publication, the author holds a beneficial position in the securities mentioned and may trade these securities at any time without further notice. All information is provided “as is” without warranty of accuracy or completeness. Investing involves significant risk; readers are solely responsible for their own due diligence and should consult a licensed financial professional before making any investment decisions.

Hey everyone, It’s been a while since I did a full write-up, so this was really overdue. This idea actually came about while I was just sitting on my hands, waiting for my price targets to hit and for some options to mature. I was looking for a place to park some cash and stumbled upon an arbitrage opportunity in Mount Logan Capital ($MLCI). What started as a quick, short-term trade turned into a bit of a rabbit hole. Once I looked past the "nightmare" accounting, I found a deeply undervalued business hiding in plain sight. In today's update, I talk about the arbitrage mechanics, and the hidden "Brain & Muscle" engine underneath that makes this such an interesting special situation. Hope you enjoy the return! Cheers, Dan Read the full write-up & see the diagrams:  https://open.substack.com/pub/andreevdan/p/write-up-arbitrage-opportunity-mount?r=4klyy7&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true Disclaimer & Disclosure: 18 Degree Journal is a personal research log published by the author as a private investor for informational and educational purposes only. It does not constitute professional investment, legal, or tax advice, nor is it a solicitation to buy or sell any security. The author is not a registered investment advisor or broker-dealer. At the time of publication, the author holds a beneficial position in the securities mentioned and may trade these securities at any time without further notice. All information is provided “as is” without warranty of accuracy or completeness. Investing involves significant risk; readers are solely responsible for their own due diligence and should consult a licensed financial professional before making any investment decisions.

Hey everyone, Another episode is here, and once again, with a bit of a delay, my apologies! This one was entirely my fault as I had to work through some setup issues. Regardless, I’m thrilled to finally share this conversation with a very special guest: Michael McCloskey. Michael is a seasoned, successful investor who is making those of us North of the 49th Parallel extremely proud. As the Founder and President of GreensKeeper Asset Management, he brings a unique perspective to the table, combining a professional background in law and corporate finance with a disciplined value-investing approach heavily influenced by Buffett. Since starting his fund in 2011, Michael has built a high-quality portfolio of "moaty" businesses. To be honest, he truly carried the conversation. I stumbled and fell a few times, but Michael’s experience and wisdom really shone through. I hope you enjoy this masterclass in value investing as much as I did. Thank you, Michael! 🔗 Connect with Michael & GreensKeeper: Our Spotlight Article on Michael Website: ⁠GreensKeeper.ca⁠ Twitter/X: ⁠@GreensKeeperAM⁠ LinkedIn: ⁠Michael McCloskey, CFA⁠ Disclaimer: This content is for INFORMATIONAL PURPOSES ONLY. It is NOT an offer to buy or sell any security or a solicitation of an offer to buy any product or service. The views expressed are strictly the personal opinions of the host and guest and DO NOT represent the official positions of GreensKeeper Asset Management or any other associated entities. Investing involves a high degree of risk and the potential for TOTAL LOSS OF CAPITAL. We are not financial advisors; you must DO YOUR OWN RESEARCH and consult a professional before acting on any information shared here. The host and guest MAY OWN POSITIONS in the securities or funds discussed and may trade them at any time without notice. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Happy New Year! Continues research on lumber, just a little addition and nothing special. Trying out a new format, let me know how it goes, cheers! Full article: I’m continuing to look at Canadian lumber mills, Just a small update/clarification, Cheers https://open.substack.com/pub/andreevdan/p/background-lumber-small-update-1?r=4klyy7&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true