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=trueSubstack: https://andreevdan.substack.com/Spotify: https://open.spotify.com/show/5MNW9zh5C93o4Equb5OrA9?si=B6dzp6YuQ6-NevUicU-iVA#AssetManagement #InsuranceBusiness #InvestmentResearch #FinancialModeling #SmallCapStocks #EquityResearch #InvestingChronicles #PortfolioManagement #DeepDiveDisclaimer & Disclosure: 18 Degree Journal is a personal research log published by the author as a private investor for informational and educational purposes only. It does not constitute professional investment, legal, or tax advice, nor is it a solicitation to buy or sell any security. The author is not a registered investment advisor or broker-dealer. At the time of publication, the author holds a beneficial position in the securities mentioned and may trade these securities at any time without further notice. All information is provided “as is” without warranty of accuracy or completeness. Investing involves significant risk; readers are solely responsible for their own due diligence and should consult a licensed financial professional before making any investment decisions.

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&showWelcomeOnShare=truePast Article: https://andreevdan.substack.com/p/write-up-arbitrage-opportunity-mount?r=4klyy7Disclaimer & Disclosure: 18 Degree Journal is a personal research log published by the author as a private investor for informational and educational purposes only. It does not constitute professional investment, legal, or tax advice, nor is it a solicitation to buy or sell any security. The author is not a registered investment advisor or broker-dealer. At the time of publication, the author holds a beneficial position in the securities mentioned and may trade these securities at any time without further notice. All information is provided “as is” without warranty of accuracy or completeness. Investing involves significant risk; readers are solely responsible for their own due diligence and should consult a licensed financial professional before making any investment decisions.

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 their technical edge in Polymer Flooding (the "dish soap" method) and a management team that actually prioritizes returning capital to shareholders, this feels more like a Charlie Munger "Belridge Oil" play than a typical junior explorer.Read Full Article here: https://open.substack.com/pub/andreevdan/p/writeup-a-hidden-gem-with-shareholder?r=4klyy7&utm_campaign=post&utm_medium=web&showWelcomeOnShare=trueDisclaimer & Disclosure: 18 Degree Journal is a personal research log published by the author as a private investor for informational and educational purposes only. It does not constitute professional investment, legal, or tax advice, nor is it a solicitation to buy or sell any security. The author is not a registered investment advisor or broker-dealer. At the time of publication, the author holds a beneficial position in the securities mentioned and may trade these securities at any time without further notice. All information is provided “as is” without warranty of accuracy or completeness. Investing involves significant risk; readers are solely responsible for their own due diligence and should consult a licensed financial professional before making any investment decisions.

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=4klyy7Peter's Website: https://www.palmharbourcapital.com/en/Disclaimer & Disclosure: 18 Degree Journal is a personal research log published by the author as a private investor for informational and educational purposes only. It does not constitute professional investment, legal, or tax advice, nor is it a solicitation to buy or sell any security. The author is not a registered investment advisor or broker-dealer. At the time of publication, the author may hold a beneficial position in the securities mentioned and may trade these securities at any time without further notice. All information is provided “as is” without warranty of accuracy or completeness. Investing involves significant risk; readers are solely responsible for their own due diligence and should consult a licensed financial professional before making any investment decisions.

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 have had the biggest impact on my life so far. And yes, I said three-ish because, once again, I “cheated.” You’ll see what I mean in a second.Full article: https://open.substack.com/pub/andreevdan/p/memo-a-mini-memo-on-the-3-ish-books?r=4klyy7&utm_campaign=post&utm_medium=web&showWelcomeOnShare=truePrevious Memo (2025 Books): https://andreevdan.substack.com/p/memo-2025-read-books-reflection?r=4klyy7Attached to the books below are links; all but one (the one with it disabled) are Amazon affiliate links. If you purchase books through those links, I will receive a commission at no cost to you (subject to other conditions). If I do receive commission, it will be used to further develop the 18-degree journal. However, don’t feel pressured. If you prefer not to use them, a quick Google search for the title works just as well. All Book covers taken directly from Amazon.Thinking, Fast and Slow (Daniel Kahneman): ⁠https://amzn.to/4qRHLgnThe Inheritance Cycle (Christopher Paolini): https://amzn.to/3MmmMDo Percy Jackson and the Olympians (Rick Riordan): ⁠https://amzn.to/4atYQqTThe Education of a Value Investor (Guy Spier): https://amzn.to/3NRyxCl The Dhandho Investor (Mohnish Pabrai): https://amzn.to/3ZgN2lDDamn Right! (Janet Lowe): ⁠https://amzn.to/3LRkImS⁠ Shoe Dog (Phil Knight): ⁠https://amzn.to/4tjVpe0Disclaimer & Disclosure: 18 Degree Journal is a personal research log published by the author as a private investor for informational and educational purposes only. It does not constitute professional investment, legal, or tax advice, nor is it a solicitation to buy or sell any security. The author is not a registered investment advisor or broker-dealer. At the time of publication, the author holds a beneficial position in the securities mentioned and may trade these securities at any time without further notice. All information is provided “as is” without warranty of accuracy or completeness. Investing involves significant risk; readers are solely responsible for their own due diligence and should consult a licensed financial professional before making any investment decisions.

