Oliver Sung
@sungcap.bsky.social
Newsletter: https://oliversung.substack.com/
Peter Cundill’s track record was the stuff of legend: 33 years of 15.2% compounded annual returns.
And he did it through a disciplined, almost stubborn commitment to buying global net nets, year after year.
Here are 10 of my favorite excerpts from the book on his investment approach.
And he did it through a disciplined, almost stubborn commitment to buying global net nets, year after year.
Here are 10 of my favorite excerpts from the book on his investment approach.
November 22, 2025 at 2:22 AM
Peter Cundill’s track record was the stuff of legend: 33 years of 15.2% compounded annual returns.
And he did it through a disciplined, almost stubborn commitment to buying global net nets, year after year.
Here are 10 of my favorite excerpts from the book on his investment approach.
And he did it through a disciplined, almost stubborn commitment to buying global net nets, year after year.
Here are 10 of my favorite excerpts from the book on his investment approach.
Management behavior you can only observe, not screen.
November 21, 2025 at 10:09 AM
Management behavior you can only observe, not screen.
Off-balance-sheet optionality the models never see.
November 21, 2025 at 10:09 AM
Off-balance-sheet optionality the models never see.
Temporary distortions that break the ratios.
November 21, 2025 at 10:09 AM
Temporary distortions that break the ratios.
Low margins hiding latent pricing power.
November 21, 2025 at 10:09 AM
Low margins hiding latent pricing power.
Corporate actions the market hasn't digested.
November 21, 2025 at 10:09 AM
Corporate actions the market hasn't digested.
Most stock pickers rely on screeners.
But almost every screen-friendly stock is priced correctly.
Here are five kinds of mispricings screens will never catch.
But almost every screen-friendly stock is priced correctly.
Here are five kinds of mispricings screens will never catch.
November 21, 2025 at 10:09 AM
Most stock pickers rely on screeners.
But almost every screen-friendly stock is priced correctly.
Here are five kinds of mispricings screens will never catch.
But almost every screen-friendly stock is priced correctly.
Here are five kinds of mispricings screens will never catch.
My investment method (part 3)
How I dive deeper into a stock.
oliversung.substack.com
November 17, 2025 at 8:15 AM
Part 2 is here. This one walks through my daily routine and how I expand my surface area in stock picking.
Full read here: oliversung.substack.com/p/my-investm...
Full read here: oliversung.substack.com/p/my-investm...
November 12, 2025 at 7:37 AM
Part 2 is here. This one walks through my daily routine and how I expand my surface area in stock picking.
Full read here: oliversung.substack.com/p/my-investm...
Full read here: oliversung.substack.com/p/my-investm...
Since I’ve been getting a bunch of new subscribers this past month, I figured I’d write up something about my investment method so everyone is on board about what we do around here. This turned into a five-part series.
oliversung.substack.com/p/my-investm...
oliversung.substack.com/p/my-investm...
My investment method (part 1)
Introduction to how I pick stocks.
oliversung.substack.com
November 11, 2025 at 8:14 AM
Since I’ve been getting a bunch of new subscribers this past month, I figured I’d write up something about my investment method so everyone is on board about what we do around here. This turned into a five-part series.
oliversung.substack.com/p/my-investm...
oliversung.substack.com/p/my-investm...
Thoughts on business returns.
November 2, 2025 at 11:37 AM
Thoughts on business returns.
Karelia Tobacco
Two reasons why this is interesting now.
oliversung.substack.com
October 30, 2025 at 10:18 AM
An update on the Danish bank consolidation story.
oliversung.substack.com/p/danish-ban...
oliversung.substack.com/p/danish-ban...
October 28, 2025 at 4:32 PM
An update on the Danish bank consolidation story.
oliversung.substack.com/p/danish-ban...
oliversung.substack.com/p/danish-ban...
A quick (premium) update on Green Landscaping sent to subscribers today.
oliversung.substack.com/p/green-land...
oliversung.substack.com/p/green-land...
Green Landscaping lessons
A quick (premium) update.
oliversung.substack.com
October 24, 2025 at 9:37 AM
A quick (premium) update on Green Landscaping sent to subscribers today.
oliversung.substack.com/p/green-land...
oliversung.substack.com/p/green-land...
One of the most asymmetrical setups I’ve seen in a while.
The $1bn stake nobody saw
What happens when a footnote goes parabolic. The market hasn't yet connected the dots.
oliversung.substack.com
October 21, 2025 at 7:20 AM
One of the most asymmetrical setups I’ve seen in a while.
A short update on $SSTK Shutterstock / $GETY Getty + another absurd opportunity I'm writing up.
October 16, 2025 at 10:06 AM
A short update on $SSTK Shutterstock / $GETY Getty + another absurd opportunity I'm writing up.
This one is working out nicely.
Just sent another special situation writeup on the $SSTK / $GETY merger.
Website: sungcap.com/shutterstock...
Substack: oliversung.substack.com/p/shuttersto...
Website: sungcap.com/shutterstock...
Substack: oliversung.substack.com/p/shuttersto...
October 15, 2025 at 6:46 PM
This one is working out nicely.
A cheap little insurance company — thinly traded.
Website: sungcap.com/little-insur...
Substack: oliversung.substack.com/p/a-little-i...
Website: sungcap.com/little-insur...
Substack: oliversung.substack.com/p/a-little-i...
October 10, 2025 at 9:18 AM
A cheap little insurance company — thinly traded.
Website: sungcap.com/little-insur...
Substack: oliversung.substack.com/p/a-little-i...
Website: sungcap.com/little-insur...
Substack: oliversung.substack.com/p/a-little-i...
October 8, 2025 at 8:04 PM
New writeup on Röko (and Lifco)
Is Röko a Lifco all over again?
The most successful executive capital allocators in history naturally get to a point in their careers when, after decades of rolling their snowball, they’ve deservedly earned their mark, immense wealt...
oliversung.substack.com
October 2, 2025 at 11:18 AM
New writeup on Röko (and Lifco)
Buffett on how to make 50% per year on small amounts of money.
October 1, 2025 at 11:15 AM
Buffett on how to make 50% per year on small amounts of money.
Prior to an investment, ask yourself if you’ll be willing to average down. If the answer is no, you probably shouldn’t invest in the first place.
September 28, 2025 at 9:49 PM
Prior to an investment, ask yourself if you’ll be willing to average down. If the answer is no, you probably shouldn’t invest in the first place.
Seth Klarman on fundamental research and cheap opportunities.
September 25, 2025 at 1:00 PM
Seth Klarman on fundamental research and cheap opportunities.
Another net net.
Website: sungcap.com/net-net-61-u...
Substack: oliversung.substack.com/p/net-net-wi...
Website: sungcap.com/net-net-61-u...
Substack: oliversung.substack.com/p/net-net-wi...
September 24, 2025 at 2:44 PM
Another net net.
Website: sungcap.com/net-net-61-u...
Substack: oliversung.substack.com/p/net-net-wi...
Website: sungcap.com/net-net-61-u...
Substack: oliversung.substack.com/p/net-net-wi...
It's absolutely unthinkable that regulators would consider these securities pari passu to retail policyholders in a restructuring.
www.ft.com/content/4459...
www.ft.com/content/4459...
The niche debt tool at the heart of Apollo’s private credit machine
How Apollo’s in-house insurer has raised capital to fund the group’s lending, without turning to policyholders
www.ft.com
September 16, 2025 at 8:09 AM
It's absolutely unthinkable that regulators would consider these securities pari passu to retail policyholders in a restructuring.
www.ft.com/content/4459...
www.ft.com/content/4459...