Bought $HUM.AX (humm group) at $0.575 y'day after reading @puppyeh1 letter. I'm a tourist in Aussie finco land (pos sized small) so analysis in his letter doing most of the heavy lifting. Obvi I agree with him tho my end game is a bit different (1/n)

https://x.com/puppyeh1/status/1939809853356306614

Background: $HUM.AX is a small specialty finco in🇦🇺offering equip finance and unsecured lending to SME & consumers. When inflation/rates spiked few yrs ago, co reported losses & stock dropped from $1.20 to $0.40.

Bought $UNFI y'day @ $21.66. I was going to organize my thoughts and write about it over the weekend but company filed a relevant 8K today so I'm gonna have to jump the gun and post about it stream-of-consciousness style (1/n) I saw @kingdomcapadv post about $UNFI a few months ago. He pitched it as a turnaround story (lower cost thru DC rationalization, valued-add sales for🔼margin, automation, etc). Pitch made sense but I couldn't handicap likelihood of success so I passed.

New investment thesis. This one is a former fintwit fav but is now subject to much derision. Another one from my fav fishing pond, 🇬🇧. As I lay out my thesis, I'm gonna swap UK vernacular for proper US English. I bought $VTY at ~6.80/share. Long thread coming (1/n) But first a confession. I'm a dumpster diver. When I see a chart like $VTY, my trigger finger gets itchy. I'm a reversion-to-the-mean sorta guy. It's been a consistent strategy for me (e.g., $AER, $OMAB, Fed Fund futures, etc). So you should know my bias.

Bought a half position in $NLOP at ~$30. Took a few weeks to build the position and I'm excited about 2025 distributions. Shamelessly stole the idea from @kingdomcapadv (1/n). Thesis is pretty simple. $NLOP is an unloved triple-net office REIT (single-tenant) spinoff. Not a great business but classic cigar butt. Plan is to sell off office assets to repay debt and make distributions. Who wants to buy offices, you say? Plenty of folks, as it turns out