The Variant View
Value investing and special situations. Behavioural edge in mispriced large caps and event-driven options. Unconstrained by industry convention. Comfortable diverging from consensus opinion.
| Platform |  | Pricing | Freemium | Publishes | Weekly |
|---|---|---|---|---|---|
| Issues | 31 | Founded | 2 years ago | Last Issue | 4 days ago |
| Active | |||||
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divergentcapital7651.substack.comLatest Issues
Cipher Pharmaceuticals ($CPH.TO) Q2’26 Results Review.
Introduction
Cipher recently released its Q2’26 operating results on 11 August 2026. At first glance, the headlines figures were somewhat discouraging. Net income decreased 32%; adjusted EBITDA decreased 10%; earnings per share decrease...
Domo Inc ($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...
Horizon Kinetics Q2'26 Portfolio Update Recap
Introduction
Horizon Kinetics recently released its Q2 ’26 portfolio update: a presentation by Steven Bregman and Ryan Casey addressing questions submitted by the firm’s clients concerning recent portfolio and market developments. A pla...
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| Subscribers | Engagement | 69 | Monthly Web Visits | ||
|---|---|---|---|---|---|
| Accepts Sponsors | Estimated Cost per Ad | ||||
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Value investing and special situations.
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