HeyJaredSpecial Situations Global Equities
High-conviction global equity analysis. Combining deep fundamental research with specific event-driven catalysts to identify asymmetric risk-reward opportunities. Quality of ideas over quantity. Expect infrequent posts!
- Indexed issues, last 90 days
- 4
- Latest publication
- Sep 27, 2026
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- Earliest in this view
- Jul 26, 2026
Latest issues
Musings - Discussions with exceptional investors (opens the original)
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Joe Kaye’s MusingsI recently went to Vienna to meet with around 40 investors from across the world, mostly Europe, with a focus on small and micro caps but a wide range of specialisms and experience.A few conversations challenged or sharpened the way I think about investing:Growth - Should be more willing to pay for growth,Cyclicals - whether I’ve been too quick to put cyclicals outside my circle of competence,A few market heuristics,Position Sizing - how position sizing can affect your behaviou
Tobila Systems: Earnings Hiding on the Balance Sheet (opens the original)
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I’m very happy with the Q3 performance and my conviction in the thesis continues to remain strong.When I first wrote about Tobila Systems last December, the accounting was central to why I thought the shares were mispriced. TobilaPhone Biz collects five to seven years of software licence fees upfront but recognises them over the contract term, so cash generation runs ahead of reported profit and the difference appears as contract liabilities.The Q3 results st
Strong Growth, Exceptional Economics, and a Depressed Valuation (opens the original)
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A company must clear a very high hurdle to earn a place in my portfolio, particularly given the level of concentration I run (typically fewer than ten positions).This company has nearly everything I look for in an investment: a defensible market position, recurring and predictable revenue, exceptionally low customer churn, strong cash conversion, a capital-light business model, aligned management, and several credible avenues for continued growth.Yet following a sharp decline in its share price,
2026 Half-Year Update (+20%) (opens the original)
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PerformanceThe portfolio returned 20.21% after all fees* during the six months to 30 June 2026. This compares with a return of 12.74% from the MSCI All Country World Index in GBP .<di
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