2024: A Year in Review
Performance Review & Positioning Updates (December 2024)
🚨 Connect with me on Twitter / Instagram / Threads / Bluesky | Estimated Read Time: 46 Minutes
As we reach the end of 2024, I want to thank each of you for your support and engagement throughout the year. Keeping up with tradition, I also wanted to provide a comprehensive review of the positions and situations I’ve analyzed since launching this newsletter. To date, I’ve published 70+ deep-dive write-ups examining complex opportunities across the capital structure—from busted convertibles to post-reorg equities to distressed bonds. For those new to this newsletter and curious on what to expect in this post, here is my update from last year.
Newsletter Focus & Philosophy
As many of you know, my focus is on complex, often overlooked situations that lack widespread coverage. While I could write about large, liquid issuers, you likely already have ample research on those names. Instead, my focus is on niche, smaller credits where information gaps may create mispricing. These situations are typically shorter-term trades rather than long-term investments, and by definition, many are illiquid or not actionable in size.
Notable Themes of 2024
This year has presented several compelling opportunities across multiple sectors including:
The ongoing transformation of office REITs creating opportunities in real estate credits
Busted convertible bonds offering asymmetric upside in the tech and EV sectors
Post-COVID recovery plays in travel and entertainment
Special situation opportunities emerging from corporate restructurings and spinoffs
Looking Ahead: Enhanced Value for 2025
Content Evolution & Your Feedback
As I grow, I want to ensure this newsletter continues to meet your expectations. I’ll be sending around a brief survey next week to gather your thoughts on several potential enhancements. To preview a few ideas that I’m contemplating, please see some preliminary ideas below. Let me know if you have any suggestions/ideas/feedback; otherwise, please keep an eye out for a SurveyMonkey e-mail later this/next week.
Content Segmentation
Given that many retail investors cannot directly access high-yield bonds, I’m exploring the possibility of creating separate newsletters—one focused exclusively on credit opportunities and another dedicated to special situation equities.
Enhanced Analytics
For institutional and credit-focused subscribers, I’m considering introducing regular relative value comps sheets. These would provide detailed cross-security and cross-sector analytics to support investment decisions.
Major Project Announcement
I’m currently working on an exciting new project to be unveiled in 2025. While details are under wraps, it will provide substantial additional value to subscribers. Contact me directly for early beta access and updates.
Team Expansion
I’m excited to announce that I’ll be expanding my research capabilities in 2025. I am actively recruiting full-time positions for:
Experienced credit analysts with proven track records
Recent graduates with strong analytical backgrounds and passion for credit markets
If you or someone in your network might be interested, please e-mail me directly.
Subscription Pricing
Starting January 1, 2025, subscription prices will increase to $120/month. However, anyone who subscribes before then will be permanently locked into today’s pricing.
Year-End Break
As is my tradition, I’ll be taking my bi-annual break after this post, resuming weekly publishing in January 2025.
Lastly, I want to take this opportunity to thank each of you for your support and engagement throughout 2024. Your thoughtful questions and insights have made this newsletter a vibrant community for discussing complex investment opportunities. I look forward to bringing you even more valuable analysis in the new year. Stay tuned for more updates as we approach 2025! Happy holidays!
Now, let’s examine how the positions have performed...