Why subscribe?
Market inefficiencies exist. People have been exploiting them for the better part of hundreds of years. Buffett wrote 'The Superinvestors of Graham-and-Doddsville' explaining this unusual phenomenon in 1984 and yet nothing has changed between now and then. People are still uncovering phenomenal investing opportunities every which way; traversing the lands of forgotten and left for dead value.
This publication was created with a simple mission: To uncover and present investors with highly attractive risk-adjusted IRR opportunities and to shine a light on the plethora of case studies showcasing brilliant investors doing exactly that.
How I view risk and return
The love affair between Betas, Sharpe and Sortino ratios and the traditional finance world exists in plain sight for everyone to see. I view risk entirely differently. There are an abundance of flaws in simply equating risk with volatility. Joel Greenblatt touches on this notion flawlessly:
"Perhaps, since the measurement of potential gain and loss from a particular stock is so subjective, it is easier, if you are a professional or academic, to use a concept like volatility as a substitute or a replacement for risk than to use some other measure. Whatever the reason for everyone else’s general abdication of common sense, your job remains to quantify, by some measure, a stock’s upside and downside."
In that vein, I define risk as ascertaining the likelihood of permanent capital impairment as well as monitoring the opportunity cost of one's capital; and incorporating this into the investment decision and overall portfolio management.
It is the ratio of this risk, as defined above, to any potential gains that is the foundation for understanding the return profile of any investment.
Unfortunately, many investors also turn a blind eye towards how and when the extraction of value will indeed occur. A fundamental part of my process is factoring in the likelihood of any said catalyst/s to precipitate a re-rating and to incorporate this qualitative notion into the risk-adjusted return profile of the investment.
Value Investing, in its purest form, is the art of buying a security at a price lower than its intrinsic value.
I hunt far and wide for these overlooked and undervalued stocks. I look for a large margin of safety in situations where you can drive a bus between an entity's stock price and its intrinsic value; and most crucially where a significant catalyst unlock looms to bring the equity price much closer in line with its intrinsic value.
What this publication isn't
This is not a portfolio management service. This is not financial advice. This is an idea generation platform as well as a place to take inspiration and learnings from some of the great value investing case studies. You are solely responsible for any investments you make and should always do your own work and/or seek the council of a financial advisor.
About me
My name is Jesse Fleiszig. I am a full-time private investor managing my own capital.
I am an active member of MicroCapClub (MCC) and was an audit member of Value Investors Club (VIC) from February 2024 - February 2025. I have previously worked on both the buy and sell sides of the industry.
I graduated from Monash University with a Bachelor of Commerce, majoring in Finance.
In February 2025, I passed level III of the CFA Program.
How can I get in touch?
If you have any questions about the service or want to send through any stock ideas, please contact me via one of the following:
Email: info@tenvacapital.com
