October 26, 2026

Bank-like returns without the bank leverage, at a fraction of the price

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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Bank-like returns without the bank leverage, at a fraction of the price

Before I introduce today’s company, consider the economics of the average bank.

Sample writeup
paywall
October 26, 2026

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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paywall
October 12, 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.