18 Degree Journal Tunes

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 sne...

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-dynam...

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 inves...

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=t...

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&sho...

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 thei...

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=4klyy...

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...

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 purch...

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 divide...

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...

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...

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&showWelcomeOnShar...

Hey everyone, Happy New Year!  As promised (and with a little bit of a wait), we have a very special episode to kick off the year. For this installment of the Chit Chat, we are joined by a special guest: Whit Huguley, founder and Portfolio Manager of River Oaks Capital. Those of you who follow our "Spotlight" series and read the letters will immediately recognize Whit. Over the last 6 years, he ha...

Hey Listeners, I have been doing some research on the sawmills and compiled a miniature crash course....expect something very cool coming soon, Happy holidays. Substack: https://open.substack.com/pub/andreevdan/p/background-the-lumber-industry-business?r=4klyy7&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true

Third time reading the Nomad letters and I’m still blown away. Why Nick & Zak’s letters are (for me) better than Buffett’s, how they turned money into 10× in 13 years with just three stocks, why treating the index as ‘safe’ is dangerous, the brutal ethics of fund size, and yeah… that insane Ferrari 250 GTO story. You lot are gonna love this one. Substack: https://open.substack.com/pub/andreevd...

Hello everyone! It’s been a while since my last letter. I’ve had some unexpected computer issues, but I'm finally back up and running! Thanks for having me. Today, we're exploring Enwell Energy ($ENW), a Ukrainian oil and gas company on the AIM market. We dive into a fascinating deep-value situation, a company trading below its cash pile, but with all the complications of war, sanctions, a...

The last guest to visit Bogumil Baranowsku's podcast was Whit Huguley, in which he went into detail about himself and his fund. If it's not super obvious, I really enjoyed their talk and went down the rabbit hole of learning everything I could about Wit Hugly. Potentially coming across as a stalker, I searched all public information I could gather from his podcast appearances, guest panel...

Just a quick tour through Poland’s markets, spotlighting unique companies like Huuuge Inc ($HUG) in mobile gaming and Stalexport Autostrady ($STX) in toll roads. Not investment advice, just ideas worth exploring. Read the full write-up here: https://andreevdan.substack.com/p/write-up-interesting-ideas-a-polish

Hey Everyone, Welcome to my first company write-up! I've packed this episode with a bit of everything: the history of Wish.com, a detailed stock analysis of ContextLogic, and some background on the company. I had a blast putting this together, and I hope you enjoy listening as much as I enjoyed creating it! Check out the full article on Substack here: https://open.substack.com/pub/andreevdan/p/wri...

In this episode, I'm diving into some more rough though. Warning, not well done. As promised, following up on the previous rough-raw-idea and piggybacking on the same two-sentence idea theme. This one is influenced by a book I recently started reading. You can read the full article and more on my Substack here: https://andreevdan.substack.com/p/memo-green-anti-globalisation?r=4klyy7 Books: Let...

In this episode, I'm sharing my half-baked thoughts on AI &Books. You can read the full article and more on my Substack here: https://andreevdan.substack.com/p/memo-quick-thoughts-on-ai-and-books?r=4klyy7

In this episode, I'm diving into Giverny Capital. Join me as I delve into the timeless wisdom of François Rochon and Giverny Capital, exploring their remarkable investment philosophy and highlighting some of my key takeaways from their annual letters. You can read the full article and more on my Substack here: https://andreevdan.substack.com/p/spotlight-giverny-capital

A Misunderstood Disconnect: My Take I've been thinking about why it feels like the world's falling apart, even when, by most measures, we're doing better than ever. I believe it's because fear sells in the news, and social media creates these filter bubbles that reinforce negativity. Take the US-China situation and Huawei—it's a perfect example of how complex issues get simplif...

Ready for a rapid education on the taxi business? This episode is your crash course to getting up to speed on its underlying model. We cover the crucial background, from traditional operations to the forces of change, delivering a focused and informative look at how this vital service works. There is no fluff (hopefully), just the facts you need. Check out: https://open.substack.com/pub/andreevdan...