HeyJaredThe Financial Pen
I capture flashes of market insight before they fade and share them here. Each month, I aim to publish two in-depth company or industry analyses, alongside a couple of pieces on the principles and frameworks that guide long-term investing
- Indexed issues, last 90 days
- 8
- Latest publication
- Sep 30, 2026
- Audience
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- Earliest in this view
- Jul 8, 2026
Latest issues
Winning the Shopper’s Time (opens the original)
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Regular readers might know I was away on a trip earlier in September. I was in Beijing with the family, and had the opportunity to visit Taikoo Li Sanlitun, a sprawling open air shopping district one Saturday afternoon. Regrettably warm, as we were hoping for a chilly getaway from sunny Singapore. (Early Sep is still too soon for autumn weather as we were told by the cab drivers whenever we griped about the temperature) We lunched at gaga which served delightfu
The Installed Base Behind Critical Minerals (opens the original)
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The copper concentrator is an unforgiving work environment. Inside, slurry pumps move a dense mixture of acidic water and crushed ore quickly through an enclosed processing circuit. Working components are subject to relentless abrasion and corrosion in some applications. These parts are not built to last forever and get consumed within weeks. The wear and tear will continue for as long as the plant runs.Inevitably those parts will degrade and have to be replaced to ensure the pump does not fail.
The Value of What Already Exists (opens the original)
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New industrial capacity is taking longer to build just as demand is rising. That changes the economics of what already exists. More spending is directed toward maintenance, upgrades, and life extension, while fragmented supply chains make established industrial capability harder to rebuild.I think this creates an attractive area for investment research. Businesses that earn recurring revenue by keeping essential assets running, or whose capabilities become more valuable as replacement gets harde
The Dangerous Aha (opens the original)
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If you have been following this publication for some time, you would know that I have somewhat of a love-hate relationship with Byrna Technologies, a microcap less-lethal personal defence company.When I first wrote it up about a year back, I thought I had found the one. A multi-bagger in the making that would reward me substantially for my faith and make for a good story one hope to tells for years. It felt rare to find a business that carries a moral purpose while occupying a niche with overwhe
A More Defensible Way Through the AI Buildout (opens the original)
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AI is here to stay, but no one has any idea if the price tag of new AI infrastructure will ever be worth it. The costs are starting to feel like sunk cost fallacy after a point. Every new project is pitched to promise the returns of the previous. It is hardly surprising that investors are getting skeptical when funding rounds are getting more frequent and looking more unrecoverable. No doubt AI is becoming more pervasive. The demand for generative intelligence will continue to grow and more infr
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