🧙♂️ Three Paths Forward: Cardlytics, New Tiers, and a Valuation Masterclass
Pick your tier. Join the workshop. Read what the shorts might be missing
Welcome back dear fellow 🧙♂️ Hermits 👋
🧙♂️ First time here? → This 3-Minute Crash Course Will Save You Hours
🧗 10,000 hours of Scuttlebutt → Why Most People Should Index
🧸 44% of the Float Is Short → Bears Smell Blood, and Why We Might Disagree
Late last week, we put out a short exploratory survey. We wanted to gain a better understanding of our readers' current position.
We received a lot of very valuable feedback and, tbh, a lot of encouragement from the community.
These were the three questions we posed:
Which investment thesis should we unlock for everyone?
What would you realistically pay for premium access?
What topics or sectors should we cover next?
And… here are a few of your responses:
We’ve been listening. Many of you have asked for better access, more clarity, and an easier way to explore deeper without committing to a full year upfront.
🧙♂️ New Tiers. Sharper Access. Same Mission.
Today, we’re launching a new structure with 3 clean paths:
🟠 Monthly ($29) ⇨ Portfolio updates + C-suite insights
🟡 Annual ($290) ⇨ Same access, but save $60/year (2+ months free)
🔴 Equity Focus LP ($299) ⇨ All of the above + 1 new deep-dive company thesis per month. This is only for serious investors
This new format gives you more control.
Whether you want to dip your toes and check out what we’re all about, or go deeper into the edge we’re finding in the field with the real unique value-adding content.
👇 Upgrade here 👇
… and/or read more about what each tier includes.
All existing annual subscribers have been upgraded to the latest tier.
🧙♂️ We're Going Live: Valuation Masterclass Incoming
Join us Monday, June 23rd at 10:00 CEST for a 3-hour live workshop on how to value companies and unlock hidden shareholder value.
We’ve got two interns in training, and instead of keeping the learning in-house, we’re broadcasting the session live… so you can join the ride.
🧠 Workshop Schedule
📊 10:00–11:00 ⇨ Valuation Fundamentals (Part 1)
Discounted Cash Flow, Trading Multiples, and Precedent Transactions. Core frameworks and Hermit adaptations
📊 11:30–12:30 ⇨ Valuation Deep Dive (Part 2)
How we actually apply these models in edge-case, microcap, and special situations
🚀 13:00–14:00 ⇨ Activism & Unlocking Value
Mechanisms to unlock value as minority investors: tenders, buybacks, spin-offs, governance plays, and aligned incentives
We’ll also sprinkle in real-world scuttlebutt examples from the field, the kind you won’t find in textbooks.
📘 What You’ll Get
A few days before the session, I’ll share a full course guide, including:
Key frameworks and examples
Links, resources, and Hermit-style references
Space to take notes and build your own toolkit
⌛ Note: Times are flexible. We may run a bit over depending on discussion flow, but we’ll aim to stay within ±15 minutes of the schedule.
🧙♂️ Thesis Unlocked
The tribe has spoken and… Cardlytics won by a landslide.
It’s now unlocked for everyone to enjoy. A fun little read, with a lot more under the hood.
🙏 Feel free to ❤️ and comment so that more people can discover and enjoy this Substack 😇
Thanks! I’ll dive into the monthly update and take a closer look at the Cardlytics write-up, heard great things about that one. Appreciate you sharing! Keep up the work!
Amazing stuff!
The Hermit just keeps on giving!