Hello everyone! It’s been a while since my last letter. I’ve had some unexpected computer issues, but I'm finally back up and running! Thanks for having me.

Today, we're exploring Enwell Energy ($ENW), a Ukrainian oil and gas company on the AIM market. We dive into a fascinating deep-value situation, a company trading below its cash pile, but with all the complications of war, sanctions, and suspended licenses.

Instead of just focusing on the idea, I dedicate some time to explaining the indirect, and more important, lessons I learned while analyzing it. It was a major "aha!" moment on some of the core teachings of Buffett and Munger, and why this kind of bet ultimately lands in the "too hard" pile.

Full article here: https://open.substack.com/pub/andreevdan/p/write-up-and-memo-recursive-thoughts?r=4klyy7&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true