Aakash Vanchi Nath

Small cap, long term investing

[Aakash Vanchi Nath @aakash_vn]

@tristanwaine Hi, not a new loan. This is the pre existing $10m with BNP nominee

[Aakash Vanchi Nath @aakash_vn]

@orrdavid $hug.wa

[Aakash Vanchi Nath @aakash_vn]

Our 1H 2026 podcast covering $319a.jp NGTG, $tvk.to $ffh.to $kpg.ax $sft.ln $chg.de performance and most importantly price vs value. Discussion on AI impact on Software, serial acquirers and Q&A https://t.co/9C4LRHwurZ

[Aakash Vanchi Nath @aakash_vn]

@watchwaitx @VikingVan100 @BrownMarubozu I calculated it at ~15% for 30 years including CDS and including the losses due to hedging. I include them as they are all active decisions. You can’t exclude one and include another

[Aakash Vanchi Nath @aakash_vn]

@OmxBerry @VikingVan100 Because they have beaten the S&P over long time horizons

[Aakash Vanchi Nath @aakash_vn]

@search4valueNew @BrownMarubozu I don't see the path dependancy. If it rerates in year 2, you can choose to sell in year 2. No one is forcing you to hold for 5 years. On Cat see below, their resilience has increased over time and significantly so.

[Aakash Vanchi Nath @aakash_vn]

@search4valueNew @BrownMarubozu Compounding I mean EPS. Buybacks at 8x PE means compounding at 12.5%. great option to deploy capital in a soft market. (Or you get a rerate which most aren’t baking into returns- win either way). High ROE is due to higher rates locked in for 2-3 years and consistent underwriting

[Aakash Vanchi Nath @aakash_vn]

@search4valueNew @BrownMarubozu My question would be, what part of the thesis do you disagree with? a) Do you think Fairfax cannot compound at 15-20% for the next 5 years and why? b) Do you think ~1x book is the right multiple for an insurer with 20% ROE when other insurers at 10-15% ROE trade at 2x book?

[Aakash Vanchi Nath @aakash_vn]

@WillBiddy_ $ffh.to has done that for 40 years. No doubt Copart is a great business too.

[Aakash Vanchi Nath @aakash_vn]

@orrdavid @RealHerbHoover Why not issue more debt? They are significantly under-levered relative to business quality.

[Aakash Vanchi Nath @aakash_vn]

@89Olle @hedgemanship Thanks for highlighting. Really don’t like that they do that and receive SBC even though performance has been awful. Still, wouldn’t be so cheap if it was clean. Agree Potential for big rerate IF execution goes well. $hug.wa seems like a safer, ‘easier’ bet though less upside.

[Aakash Vanchi Nath @aakash_vn]

@mr_deepvalue How do you compare opportunity A to opportunity B?

[Aakash Vanchi Nath @aakash_vn]

@TidefallCapital @DrewCohenMoney But most of their value creation is not organic volume growth but instead buying ‘new’ existing customers inorganically. The existing organic growth is more pricing than volume. So even in your scenario PE should not be single digit. Might be preaching to the choir.

[Aakash Vanchi Nath @aakash_vn]

@BrownMarubozu Thanks for sharing, it was an excellent concise pitch.

[Aakash Vanchi Nath @aakash_vn]

@silentallocator @bowtiedstocks Hi, I think it’s a very reasonable valuation. We entered at ~$2.5 when revenues were ~$50m. Business has >3x since then so multiple has compressed since then. Of course bottom line is what matters but I think business can do 10% NPATA margin normalized

[Aakash Vanchi Nath @aakash_vn]

@bowtiedstocks No. We reduced around there due to opportunity cost. What do you think intrinsic value / share has compounded at over the long term?

[Aakash Vanchi Nath @aakash_vn]

@longriver_hk @TidefallCapital It’s not dissimilar to how one should evaluate Berkshire or Hikari Tsushin however with higher upside given valuation, investment leverage relative to equity and size relative to Berkshire (ie more investment opportunities)

[Aakash Vanchi Nath @aakash_vn]

@BarrySchwartzBW @BrownMarubozu @ohcapideas Because they likely will compound EPS at 15-20% for the next 3-4 years