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.
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...
Thoughts on business returns.
November 2, 2025 at 11:37 AM
Thoughts on business returns.
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 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.
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
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.
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...
Seth Klarman on indexing, from Margin of Safety (1991).
September 15, 2025 at 6:14 PM
Seth Klarman on indexing, from Margin of Safety (1991).
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...
September 15, 2025 at 12:15 PM
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...
From my writeup on Deswell.
September 13, 2025 at 5:30 PM
From my writeup on Deswell.
Following my rant on net nets last week, I promised you a follow-up writeup on $DSWL Deswell Industries, a net net. Here it is. It's a compelling setup, the rare "good" kind of net net, but it's got some hair.
Website: sungcap.com/deswell-indu...
Substack: oliversung.substack.com/p/deswell-in...
Website: sungcap.com/deswell-indu...
Substack: oliversung.substack.com/p/deswell-in...
September 9, 2025 at 5:32 PM
Following my rant on net nets last week, I promised you a follow-up writeup on $DSWL Deswell Industries, a net net. Here it is. It's a compelling setup, the rare "good" kind of net net, but it's got some hair.
Website: sungcap.com/deswell-indu...
Substack: oliversung.substack.com/p/deswell-in...
Website: sungcap.com/deswell-indu...
Substack: oliversung.substack.com/p/deswell-in...
The paradox of stock picking.
August 31, 2025 at 7:10 AM
The paradox of stock picking.
I’ll put P Cundill’s “There’s Always Something to Do” up there with Greenblatt’s “You Can Be a Stock Market Genius.”
August 24, 2025 at 11:02 AM
I’ll put P Cundill’s “There’s Always Something to Do” up there with Greenblatt’s “You Can Be a Stock Market Genius.”
Risk is when you know the shape of the probability distribution; uncertainty is when you don't.
August 10, 2025 at 8:55 AM
Risk is when you know the shape of the probability distribution; uncertainty is when you don't.
$SSY/$RHEP merger voted through at the proposed deal consideration.
www.globenewswire.com/news-release...
www.globenewswire.com/news-release...
August 4, 2025 at 9:51 PM
$SSY/$RHEP merger voted through at the proposed deal consideration.
www.globenewswire.com/news-release...
www.globenewswire.com/news-release...
August 4, 2025 at 12:18 PM