Sung Capital

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

decision making

A framework for decision making that works.

How to find and measure moats.

research process

How to find and research stocks.

risk and uncertainty

In life, you rarely deal with purely risky situations.

Latest research

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Fairfax: no clues from the past

On what makes a great insurance company, Fairfax's historical transformations, investment slump, underwriting tailwind, hard vs soft markets, culture, incentives, run rate profits, and price-to-book.

May 10, 2023

Elevator companies

On the elevator oligopoly, the golden service market, economics of density, working capital benefits, innovation, China, and smart elevators.

April 10, 2023

On Adobe's history, SaaS transition, creative monopoly, increased competition, Figma acquisition, and valuation.

March 5, 2023

Latest Articles

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Returns, growth, and guidances

The way to think about business returns is as the cost of growth.

February 6, 2024

...and how to identify it in its most durable form.

June 8, 2023

The paradox of stock picking

Deep research is important but so is studying the entire spectrum of stocks.

March 29, 2023

Buying stocks worth more than their price

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 and separately managed accounts.

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.

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