The Variant View
The Variant View, Athelas ResearchCapital-light businesses and special situations. Independence, curiosity, and critical thinking are cornerstone values. Unconstrained by convention; comfortable diverging from the consensus.
| Platform |  | Pricing | Freemium | Publishes | Weekly |
|---|---|---|---|---|---|
| Issues | 32 | Founded | 2 years ago | Last Issue | 13 days ago |
| Active | |||||
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divergentcapital7651.substack.comLatest Issues
Cross Timbers Royalty Trust ($CRT): An O&G Croupier with Dormant Asset and Catalyst Optionality.
Introduction
This post is a collaboration between myself and Athelas Research, an analyst and writer on Substack and X. I recommend subscribing to his publication for high-quality, niche analysis.
Athelas’ post, Royalty Trust Renaisanc...
Cipher Pharmaceuticals ($CPH.TO) Q2’26 Quarterly Earnings Review.
Introduction
Cipher recently released its Q2’26 operating results on 11 August 2026. At first glance, the headlines figures were somewhat discouraging. Net income decreased 32%; adjusted EBITDA decreased 10%; earnings per share decrease...
Domo Inc ($DOMO): A Positively Skewed Special Situation.
Options are priced lowest when recent volatility has been very low. In my experience, however, the single best predictor of future increases of volatility is low historical volatility. When volatility gets very low in a market, we conside...
Texas Pacific Land Corp ($TPL): Evolution
“When John Deere was faced with the arrival of the automobile, he left steel plows behind and began making tractors. They rolled with the changes. I guess we're just going to have to do the same too" — Rip Wheeler, Yellowstone.
Intro...
Keweenaw Land Association ($KEWL): Capital-Light Mineral Portfolio Optionality
Investment Thesis Summary
Keweenaw Land Association (“KLA”) is a speculative, pre-production mineral estate and royalty portfolio manager. KLA owns approximately 1.05 million net mineral acres in Michigan’s Upper Peninsula and controls...
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Authors
The writers behind this newsletter.
Capital-light businesses and special situations.
Investor with an interest in real assets and capital cycles. Not investment advice.
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