Well written article as always Tuan and it's neat to see how you've built your portfolio in non-correlated industries (tech, real estate, energy, etc.) and in small cap. If the stock market bubble bursts, it seems like PAR will get hit less in a big tech drawdown as it is more under the radar.
It'll be interesting to see how the offshore sector in particular performs in 2025 and that is a good point you made on the announced spending plans for 2026, so possible tailwinds coming. Thoughts on a potential Transocean and Seadrill merger being heavy dilutive to RIG shareholders?
Also congratulations on starting business school !!
Thanks Peter! Appreciate your kind words and I'm glad you enjoyed! My sense on RIG-SDRL merger is sure it'll be somewhat dilutive but it's offset by rapid deleveraging and a greater ability to control pricing across a larger fleet in an already tight supply market. My guess for why we haven't heard the official announcement yet is due to the decline in RIG's price. But yeah all things considered, as a shareholder, I'd like it if we could transact at a higher share price than current levels.
Great recap and well written summaries of all your top holdings. Congrats on your performance and wish you well in your B school adventures. Chuc mung nam moi~
To seed, build, and nurture timeless, intangible human capitals — such as resilience, trust, truth, evolution, fulfilment, quality, peace, patience, discipline, relationships and conviction — in order to elevate human judgment, deepen relationships, and restore sacred trusteeship and stewardship of long-term firm value across generations.
A refreshing take on our business world and capitalism.
A reflection on why today’s capital architectures—PE, VC, Hedge funds, SPAC, Alt funds, Rollups—mostly fail to build and nuture what time can trust.
“Built to Be Left.”
A quiet anatomy of extraction, abandonment, and the collapse of stewardship.
"Principal-Agent Risk is not a flaw in the system.
Very impressive write up! First, congratulations on your performance in the last years and your growth as an investor! I’m amazed at your ability to clearly and concisely explain your approach and portfolio holdings. Looking forward to what you will put out in 2025!
Well written article as always Tuan and it's neat to see how you've built your portfolio in non-correlated industries (tech, real estate, energy, etc.) and in small cap. If the stock market bubble bursts, it seems like PAR will get hit less in a big tech drawdown as it is more under the radar.
It'll be interesting to see how the offshore sector in particular performs in 2025 and that is a good point you made on the announced spending plans for 2026, so possible tailwinds coming. Thoughts on a potential Transocean and Seadrill merger being heavy dilutive to RIG shareholders?
Also congratulations on starting business school !!
Thanks Peter! Appreciate your kind words and I'm glad you enjoyed! My sense on RIG-SDRL merger is sure it'll be somewhat dilutive but it's offset by rapid deleveraging and a greater ability to control pricing across a larger fleet in an already tight supply market. My guess for why we haven't heard the official announcement yet is due to the decline in RIG's price. But yeah all things considered, as a shareholder, I'd like it if we could transact at a higher share price than current levels.
Great recap and well written summaries of all your top holdings. Congrats on your performance and wish you well in your B school adventures. Chuc mung nam moi~
Thanks man! Chuc mung nam moi :)
Well done my friend
Thanks brother!
Hello there,
Huge Respect for your work!
New here. No huge reader base Yet.
But the work has waited long to be spoken.
Its truths have roots older than this platform.
My Sub-stack Purpose
To seed, build, and nurture timeless, intangible human capitals — such as resilience, trust, truth, evolution, fulfilment, quality, peace, patience, discipline, relationships and conviction — in order to elevate human judgment, deepen relationships, and restore sacred trusteeship and stewardship of long-term firm value across generations.
A refreshing take on our business world and capitalism.
A reflection on why today’s capital architectures—PE, VC, Hedge funds, SPAC, Alt funds, Rollups—mostly fail to build and nuture what time can trust.
“Built to Be Left.”
A quiet anatomy of extraction, abandonment, and the collapse of stewardship.
"Principal-Agent Risk is not a flaw in the system.
It is the system’s operating principle”
Experience first. Return if it speaks to you.
- The Silent Treasury
https://tinyurl.com/48m97w5e
Very impressive write up! First, congratulations on your performance in the last years and your growth as an investor! I’m amazed at your ability to clearly and concisely explain your approach and portfolio holdings. Looking forward to what you will put out in 2025!
Greenhaven Road is also one of my few favorites. Who else do you like to track?
How much is Transocean still off your total portfolio?
Just under 5% of total portfolio.