Whiteout Research (Zack)

Engineer searching every public company on Earth, one exchange at a time. Currently: Singapore. Follow the search on Substack. Not investment advice.

[Whiteout Research (Zack) @whiteoutzack]

I’m reviving my public A-Z searches starting with the Singapore Exchange.

528 companies excluding ETFs/Funds. No other filters. Each company, one at a time.

I’ll post short profiles w/tickers for select companies.

They’ll cover interesting investment possibilities, cautionary tales, and downright weird situations.

The full exchange walkthrough and which companies earned a spot in my Research Index will be published in my new substack series, The Traverse, first post coming in a few weeks.

I’ll post the first company profile here tomorrow.

[Whiteout Research (Zack) @whiteoutzack]

Being wealthy, a good investor, a good entrepreneur, and a good financial manager can all be independent.

You can be a great entrepreneur but terrible with money. You can be wealthy but a poor investor. You can be an incredible investor but lack personal financial management skills.

People who have these mismatches typically have no idea because their self-confidence is part of what made them so good at their one attribute.

I've found this important to look for and recognize so I can take the advice they’re qualified to give and nod politely at the stuff they aren’t.

[Whiteout Research (Zack) @whiteoutzack]

@JoeValue Ya that’s true. If you consider extremes like owning 100 stocks vs owning 1, it’d be easier to be objective with each of the 100 companies, though there is also a trade off of getting to spend less time on each company as the number of holdings grows.

[Whiteout Research (Zack) @whiteoutzack]

Most companies I research are easy passes.

A few are interesting enough to keep following.

Very rarely, I find one where every new thing I learn excites me.

Those are the companies worth spending weeks researching, talking with management, and possibly doing a site visit.

[Whiteout Research (Zack) @whiteoutzack]

I value management teams that admit and learn from mistakes.

The world is unpredictable and everyone makes mistakes.

The key is not avoiding mistakes entirely. It’s making mistakes that have understandable and manageable consequences you learn from.

If management talks around setbacks or refuses to take ownership, that’s a red flag.

The best CEOs I’ve met talk about mistakes openly and explain how those experiences changed the way they run the business today.

[Whiteout Research (Zack) @whiteoutzack]

@TMFOtter Great ones to have owned for that long.

[Whiteout Research (Zack) @whiteoutzack]

Be honest with yourself... what’s the longest you’ve ever owned a stock?

Most of us like to say we’re long-term investors and quote 5-year timelines.

But how many stocks in your portfolio have actually been owned for 5 consecutive years?

[Whiteout Research (Zack) @whiteoutzack]

@maybeheremaybe Awesome, what types of companies?

[Whiteout Research (Zack) @whiteoutzack]

@himichaelhe Ha, ya when your oldest current position is a loser that’s painful. Been there.

[Whiteout Research (Zack) @whiteoutzack]

@Kaplan4FFX @TMFOtter Very cool story! Did someone in your family work there?

[Whiteout Research (Zack) @whiteoutzack]

@Lone_Oak_Inv @TMFOtter Great selection, how did you pick them out 20 years ago and not sell during periods when most people thought they were overvalued?

[Whiteout Research (Zack) @whiteoutzack]

@TMFOtter Awesome, do you mind sharing any of them? What has allowed you to hold them for so long?

[Whiteout Research (Zack) @whiteoutzack]

@hall_jason You're one of the best I know at holding investments long term!

[Whiteout Research (Zack) @whiteoutzack]

@Vadim940 Cool, that's an exchange I've never looked at. Thank you for sharing!

[Whiteout Research (Zack) @whiteoutzack]

@QuietProsperity Impressive to have the patience and conviction in so many names.

[Whiteout Research (Zack) @whiteoutzack]

https://t.co/ubr13vcQE4

[Whiteout Research (Zack) @whiteoutzack]

After further experimentation and reflection, I’ve decided to simplify things and focus on the part of my Substack I enjoy most.

Going through every company on an exchange, A–Z, is something I genuinely love doing. It’s almost therapeutic, and I never know what interesting businesses I’ll stumble across.

So I’ve decided to make The A–Z Search the entire focus of the publication.

My ultimate goal is to review every public stock on Earth, profiling the most interesting ones and building a growing Company Directory of my discoveries.

I think this narrow focus will make the publication more distinctive, more enjoyable to produce, and more valuable to readers.

I hope you’ll join me on this new adventure around the world!

[Whiteout Research (Zack) @whiteoutzack]

@Vadim940 16 years is longer than I've held anything, what company is it if you don't mind sharing?

[Whiteout Research (Zack) @whiteoutzack]

@thedave2006 Ten years for a mining company is quite a ride!

[Whiteout Research (Zack) @whiteoutzack]

@friedoystercult Impressive, takes real conviction, especially as your largest position.