August 2, 2026

OTC Markets Group

Guides

…and how to (still) bank on them.

risk and uncertainty

In life, you rarely deal with purely risky situations.

research process

How to find and research stocks.

How to find and measure moats.

decision making

A framework for decision making that works.

349 models to make sense of the world and its outcomes.

Latest research

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OTC Markets Group

~15x FCF for a monopolistic market operator with infinite returns on capital that could probably grow mid-single digits "forever" is not a bad deal.

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paywall
August 2, 2026

SUTL Enterprise is cheap but not as cheap as you think

1.1x book and ~2x EV/EBIT for a locational monopoly in Singapore.

Sample writeup
paywall
July 26, 2026

On a roll rolling up accounting firms while the share price has rolled off a cliff.

Sample writeup
paywall
July 7, 2026

Latest Articles

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My investment method (part 4)

Valuation, my two investment buckets, and position sizing.

Sample writeup
December 17, 2025

Two quick updates

Removed the paywall on a liquidation play.

Sample writeup
December 1, 2025

My investment method (part 3)

How I dive deeper into a stock.

Sample writeup
November 17, 2025

Hunter of ridiculously cheap off-the-map stocks

Sung Capital is an alternative asset management firm run by Oliver Sung. We invest capital for families, registered investment advisors, and accredited investors through a private investment fund.

We pick underpriced stocks, usually in pockets of the market where large pools of capital (funds and institutions) can’t or won’t invest. We pick stocks only, use no leverage, and require a significant margin of safety in every investment.