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Cluseau Research
Everything we have picked from this writer, newest first.
credit Sit Back, Relax, and the Enjoy the Dividends
PFF’s benchmark-driven purchases of Google, MicroStrategy and Supermicro preferreds are forcing sales of traditional 7%+ preferreds,…
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ai June 2026 Portfolio Review
June 2026 portfolio review favors simple, reasonably priced equities and collars as crowded AI positioning drives violent cross-sector…
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asset management Too Many Cooks Spoil The Pot
Baron’s BARAX and BGAFX hold SpaceX at a $1.25 trillion valuation, creating a potential NAV uplift if its IPO prices higher.
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dividends Go Stub Yourself
Vistance Networks’ Aurora stub trades at an implied 4.1x EBITDA after $10.5 billion and $1.846 billion asset sales, with DOCSIS 4.0 demand…
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buybacks Boring Is Beautiful
For Startups’ Q1 revenue rose 63% and EPS 80%, prompting a 2026 EPS guidance upgrade to ¥145 as the Japanese startup headhunter repurchases…
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asia Opening the Gates
Interactive Brokers’ Korean-market access coincides with reforms targeting the Korea discount; SK Square trades at 0.56x tangible book,…
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ai April 2026 Portfolio Review
AI infrastructure and memory stocks drove the portfolio, while the Blackjack 21 financials basket gained 16.4% YTD and global small caps…
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healthcare Global Dental Labs and US Malls
Modern Dental’s 2025 profit alert points to HK$600 million net income, while CBL refinanced $634 million of 2027 debt, extending maturities…
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ai March 2026 Trade Review
March 2026 trade review raises cash to 20% as market dispersion and AI disruption reshape a small-cap-value, international-equity portfolio.
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buybacks Kazakhstan, Japan, and Trimming a Winner
Kaspi.kz’s 850 KZT ADS dividend establishes a roughly 9% yield after Hepsiburada spending; Japanese buyback disclosures test whether 0.61x…
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buybacks Earnings Updates and A Software Shot in the Dark
Ategrity Specialty’s 30% premium growth, stable reserves and $50 million buyback target an undervalued, thinly traded specialty insurer.
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ai February 3 2026
AI-driven demand could extend the memory cycle beyond a year or two, supporting Samsung, Hynix and peers while imperiling software-focused…
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market structure Jan 26 2026
Jan. 26, 2026 newsletter opens with a disclaimer.
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options Thinking Outside the Box
SPX box spreads and the BOXX ETF can borrow or lend near overnight funding rates, but their tax treatment may be challenged under Section…
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portfolio management Snacking on Banking and Insurance
Position sizing spreads entries across several days, reserving capital to average down or add on breakouts rather than trying to catch…
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asia Double Vision?
Samsung preferred shares trade 24% below common shares despite nearly identical economic rights, as index inclusion channels passive flows…
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earnings Tis The (Earnings) Season
Argentine banks, tariff-exposed stocks and Customer’s Bancorp anchor an earnings-season watchlist after Milei’s election victory,…
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aerospace & defense Capital Markets, AI, and Rare Earths
BACQ’s Merlin Labs merger pairs a $105 million Air Force contract with SPAC redemption protection; WLAC’s Boost Run deal values profitable…
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financials 30 Days to November
Florida’s 2022–23 insurance reforms targeted assignment-of-benefits litigation after insurer failures and billions in losses destabilized…
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asia Deep Value In Options?
Chinese ADRs trading at 3–4x earnings pair buybacks and insider ownership with options hedges, targeting 31% upside against 11–12% downside…
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