October 31, 2025

Inside This Issue


Roads Less Traveled

Sean Fieler, Equinox Partners

Sean Fieler and Brad Virbitsky of Equinox Partners describe why they invest in companies “you’ve never heard of that are in markets you may be leery of,” where they find quality in cyclical, commodity businesses, what they look for in attractive short ideas, and why they think the market is mispricing Paramount Resources, MTN Ghana and Troilus Gold.

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Capital Ideas

Chris Garsten, Charles Glasse, W1M

W1M’s Chris Garsten, Charles Glasse and Charles Walker explain the top-down approach that points them to out-of-favor European ideas, why the market is slow to come around to what they find interesting, the risks and rewards of investing in industry leaders, and what unrecognized value they see in Viscofan, Acerinox, Smurfit Westrock and Inditex.

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Recurring Theme

Joseph Shaposhnik, Rainwater Equity

Rainwater Equity’s Joseph Shaposhnik describes why with his new fund he's putting the emphasis he does on business predictability, where he'd argue many investors don't spend enough time in their due diligence, the main risks of overconfidence he sees in today's market, and what he thinks the market is missing in Waste Connections, Loar and Röko.

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Uncovering Value: Sweden

Ideas from a local expert in a market that punches well above its weight economically.
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Uncovering Value: Lectra

Can short-term tariff stress lead to long-term advantage?
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Who's Behind VII?

John Heins, Co-Founder, Editor-in-Chief
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John Heins co-founded Value Investor Media, Inc. in 2004 and since then has served as its President and as the Editor-in-Chief of Value Investor Insight. In 2016 he took on an additional role as a Professor of Value Investing at the University of Alabama and is now the Director of the university's C.T. and Kelley Fitzpatrick Center for Value Investing.