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=trueAttached to the books below are links; all but one (the one with it disabled) are Amazon affiliate links. If you purchase books through those links, I will receive a commission at no cost to you (subject to other conditions). If I do receive commission, it will be used to further develop the 18-degree journal. However, don’t feel pressured. If you prefer not to use them, a quick Google search for the title works just as well (you can highlight and right-click to search Google directly for local bookstores and a normal Amazon link). All Book covers taken directly from Amazon.Thought-Provoking & TimelessThe Lost Bank (Kristen Grind): https://amzn.to/4a7kUX8Buffett’s Early Investments (Brett Gardner): https://amzn.to/4t9D3w6Buffett and Munger Unscripted (Alex W. Morris): https://amzn.to/45FtKtTThe War Below (Ernest Scheyder): https://amzn.to/49OsqHwChina & Global EconomicsApple in China (Patrick McGee): https://amzn.to/3NQVCFaTo Overthrow the World (Sean McMeekin): https://www.amazon.com/Overthrow-World-Rise-Fall-Communism/dp/1541604580 (Non-Affiliate)House of Huawei (Eva Dou): https://amzn.to/49NrCTeBusiness & BiographiesThe LEGO Story (Jens Andersen): https://amzn.to/4taxVYsJunk to Gold (Willis Johnson): https://amzn.to/3NW4oBKSource Code: My Beginnings (Bill Gates): https://amzn.to/49OpDOyHonorable MentionsWho Is Government? (Michael Lewis): https://amzn.to/3OcUNqeThe Frackers (Gregory Zuckerman): https://amzn.to/3LGLU7OThe Fund (Rob Copeland): https://amzn.to/49RoOocThe Man Who Knew (Sebastian Mallaby): https://amzn.to/4t5cIPTRevenge of the Tipping Point (Malcolm Gladwell): https://amzn.to/4fRkIAnDisclaimer & Disclosure: 18 Degree Journal is a personal research log published by the author as a private investor for informational and educational purposes only. It does not constitute professional investment, legal, or tax advice, nor is it a solicitation to buy or sell any security. The author is not a registered investment advisor or broker-dealer. At the time of publication, the author holds a beneficial position in the securities mentioned and may trade these securities at any time without further notice. All information is provided “as is” without warranty of accuracy or completeness. Investing involves significant risk; readers are solely responsible for their own due diligence and should consult a licensed financial professional before making any investment decisions.

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 dividend value while waiting for prices to settle. I also dive (a very tiny bit) into the Horsehead Holding Corp (ZINCQ) situation and what it taught him about management risk.One of my favourite parts is the story of how he crashed a conference just to get the truth about Daily Journal’s software. If you’re a student of investing, you need to hear about his tenacity.Read the full write-up: https://andreevdan.substack.com/p/spotlight-matthew-peterson-peterson?r=4klyy7Disclaimer & Disclosure: 18 Degree Journal is a personal research log published by the author as a private investor for informational and educational purposes only. It does not constitute professional investment, legal, or tax advice, nor is it a solicitation to buy or sell any security. The author is not a registered investment advisor or broker-dealer. At the time of publication, the author holds a beneficial position in the securities mentioned and may trade these securities at any time without further notice. All information is provided “as is” without warranty of accuracy or completeness. Investing involves significant risk; readers are solely responsible for their own due diligence and should consult a licensed financial professional before making any investment decisions.

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 bit of a rabbit hole. Once I looked past the "nightmare" accounting, I found a deeply undervalued business hiding in plain sight.In today's update, I talk about the arbitrage mechanics, and the hidden "Brain & Muscle" engine underneath that makes this such an interesting special situation.Hope you enjoy the return!Cheers, DanRead the full write-up & see the diagrams:  https://open.substack.com/pub/andreevdan/p/write-up-arbitrage-opportunity-mount?r=4klyy7&utm_campaign=post&utm_medium=web&showWelcomeOnShare=trueDisclaimer & Disclosure: 18 Degree Journal is a personal research log published by the author as a private investor for informational and educational purposes only. It does not constitute professional investment, legal, or tax advice, nor is it a solicitation to buy or sell any security. The author is not a registered investment advisor or broker-dealer. At the time of publication, the author holds a beneficial position in the securities mentioned and may trade these securities at any time without further notice. All information is provided “as is” without warranty of accuracy or completeness. Investing involves significant risk; readers are solely responsible for their own due diligence and should consult a licensed financial professional before making any investment decisions.

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 and President of GreensKeeper Asset Management, he brings a unique perspective to the table, combining a professional background in law and corporate finance with a disciplined value-investing approach heavily influenced by Buffett.Since starting his fund in 2011, Michael has built a high-quality portfolio of "moaty" businesses. To be honest, he truly carried the conversation. I stumbled and fell a few times, but Michael’s experience and wisdom really shone through.I hope you enjoy this masterclass in value investing as much as I did. Thank you, Michael!🔗 Connect with Michael & GreensKeeper:Our Spotlight Article on MichaelWebsite: ⁠GreensKeeper.ca⁠Twitter/X: ⁠@GreensKeeperAM⁠LinkedIn: ⁠Michael McCloskey, CFA⁠Disclaimer: This content is for INFORMATIONAL PURPOSES ONLY. It is NOT an offer to buy or sell any security or a solicitation of an offer to buy any product or service. The views expressed are strictly the personal opinions of the host and guest and DO NOT represent the official positions of GreensKeeper Asset Management or any other associated entities.Investing involves a high degree of risk and the potential for TOTAL LOSS OF CAPITAL. We are not financial advisors; you must DO YOUR OWN RESEARCH and consult a professional before acting on any information shared here. The host and guest MAY OWN POSITIONS in the securities or funds discussed and may trade them at any time without notice. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

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,Cheershttps://open.substack.com/pub/andreevdan/p/background-lumber-small-update-1?r=4klyy7&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true