Oliver Sung
@sungcapital
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Copenhagen
Joined January 2015
Accounting is a language filled with tripwires designed either to trick you into believing a business is better than it is or to blind you to the needle in the haystack.
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Mark Mobius must pull his hair seeing Burry at 160k subscribers. How has he gone completely under the radar?
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I rarely know why a stock I’m buying is cheap, and I don’t spend too much time guessing why others avoid it. My focus is simple: do I like the business, and what is it worth? Labels like ‘contrarian’ don’t matter.
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Investors often fixate on how high a return on capital or growth rate is today, while the question is how long those returns and growth can endure.
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Five special situations that can surface value when the market isn’t paying attention.
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Many value traps originate from an investment case that's perfectly sound if the company is bought in its entirety, but unattractive as a passive purchase.
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Controlled companies aren’t better or worse capital allocators than non-controlled companies. But control amplifies their level of skill.
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How much you let price pull on your emotions determines the difference between subpar and excellent results. Good research is simple to do, but distancing your work from market prices is the whole game.
Stock prices pull on our emotions like a dog on a leash. We all suffer from stock prices driving the narrative in our mind. The truth is when a stock is down, many times nothing fundamental has changed. It’s simply the market sentiment flipping or a large holder selling. When a
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