2025 investor-letter pitches I shared have already delivered major wins.

But some of the strongest setups from this year are still hiding in plain sight, with real multibagger potential.

Here are my 10 highest-conviction ideas that remain fully actionable👇 1/ $TIC pitch by @_Tourlite

Provider of asset integrity services that keep industrial facilities safe and compliant. Recurring revenue driven by required inspections and maintenance across critical infrastructure, a steady, regulation-driven business model.

The Value Investors Club "Hall of Fame."

Thousands apply. Few get in. Even fewer win the VIC contest each year.

I looked at every winning pitch since 2001.

Here are the Top 10 investors by total wins (plus my favorite pitch from each)👇 1/ charlie479 (active 2001-2009)

- 6 wins
- Well-known in the value investing community (Norbert Lou)
- One of the most legendary VIC runs, with the highest win rate (6 out of 7 pitches)
- My favourite pitch: $NVR a massive multibagger

I’m spending the weekend sifting through Q3 2025 investor letters.

Cut the macro fluff, kept the good stuff. Ended up with 10 high conviction ideas.

A few of these look like multibaggers.

Let’s dive in 🧵 1/ $UCTT pitch by Rewey

Beaten-down but strategically critical supplier to $LRCX and $AMAT, positioned at the front end of a semiconductor capex recovery. Shares trade near cycle lows while key customers sit near all-time highs, with early signs of capex turning positive.

How to find new investments? (Part 2)

Small-cap focused blogs are some of the best hunting grounds for idea generation.

Here are 10 more new blogs I’ve been tracking over the past year 👇 1/ @finance_schmidt isn’t the newest blog on the block, but I somehow haven’t mentioned him before.

Christian is a great microcap investor without a specific industry or geography focus.

He targets small companies growing earnings or showing clear inflection over time.

How to find new investments?

Small-cap focused blogs are some of the best hunting grounds for idea generation.

Here are 10 new blogs I’ve been tracking over the past year 👇 1/ @TenvaCapital's blog is a great source of deep-dive writeups on small & mid-cap Australian names.

Posts are research-heavy, clearly structured, and focused on undervalued companies with strong earnings momentum.

10 best ideas from Q2'2025 investor letters.

Quite a few interesting picks with multibagger potential this quarter.

Let’s dive in👇 1/ $HAYPP pitch by Liberty Park

HAYPP is the world’s largest nicotine pouch distributor in a high-growth market with recurring customers (90% repeat). The U.S. pouch market grew 40% YoY in Q1’25, and global penetration is expected to more than double by 2030.

10 best ideas from Q1 2025 investor letters.

Quite a few interesting picks with a couple of potential multibaggers.

Let’s dive in👇 1/ $KITS pitch by @GreystoneCap

An e-commerce optical retailer led by Roger Hardy, who previously built and sold Coastal Contacts to EssilorLuxottica. With 35%+ rev growth, 70% repeat customers, and in-house manufacturing, the model scales with strong margins and limited capex.

10 best ideas from Q4 2024 investor letters.

Quite a productive end to the year, with several great ideas.

Let’s dive in!
👇 1/ $NRP pitch by @GreystoneCap

A coal royalty biz run by an aligned management with a 30% stake, trading at 4-6x normalized FCF, with a 90% FCF margin and strong durability across different coal price environments, supported by at least 40 years of reserves in the ground.

Finished going through all hedge fund pitches made on this account in 2023.

Below, you'll find a list of my top 10 favorite picks that are still actionable.
👇 1/ $MCB.L pitch by @alluvialcapital

A major European producer of private-label laundry detergents and dishwashing liquids, the company was challenged due to COVID and the subsequent inflationary aftermath while being stuck in long-term supply agreements with retailers.

One of the best ways to generate ideas in special sits is by following certain activist funds.

So, here is my go-to list of 10+ small/mid-cap activist funds to follow.

I scan these regularly and have made a handful of lucrative picks already.
👇 1/ @CapitalVoss

Highly reputable small/mid-cap value-focused fund with a solid activist background and a CAGR of 17% since its inception in 2011. Voss's usual playbook is to take a board seat and push for either an outright sale or a partial segment sale, as seen with $GFF.

10 best ideas from Q3 investor letters.

Quite a few interesting picks with multibagger potential this quarter.

Let’s dive in👇 1/ $HAI.TO pitch by @AtaiCapital

Leader in video streaming infrastructure space. Its Secure Reliable Transport (SRT) protocol has become the industry standard, enabling high-quality, reliable, low-latency video. Gross margins consistently exceed 70% despite being a hardware Co.

