I've Enabled Paid Subscriptions

Some things have changed. Others haven't.

I never started this newsletter to sell anything. I mostly write because it helps me think and learn. It also makes position sizing far easier.

Publishing here also encouraged me to write the kind of investment research I wanted to read myself: deep value opportunities no one covered, where the downside is extremely capped (usually prefer buying the cash and getting the business for free) and the business is shareholder friendly.

That hasn't changed.

What has changed is that I've now enabled paid subscriptions.

Writing these reports takes considerably more time than I initially anticipated. Reading annual reports, regulatory filings, industry material, building valuation models, checking assumptions, and then turning all of that into something coherent often takes dozens of hours for a single company.

Don't get me wrong, it's work I genuinely enjoy doing.

But if I want to continue producing research at the standard I expect from myself (and hopefully improve it over time) it needs to be sustainable.

So I've enabled paid subscriptions.

What remains free?

Quite a lot.

I don't want to put every interesting idea behind a paywall.

So, free subscribers will continue receiving:

• Selected deep dives (around ⅔ of all write-ups).

• Portfolio commentary and market observations.

• Previews of paid equity research.

• Other research articles.

This newsletter should still be worth reading regardless of whether someone ever becomes a paid subscriber.

What paid subscribers receive

Paid subscribers receive access to the complete research process.

That includes:

• Every deep dive in full, including the complete investment thesis.

• Follow-up research and updates on covered companies.

• Monthly portfolio allocation and position updates.

• The full model portfolio, with commented decisions and capital allocation.

Rather than simply publishing investment ideas, I'd like subscribers to understand why I own something, what could change my mind, what I'm watching, and when I believe a thesis has played out.

My hope is that readers can judge the reasoning, not merely the outcome. This principle applies to everything I write.

Founding Members

For those who choose to become Founding Members, I'll also share updates through Substack Chat whenever I'm actively researching a new security.

Think of them more as notes from the research process, such as interesting filings, observations, questions I'm trying to answer, or companies I've started investigating before I write a full article on it.

Subscription Pricing

The subscription options are the following:

• Paid - €20/month or €150/year (equivalent to €12.50/month, saving 38% compared with paying monthly)

• Founding - €250/year, including everything in the Paid tier, plus access to my research process through Substack Chat as I investigate new companies.

Founding Members simply make it possible for me to devote more time to producing my research. The additional support is greatly appreciated.

A few thoughts

Some of my conclusions will inevitably be wrong. That's simply part of investing.

What I can promise is that every article represents my genuine thinking at the time it’s published. I'll continue trying to be intellectually honest, present both sides of an investment, acknowledge uncertainty where it exists, and update my views if the facts change.

I'd rather publish fewer well researched ideas than many superficial ones.

Quality will always matter more than quantity here.

Thank you

Whether you've been reading since the beginning or only recently discovered the publication, thank you.

Every comment, discussion, correction, recommendation, and subscription has made writing General Situations & Co. considerably more rewarding than I expected.

If you choose to become a paid subscriber, I sincerely appreciate the support. It allows me to spend more time researching businesses and producing the kind of work I hope continues improving over the years.

And if you remain a free subscriber, I'm equally grateful you're here.

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A few newsletters I recommend

Many of the ideas and mental models that have shaped my own approach came from reading the work of others.

Of course, it mainly includes well known investors such as Warren Buffett, Charlie Munger, Ben Graham, and many more.

However, if you’re looking for thoughtful investment research beyond the writings of these well known investors, here are a few newsletters I regularly enjoy reading:

• Hugo Navarro - Hugo uncovers undercovered smallcaps, combining deep fundamental research with emphasis on catalysts, not just cheap valuations.

• Mr Deep-Value - Specializes in buying healthy cash generative businesses trading at deep discounts to private market value, without chasing growth.

• Dirt Cheap Europe - Focuses on overlooked European small, micro and nanocaps that institutional investors can’t own.

• Price to Tangible Bruce - Concise write ups on deep value opportunities centered on tangible asset backing and downside protection.

• Undiscovered Compounders - Trying to identify high quality compounders in the small cap space (mainly), writing very dense and complete deep dives.

• I, Bayes - Applies expectations investing with evidence based decision making rather than relying on conventional multiples.

The added descriptions highlight the aspects of each publication that I personally find most valuable. None of these writers focuses exclusively on the themes mentioned above.

These are all publications I believe are well worth your time.