October 20, 2026

Mission-critical software, 3.5x EBIT, 55% of market cap in cash, ramped up dividends and buybacks

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Mission-critical software, 3.5x EBIT, 55% of market cap in cash, ramped up dividends and buybacks

Today’s company is Total Soft Bank.

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paywall
October 20, 2026

All Korean net nets #5: finding nuggets in the dirt

Another 6 stocks.

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October 12, 2026

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.

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paywall
October 5, 2026

Latest Articles

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

You don’t wanna miss this.

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August 19, 2026

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

Two lessons in the wreckage of Situational Awareness.

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August 4, 2026

My investment method (part 4)

Valuation, my two investment buckets, and position sizing.

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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.