About
I am a private investor based in Prague and Frankfurt. I look at micro caps and small caps with little or no institutional coverage. Right now most of what I write about sits in Korea and Japan, simply because that is where I keep finding the best mispriced businesses. But the geography is a consequence, not the point.
All the research here is my own and it starts at the source. I read the filings themselves and I build the numbers from there.
I invest my own money in these ideas, which is the reason this site exists. Not every write‑up is a position, though. Sometimes I go through a company, find something I do not like, and publish the work anyway, because the thing that killed it for me may not be the thing that matters to you. When you research alone, you only ever hear your own argument. Writing forces me to put the thesis somewhere it can be checked, and publishing it means someone who knows the company, the country, or the sector better than I do can tell me where I went wrong.
Where the name comes from
Numbers Not Narrative is not my phrase. It belongs to Sean Peche, founder and portfolio manager of the Ranmore Global Equity Fund. I have plenty of investors I learn from, but among the ones still running money today he is comfortably my favourite, and his philosophy is the one that fits me best.
He buys on value, sells when a stock reaches what it is worth, and is happy to own what nobody else owns and post returns that look nothing like everybody else’s. His fund is also global in the way the word is meant to be used, and his commentary is some of the clearest thinking on markets you can read anywhere.
He has no idea this site exists. I borrowed the phrase because nobody has put it better.
Why subscribe
The companies I write about are too small for almost any fund to touch. Coverage is a stray broker note at best, and the filings sit on Korean and Japanese regulator sites in the local language. So barely anyone reads them. That is exactly why the good ones stay cheap.
Every post starts at the source. I read the filings myself on DART and EDINET rather than whatever an aggregator decided to display, and I build the numbers from there. I use AI to translate them and to check my arithmetic, but every judgement and conclusion is mine. That is most of the edge, and it is also the reason these companies stay unread by everyone else.
No hot takes. No price targets pulled from the air. Just the numbers, and what they say about the business.
Subscribe and each new deep dive lands in your inbox the day it goes live.
Get in touch
Write to me at info@numbersnotnarrative.com.
I am interested in all of it. Corrections, disagreements, a company you think I should look at, or a piece of local knowledge I would never find in a filing. If you want to work together on something, tell me what you have in mind.
