Dave Waters
@alluvialcapital.bsky.social
Pittsburgh investment manager since 2014. Buying the weirdest and wildest.
alluvial.substack.com
tactilefund.com
alluvial.substack.com
tactilefund.com
Everyone ready to be liberated again?
October 10, 2025 at 9:13 PM
Everyone ready to be liberated again?
The "great white whale" of my investing career is finding a way to trade on the Swiss OTC-X market. Just look at the names of these companies. It is killing me that I can't buy them!
August 29, 2025 at 7:02 PM
The "great white whale" of my investing career is finding a way to trade on the Swiss OTC-X market. Just look at the names of these companies. It is killing me that I can't buy them!
Love to make a principal peyment
August 15, 2025 at 5:38 PM
Love to make a principal peyment
How often do you see an 88% year-over-year revenue decline in a candy business? "Sow Good Inc." needs a new name.
August 14, 2025 at 6:32 PM
How often do you see an 88% year-over-year revenue decline in a candy business? "Sow Good Inc." needs a new name.
At 40 I can feel myself drifting farther from the cultural zeitgeist by the day and it's a peaceful sensation.
I have no idea what a labubu is and I am just fine with that.
I have no idea what a labubu is and I am just fine with that.
July 30, 2025 at 3:11 PM
At 40 I can feel myself drifting farther from the cultural zeitgeist by the day and it's a peaceful sensation.
I have no idea what a labubu is and I am just fine with that.
I have no idea what a labubu is and I am just fine with that.
Congrats, American electorate. Who needs an independent Central Bank anyway?
Bloomberg story following up the CBS headlines, White House official says Trump is "likely" to fire Powell.
July 16, 2025 at 3:25 PM
Congrats, American electorate. Who needs an independent Central Bank anyway?
Doing a thread of some Iceland pics. If you have ever thought of going, DO IT. Just avoid anywhere that the cruise ships offer excursions. First, views of the southern Snæfellsnes Peninsula.
July 13, 2025 at 9:15 PM
Doing a thread of some Iceland pics. If you have ever thought of going, DO IT. Just avoid anywhere that the cruise ships offer excursions. First, views of the southern Snæfellsnes Peninsula.
Had to explain to my 9-year-old why his "yo mama" jokes directed at his sister do not have the desired rhetorical effect.
June 6, 2025 at 9:11 PM
Had to explain to my 9-year-old why his "yo mama" jokes directed at his sister do not have the desired rhetorical effect.
All I know is no one had better try to tell me that women are too emotional for the presidency.
June 5, 2025 at 11:16 PM
All I know is no one had better try to tell me that women are too emotional for the presidency.
The submarine vets have the best float in my town’s Memorial Day Parade.
May 26, 2025 at 2:55 PM
The submarine vets have the best float in my town’s Memorial Day Parade.
What happened to all the people saying "Tariffs don't matter, a rising US Dollar will offset the higher cost of imports?"
May 26, 2025 at 2:35 AM
What happened to all the people saying "Tariffs don't matter, a rising US Dollar will offset the higher cost of imports?"
These mobile spammers have no idea who they're trying to scam.
May 14, 2025 at 4:19 PM
These mobile spammers have no idea who they're trying to scam.
New post on tactilefund.substack.com. A link to our first quarter letter and a recent conversation. Thanks for reading!
Tactile Fund LP | Dave Waters | Substack
Tactile Fund LP makes long-term investments in companies with extraordinary physical assets. The Tactile Substack tracks the fund's progress and profiles its investment philosophy and holdings. Click ...
tactilefund.substack.com
May 6, 2025 at 6:02 PM
New post on tactilefund.substack.com. A link to our first quarter letter and a recent conversation. Thanks for reading!
Seeing a lot of "2x free cash flow, insane margins, will grow 20% for years!" stock pitches where the author does not seem to realize the company is operating in a legal gray area that could end with the stroke of a pen, or is an outright fraud. Be careful.
May 5, 2025 at 4:00 PM
Seeing a lot of "2x free cash flow, insane margins, will grow 20% for years!" stock pitches where the author does not seem to realize the company is operating in a legal gray area that could end with the stroke of a pen, or is an outright fraud. Be careful.
It's very fun having my son at the office today, but so far he is much more interested in snacks and playing Minecraft than parsing financial filings. Maybe someday.
April 24, 2025 at 2:19 PM
It's very fun having my son at the office today, but so far he is much more interested in snacks and playing Minecraft than parsing financial filings. Maybe someday.
There is a day every father hopes for: the day his son looks up at him and says “Dad, what was D-Day?”
April 7, 2025 at 9:42 PM
There is a day every father hopes for: the day his son looks up at him and says “Dad, what was D-Day?”
Just an incredible disclosure in this 8-k. www.sec.gov/ix?doc=/Arch...
April 4, 2025 at 8:59 PM
Just an incredible disclosure in this 8-k. www.sec.gov/ix?doc=/Arch...
Let me be very honest for just a moment: this sucks.
April 4, 2025 at 2:52 PM
Let me be very honest for just a moment: this sucks.
Good time for a company to drop an 8-k if they were sitting on some bad news. No one's going to read it.
April 2, 2025 at 10:41 PM
Good time for a company to drop an 8-k if they were sitting on some bad news. No one's going to read it.
There is a certain low-end investment bank that pushes dodgy IPOs and private placements, and their brokers have called me 2-3 times each week for the past three years. I have never once picked up or responded to their voicemails. These guys are machines. I can almost summon a grudging respect.
March 28, 2025 at 1:55 PM
There is a certain low-end investment bank that pushes dodgy IPOs and private placements, and their brokers have called me 2-3 times each week for the past three years. I have never once picked up or responded to their voicemails. These guys are machines. I can almost summon a grudging respect.
I was bewildered as to why Deutsche Bahn would need sleeping cars by the millions, then I learned that "sleepers" are what our European friends call railroad ties.
March 27, 2025 at 1:28 PM
I was bewildered as to why Deutsche Bahn would need sleeping cars by the millions, then I learned that "sleepers" are what our European friends call railroad ties.
Gotta be honest, I don't understand the big fear American investors have around owning PFICs. It's an extra form and some adverse tax treatment. Not that onerous for the right opportunity.
March 26, 2025 at 5:25 PM
Gotta be honest, I don't understand the big fear American investors have around owning PFICs. It's an extra form and some adverse tax treatment. Not that onerous for the right opportunity.
Last night I failed my team at bar trivia by failing to remember which e-commerce player eBay bought in 2002 for $1.5 billion. Any other geriatric millennials out there know?
March 12, 2025 at 5:44 PM
Last night I failed my team at bar trivia by failing to remember which e-commerce player eBay bought in 2002 for $1.5 billion. Any other geriatric millennials out there know?
Everything in my portfolio that benefits from a worried US consumer is on fire this month.
March 7, 2025 at 5:21 PM
Everything in my portfolio that benefits from a worried US consumer is on fire this month.
Just starting my look through small German construction cos. and contractors. Any names I should focus on?
March 5, 2025 at 6:13 PM
Just starting my look through small German construction cos. and contractors. Any names I should focus on?