Sold $MATR.TO today at the opening at a loss. I lost confidence in the near term developments (i.e. new wells) and did not like their guidance. I do think management says/does the right things. Will look with interest on the side lines until next year, to see for signs turning.

Part of my Japanese basket YTD returns stand currently at 23%, which is better than expected. Added a few new ideas for a part 3 that I aim to share in 1-2 weeks. ASO International 10.2% M-mart 12.8% WDB Coco -20.1% Maezawa 58.6% Ifuji Sangyo 52.5%

HAL Trust H1 2025 $HAL.AS NAV: €178.01/sh (+3.7%) Price: €126.6 → ~29% discount Net income doubled! Boskalis is just insane: EBITDA €748m, 33% margin (’22:20%) and order book remains stable €6.2bn (vs €6.5bn ’24) 🇳🇱 Trading only at ~1 P/TBV

Taking an investing hiatus in Italy and Croatia. Will return, slightly rounder, in two weeks. 🍝 Does anyone know if there is any research that shows investment returns vs. watching stock prices less frequently or coffee canning? -Pictures from Bellano, Italy-

Top-5 had a good run the last few weeks when I was out. Meanwhile invested in a few new Japanese Co’s, the larger positions include Daitron, Reskill, and Three F. If you’ve any thoughts or hold these positions, please DM :)