investing
My Growth-Focused SIPP Has Four Risk Sleeves
My self-invested personal pension is built to maximise growth and convexity, but not by treating every risk as the same bet. Each sleeve has its own job, payoff profile, and risk control.
investing
investing
How I Size Lottery-Ticket Stocks
This note uses three recent small-cap resource signals to explain my lottery-ticket approach. EST and HREE are speculative positions with a small fixed bet size. THX is an operating business, so it gets different risk treatment.
investing
THX: Cheap Cash Flow, Real Business, Real Concentration Risk
Thor is not a lottery ticket in the explorer sense. It is a West African gold producer on low valuation multiples, with the key constraint that one producing asset still does most of the work.
investing
HREE: Big Rare-Earth Project, Bigger Financing Gap
Harena is a Madagascar rare-earth development equity with project numbers large enough to justify a tiny speculative position. It also has the kind of funding gap that can leave those numbers disconnected from the equity for a very long time.
investing
EST: Partner-Backed Copper Optionality, But Still a Lottery Ticket
East Star is not a normal operating business. It is a Kazakhstan exploration ticket where the case rests on geology, partner support, and surviving without getting diluted into irrelevance before any of that pays off.