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June Portfolio Update: One Out, Three In

A busier month than usual. One position closed, two added to, and three brand-new names entering the book.
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CeoTronics Update: Three Records, One Caveat
Preliminary FY2025/26 print
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The Case for Simplicity: What Taleb and Mandelbrot Taught Me About Surviving Markets
Why the most sophisticated investors often use the simplest strategies - and why complexity is usually just risk in disguise.
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A Speculative Bet I'm Seriously Considering
A Canadian microcap is being rebuilt in plain sight. Speculative, asymmetric, and possibly heading into the portfolio.
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Spectra Systems: First Follow-On Sensor Order Lands
The optionality starts converting.
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TruFin Sells Playstack: The Catalyst Fired, and Why I'm Selling (TRU.L)
£125m for Playstack, a proposed £70m return at 140p, and a stub I don't have an edge in. The endgame I kept flagging has arrived. The thesis didn't…
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The Five Taleb Lessons That Shape Schwar Capital
Investing in a world you cannot predict
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KFS Q1 2026: The J-Curve Has Turned.
Adjusted EBITDA up 78%, KSX at record profitability, every business firing at once. And there is a quiet re-rating catalyst nobody is pricing in.
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ACFN Q1 2026: A Lackluster Quarter, A More Interesting AIO
Q1 was weak. Q2 will probably be weak. But the long-term thesis got more interesting, not less - and the 10-Q has a detail nobody is talking about yet.
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