October 5, 2026

Trading at net cash, 28% of book, 4x earnings, and profitable every year

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

See all research →

Trading at net cash, 28% of book, 4x earnings, and profitable every year

A Korean household name with an open shareholder register and a new reason to care about its share price.

Sample writeup
paywall
October 5, 2026

An irreplaceable asset that has paid a dividend for >100 years

I’ll buy this any time it trades at book value.

Sample writeup
paywall
September 30, 2026

All Korean net nets #4: going through change

Another 5 down.

Sample writeup
paywall
September 25, 2026

Latest Articles

See all articles →

There are ~180 net nets in Korea, and I’m writing up all of them

You don’t wanna miss this.

Sample writeup
August 19, 2026

The fund that ran out of the thing it was named after

Two lessons in the wreckage of Situational Awareness.

Sample writeup
August 4, 2026

My investment method (part 4)

Valuation, my two investment buckets, and position sizing.

Sample writeup
December 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.