Turning over as many rocks as possible is key to success in small-cap investing.

Here are 7 idea aggregation services/blogs that will help accelerate your discovery process. 1) Yellowbrick Investing @joinyellowbrick

A great platform compiling an extensive collection of pitches from across the internet, including fund letters, Twitter thread pitches, and blog posts.

It is agnostic to investment style and size.

Found a couple more interesting idea pitches from Q1 investor letters, so here is the second edition of Q1'24 ideas.

Six further pitches in total.

If you have not seen the first edition, it’s attached at the end. 1) $KITW.L pitch from @JonCukierwar

Kitwave Group is a high-quality food distributor specializing in delivering goods to over 42k convenience stores and food service outlets across UK. One of the largest distributors focused on servicing "independents" or mom-and-pop stores.

Just finished sifting through the Q1 2024 fund letters.

Here are the best 10 ideas that piqued my interest 👇 1) $CLMB pitch by @Headwaters_Cap

Niche cybersecurity and data center software distributor, led by an experienced CEO with an impressive industry track record. CLMB runs its business with negative working capital and minimal capex, leading to an ROIC of 30%+ and strong FCF.

Finding freely available industry research can be challenging, which is why every quarter I share all the industry deep dives/primers I come across with you.

So, here is the new list of 10+ industry deep dives that can help you accelerate your research. Enjoy!
👇 1/ One of the best sources on energy markets "The Palgrave Handbook of International Energy Economics".

Book includes everything from the replacement value of different energy facilities to detailed discussions on S&D dynamics.

Freely available here: link.springer.com/content/pdf/10…

$TLF is a leathercraft goods retailer with an impressive activist investor base that could push the company to sell itself. Meanwhile, TLF trades at 10x FCF on recovering earnings and has zero net debt, with the planned sale of HQs as a cherry on top (netting up to 20% if EV)👇 Two prominent small-cap activists, Jeff Gramm (who owns 34%) and James Pappas (who owns 10%), might be looking to sell the company now that the post-COVID turnaround is in full motion. Both owned the stock from pre-COVID levels and have mostly incurred losses in this position.

$SDPI is being acquired by $DTI for a consideration of $1/share in cash + 0.313x DTI shares, with a minimum stock selection criteria of at least 43%. The blended spread currently stands at 8%, and the closing is expected in Q3'24.

Seems highly likely to close👇 The largest shareholder, who holds a 40% voting stake, already supports the acquisition. Additionally, the buyer owns 5% of the stock. With a simple majority shareholder vote, this acquisition should close easily.

Compiled a short list of event-driven setups shared by various blogs on Twitter/Stack.

Check out my summaries of each situation below.

All of the five trades are still actionable 👇 1) $SASK.V merger with $92E.AX pitched by @AlphaVulture

A three-way merger arb between SASK and two smaller peers, Latitude Uranium and 92 Energy. The Latitude Energy merger has just closed, but the bid for 92 Energy remains with the spread at 8%.

Quick pitch on $ACRS

Busted biopharma, trading at 50% discount to net cash, is exploring strategic alts. Several aspects, including the CEO stepping down, 46% workforce reduction, and the presence of multiple activists (own 20%+), point to a favorable outcome for the investors👇 In November 2023, the company failed a phase 2 trial of its lead drug candidate, prompting a 46% workforce reduction a month later. In mid-January, the CEO stepped down, and a strategic review was initiated.

Whom to follow on FinTwit for idea generation?

As promised, this is part 2 of the series with 10 more criminally underfollowed Twitter accounts.

Part 1 with 10 more Twitter blogs is attached at the end. 1/ @david_katunaric mostly focuses on small-cap, off-the-beaten-path value plays.

He is a generalist without a particular industry or geographic focus.

Check out his recent post on $ATG.AX, a fallen-from-grace Covid darling trading at 3x forward EV/FCF.

https://twitter.com/david_katunaric/status/1765449290325832049

Whom to follow on FinTwit for idea generation?

Sharing a fresh list of criminally underfollowed accounts.

This is part 1 of the series, with 10 accounts, and 10 more coming in the next few days. 👇 1/ @SebKrog covers micro-cap value ideas with a catalyst.

Sebastian is a generalist, so you will find ideas across a diverse set of industries and geographies.

Check out his recent pitch on $IVFH, an asset-light business at 5x EBITDA post restructuring.

https://twitter.com/SebKrog/status/1759264843712864700