Hello and welcome to the newsletter.
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Welcome to the newsletter.
Collyer Bridge
Mar 5
Less than six months in, this newsletter grew paid and free subscribers by more than 60% in February. We think that speaks to the quality and speed of the ideas we are discovering in the data center value chain.
We have a 20% conversion rate and a 40% open rate, among the highest on Substack. That engagement translates to a very engaged community in the subscriber chat.
Tomorrow we will be raising our rates to US$ 120/month and US$ 400/year, as we finish up supply chain checks for a new idea that we think may 3 to 4x in the next two years. In short we think the company’s customers are pressing the company to increase production, and that this is under the radar because the company is only just transitioning into the space and is not covered by semiconductor analysts.
Please drop me a DM if you’d like to get an early run down on this company.
Upgrade to paid
Putting that aside, we’d like to introduce ourselves and explain what differentiates us from other newsletters, so you can better decide whether the content is for you.
The “team”
I run this newsletter full time with the assistance of a growing number of collaborators with diverse backgrounds - an investor relations veteran at a PE firm in New York, an M&A analyst in Europe, and a guy named Iqbal who lives next to a fab in Kedah, Malaysia (but who happens to be an incredible Microcap investor).
We are now getting increasingly plugged into the hedge fund scene in Asia, which is how we have been sourcing many of recent ideas.
I do most of the heavy lifting and have a decade of experience investigating a wide range of issues for Fortune 500 companies, including the 1MDB saga, corporate espionage, fraud, and more recently, accidents and serious engineering issues for industrials.
Stumbling into newsletter writing
I started this newsletter to document my sabbatical, doing things that interested me but which had limited obvious economic value - attending AGMs of Singapore small caps, driving around industrial estates, sitting outside factories to observe ramp ups, and attending poorly attended trade shows.
As it turns out, in these extraordinary market and supply chain conditions, having a relentless curiosity on the ground was translating into undiscovered gems.
With no network in the investing community and without optimising for gains, the gains were finding me.
Seven doubles in six months
Since starting six months ago we found the following companies that went on to double:
Seikoh Giken
Union Tool
Kwan Yong Holdings
Wasion
Chongqing Machinery & Electric Co
AT&S
Aehr Test Systems
Notably these companies of various sizes span Japan, Hong Kong, Europe, the US and diverse fields such as optics, PCB drills, construction, data center solutions, transformers and generators, substrates, and testing.
We also have a nuclear basket we have been discussing since December that has been doing very well of late:
Top ideas today
Our best ideas today are still very much in play, particularly due to the pull back this week.
They are:
New top pick in Japan
Collyer Bridge| | ·
Feb 12
Read full story
Our new top pick in Singapore
Feb 9
And of course, the basket of Japanese optics / picks and shovels ideas that garnered us a lot of attention on X.
Our ethos
Finally, I’d like to articulate what paid subscribers get:
A full time and relentless researcher with voracious appetite for information, an eye for detail, and a willingness to travel.
Spotlights on poorly covered companies (so something interesting like Seikoh Giken over Furukawa).
Work in the spirit of Will Guidara’s Unreasonable Hospitality \- unorthodox or exceeding your expectations in a way that will surprise and delight you.
A desire to win one true fan a day, in keeping with the iconic essay that predicted the disaggregation of media and Only Fans, among other things.
Increasingly, a line into the investing community in Asia as we get a little more plugged into the scene here.
Our readership is a broad church and we think we have both value and growth ideas of various sizes.
For regulatory reasons, we do not handhold you in terms of managing a model portfolio, nor do we offer buy or sell recommendations.
Our reviews
Despite not offering traditional stock pitches or sell-side memos, to our surprise, we have received rave reviews and offers for paid work from funds and research firms:
Thanks for reading this far. We look forward to serving all our stakeholders and delivering valuable / interesting / entertaining content, as the case may be.
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