August 18, 2026

The footnote that came down

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 →

The footnote that came down

A (premium) update.

Sample writeup
paywall
August 18, 2026

Net net with 75% upside to NCAV, <2x FCFF, and a 3.2% dividend yield

Today’s stock is a consistently profitable net net.

Sample writeup
paywall
August 11, 2026

Latest Articles

See all articles →

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

Two quick updates

Removed the paywall on a liquidation play.

Sample writeup
December 1, 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.