Welcome to Undiscovered Compounders

Institutional-grade research costs tens of thousands of dollars a year. More and more of the funds, family offices, and banks that pay for it now read it somewhere cheaper: Substack.

How do I know? Because they’re my subscribers.

So is everyone from retired grandmothers to young analysts, all paying €300/year for research the institutions pay multiples for.

Undiscovered Compounders is independent equity research on microcaps under $1B. No geographic constraints. I go where the alpha is.

Why microcaps? Because that's where price and value drift furthest apart: too small for funds to bother with, too illiquid to touch, too obscure for anyone to have read the filings (sometimes barely twenty people on earth have). No category breeds more multibaggers, by count and by rate.

I don’t sell a model portfolio for you to follow. I don’t sell buy signals. I sell the whole thesis, so you can make your own call instead of borrowing mine (borrowed conviction folds the first time the stock cuts in half). When I say whole, I mean it. A single deep dive takes hours to read, and hundreds of hours to write.

I've been investing for 10 years, 5 of them full time, running a concentrated portfolio of 5 to 10 names held 1 to 5 years. The rigor goes back further, to academia, where I spent years studying how emotion bends decision-making under uncertainty. Which is to say, investing. It taught me the value of skin in the game. That's why every thesis I publish is a company I own, am buying, or plan to buy at a price or on terms I'll name.

What you’ll get:

• At least 20 full deep dives a year, on companies the market hasn't discovered yet, or has deeply misunderstood. Usually the first half of each is free, so you can judge the work before you pay a cent. The back half is where it counts: the risks, the valuation, the model, the price I’d pay. And when the name itself is the alpha, the whole dive stays behind the paywall.

• Follow-ups on the names I cover, in posts and in the subscriber-only chat.

• Academic studies on investing, broken down into plain English. When the study I need doesn’t exist, I run it.

• Memos on everything else: principles, frameworks, observations.

€300/year for all of it. Literally thousands of hours of my work.

One name bought at the right price makes that a rounding error.

Here's what paying subscribers say: