It has been a very long time (I know, I know...). Writing became the sacrificial lamb to keep up with life lately, but I’m currently traveling in South America to unwind and finally have the breathing room to get back into it.In this video, I’m sharing a quick update on what's been eating my time, including an "AI feedback loop" I got stuck in while optimizing my workflow, and a sneak peek at a Global Logbook tool I'm building with a friend—inspired by Warren Buffett’s old-school Moody’s manual flip-throughs—to replace standard doom-scrolling with market screening. I also dive into the downward spiral of Mount Logan Capital ($MLCI), what I've learned from experts and executives about their insurance cash loops, and why it probably belonged in the "too hard" pile from the start.Read the full, detailed memo on Substack: https://andreevdan.substack.com/p/memo-and-fractional-write-up-an-updateSubscribe to the 18 Degree Journal: https://andreevdan.substack.com/Let me know in the comments if you have any feedback on the logbook tool, or which market we should flip through first. Until next time, cheers!Important Disclosure: All content provided in this video is for educational and entertainment purposes only. The author is investing personal funds only and is not a registered investment advisor or broker-dealer. No content here constitutes a solicitation, recommendation, or offer to buy or sell any securities. Investing involves risk; please consult a professional before making financial decisions.#ValueInvesting #StockMarket #MLCI #SmallCaps #InvestingWorkflow

Hello Everyone,It's been a almost a year since we started, and I'm extremely thankful for your support & feedback. I hope to keep growing alongside you all.I decided to try to capture some of my thoughts on the current AI narrative, and I hope at least some parts of it are comprehensible.Thank you and cheers!Full Article: https://andreevdan.substack.com/p/memo-on-the-changing-dynamic-between?r=4klyy7#AI #GenerativeAI #LLM #ArtificialIntelligence #SaaS #SoftwareEngineering #FutureOfSoftware #AILimitations #MachineLearning #AITools #VibeCoding #ProductDesign #CloudComputing #LocalAI #TechTrends #18DegreeJournal #AIDebate #FutureOfWork #TechPodcast #GenAI

It's been a while since I posted, and a few ideas have been turning over, so I decided to introduce an idea after so long. Hope you enjoy.Full Article: https://open.substack.com/pub/andreevdan/p/writeup-mini-intro-write-up-dfm?utm_campaign=post-expanded-share&utm_medium=webDisclaimer & Disclosure: 18 Degree Journal is a personal research log published by the author as a private investor for informational and educational purposes only. It does not constitute professional investment, legal, or tax advice, nor is it a solicitation to buy or sell any security. The author is not a registered investment advisor or broker-dealer. At the time of publication, the author holds a beneficial position in the securities mentioned and may trade these securities at any time without further notice. All information is provided “as is” without warranty of accuracy or completeness. Investing involves significant risk; readers are solely responsible for their own due diligence and should consult a licensed financial professional before making any investment decisions.

Hello again,I was recently posed quite an interesting question: “If you could own only one business for the next 100 years, at any valuation, what would it be, and why?”  So, I decided to note my thinking and see how it changes every 5 years. Enjoy!Article: https://open.substack.com/pub/andreevdan/p/memo-100-year-holding?r=4klyy7&utm_campaign=post&utm_medium=web&showWelcomeOnShare=trueSubstack: https://andreevdan.substack.com/Spotify: https://open.spotify.com/show/5MNW9zh5C93o4Equb5OrA9?si=B6dzp6YuQ6-NevUicU-iVA#AssetManagement #InsuranceBusiness #InvestmentResearch #FinancialModeling #SmallCapStocks #EquityResearch #InvestingChronicles #PortfolioManagement #DeepDiveDisclaimer & Disclosure: 18 Degree Journal is a personal research log published by the author as a private investor for informational and educational purposes only. It does not constitute professional investment, legal, or tax advice, nor is it a solicitation to buy or sell any security. The author is not a registered investment advisor or broker-dealer. At the time of publication, the author holds a beneficial position in the securities mentioned and may trade these securities at any time without further notice. All information is provided “as is” without warranty of accuracy or completeness. Investing involves significant risk; readers are solely responsible for their own due diligence and should consult a licensed financial professional before making any investment decisions.

Hey everyone,Following up on the end of the tender offer and the recent 25% drop in the stock price. Now that the dust has settled, I wanted to take a closer look at the "hidden risks" inside MLCI that make this such a twitchy play right now.Full article: https://open.substack.com/pub/andreevdan/p/writeup-mlci-post-tender-update?r=4klyy7&utm_campaign=post&utm_medium=web&showWelcomeOnShare=truePast Article: https://andreevdan.substack.com/p/write-up-arbitrage-opportunity-mount?r=4klyy7Disclaimer & Disclosure: 18 Degree Journal is a personal research log published by the author as a private investor for informational and educational purposes only. It does not constitute professional investment, legal, or tax advice, nor is it a solicitation to buy or sell any security. The author is not a registered investment advisor or broker-dealer. At the time of publication, the author holds a beneficial position in the securities mentioned and may trade these securities at any time without further notice. All information is provided “as is” without warranty of accuracy or completeness. Investing involves significant risk; readers are solely responsible for their own due diligence and should consult a licensed financial professional before making any investment decisions.

Hey Everyone,Today, I wanted to share a look at a Canadian oil producer that is actually resilient on the downside. I was not looking for "lottery tickets"; instead, I went searching for companies that don’t need a massive oil spike just to keep the lights on.With costs coming in at just over $15 CAD per barrel, a very interesting company emerged: Hemisphere Energy ($HME)!Between their technical edge in Polymer Flooding (the "dish soap" method) and a management team that actually prioritizes returning capital to shareholders, this feels more like a Charlie Munger "Belridge Oil" play than a typical junior explorer.Read Full Article here: https://open.substack.com/pub/andreevdan/p/writeup-a-hidden-gem-with-shareholder?r=4klyy7&utm_campaign=post&utm_medium=web&showWelcomeOnShare=trueDisclaimer & Disclosure: 18 Degree Journal is a personal research log published by the author as a private investor for informational and educational purposes only. It does not constitute professional investment, legal, or tax advice, nor is it a solicitation to buy or sell any security. The author is not a registered investment advisor or broker-dealer. At the time of publication, the author holds a beneficial position in the securities mentioned and may trade these securities at any time without further notice. All information is provided “as is” without warranty of accuracy or completeness. Investing involves significant risk; readers are solely responsible for their own due diligence and should consult a licensed financial professional before making any investment decisions.

Hey Everyone,Continuing the rollout of the fund managers’ articles today (are you tired of them yet?). Today, we have someone who is (for now) a little less known in the community (at least from my experience), an up-and-coming passionate fund manager. Please “welcome” Peter Smith of Palm Harbour Capital.Full Article : https://andreevdan.substack.com/p/spotlight-peter-smith-palm-harbour?r=4klyy7Peter's Website: https://www.palmharbourcapital.com/en/Disclaimer & Disclosure: 18 Degree Journal is a personal research log published by the author as a private investor for informational and educational purposes only. It does not constitute professional investment, legal, or tax advice, nor is it a solicitation to buy or sell any security. The author is not a registered investment advisor or broker-dealer. At the time of publication, the author may hold a beneficial position in the securities mentioned and may trade these securities at any time without further notice. All information is provided “as is” without warranty of accuracy or completeness. Investing involves significant risk; readers are solely responsible for their own due diligence and should consult a licensed financial professional before making any investment decisions.

Hello Hello, As promised, I'm quickly back and running on the next article. This one is going to be short and sweet. In the last memo, I talked about the books I read and pondered over in 2025 (I’ll link it at the end of this section). Having finished that, I realized it might actually be a good moment to stop for a second and think about something slightly different: the three-ish books that have had the biggest impact on my life so far. And yes, I said three-ish because, once again, I “cheated.” You’ll see what I mean in a second.Full article: https://open.substack.com/pub/andreevdan/p/memo-a-mini-memo-on-the-3-ish-books?r=4klyy7&utm_campaign=post&utm_medium=web&showWelcomeOnShare=truePrevious Memo (2025 Books): https://andreevdan.substack.com/p/memo-2025-read-books-reflection?r=4klyy7Attached to the books below are links; all but one (the one with it disabled) are Amazon affiliate links. If you purchase books through those links, I will receive a commission at no cost to you (subject to other conditions). If I do receive commission, it will be used to further develop the 18-degree journal. However, don’t feel pressured. If you prefer not to use them, a quick Google search for the title works just as well. All Book covers taken directly from Amazon.Thinking, Fast and Slow (Daniel Kahneman): ⁠https://amzn.to/4qRHLgnThe Inheritance Cycle (Christopher Paolini): https://amzn.to/3MmmMDo Percy Jackson and the Olympians (Rick Riordan): ⁠https://amzn.to/4atYQqTThe Education of a Value Investor (Guy Spier): https://amzn.to/3NRyxCl The Dhandho Investor (Mohnish Pabrai): https://amzn.to/3ZgN2lDDamn Right! (Janet Lowe): ⁠https://amzn.to/3LRkImS⁠ Shoe Dog (Phil Knight): ⁠https://amzn.to/4tjVpe0Disclaimer & Disclosure: 18 Degree Journal is a personal research log published by the author as a private investor for informational and educational purposes only. It does not constitute professional investment, legal, or tax advice, nor is it a solicitation to buy or sell any security. The author is not a registered investment advisor or broker-dealer. At the time of publication, the author holds a beneficial position in the securities mentioned and may trade these securities at any time without further notice. All information is provided “as is” without warranty of accuracy or completeness. Investing involves significant risk; readers are solely responsible for their own due diligence and should consult a licensed financial professional before making any investment decisions.

Hey Everyone,A short special episode quickly going over the book that I had the pleasure of going over this year.Full article: https://open.substack.com/pub/andreevdan/p/memo-2025-read-books-reflection?r=4klyy7&utm_campaign=post&utm_medium=web&showWelcomeOnShare=trueAttached to the books below are links; all but one (the one with it disabled) are Amazon affiliate links. If you purchase books through those links, I will receive a commission at no cost to you (subject to other conditions). If I do receive commission, it will be used to further develop the 18-degree journal. However, don’t feel pressured. If you prefer not to use them, a quick Google search for the title works just as well (you can highlight and right-click to search Google directly for local bookstores and a normal Amazon link). All Book covers taken directly from Amazon.Thought-Provoking & TimelessThe Lost Bank (Kristen Grind): https://amzn.to/4a7kUX8Buffett’s Early Investments (Brett Gardner): https://amzn.to/4t9D3w6Buffett and Munger Unscripted (Alex W. Morris): https://amzn.to/45FtKtTThe War Below (Ernest Scheyder): https://amzn.to/49OsqHwChina & Global EconomicsApple in China (Patrick McGee): https://amzn.to/3NQVCFaTo Overthrow the World (Sean McMeekin): https://www.amazon.com/Overthrow-World-Rise-Fall-Communism/dp/1541604580 (Non-Affiliate)House of Huawei (Eva Dou): https://amzn.to/49NrCTeBusiness & BiographiesThe LEGO Story (Jens Andersen): https://amzn.to/4taxVYsJunk to Gold (Willis Johnson): https://amzn.to/3NW4oBKSource Code: My Beginnings (Bill Gates): https://amzn.to/49OpDOyHonorable MentionsWho Is Government? (Michael Lewis): https://amzn.to/3OcUNqeThe Frackers (Gregory Zuckerman): https://amzn.to/3LGLU7OThe Fund (Rob Copeland): https://amzn.to/49RoOocThe Man Who Knew (Sebastian Mallaby): https://amzn.to/4t5cIPTRevenge of the Tipping Point (Malcolm Gladwell): https://amzn.to/4fRkIAnDisclaimer & Disclosure: 18 Degree Journal is a personal research log published by the author as a private investor for informational and educational purposes only. It does not constitute professional investment, legal, or tax advice, nor is it a solicitation to buy or sell any security. The author is not a registered investment advisor or broker-dealer. At the time of publication, the author holds a beneficial position in the securities mentioned and may trade these securities at any time without further notice. All information is provided “as is” without warranty of accuracy or completeness. Investing involves significant risk; readers are solely responsible for their own due diligence and should consult a licensed financial professional before making any investment decisions.

As many of you know, I’ve been binging fund letters lately, and today’s subject really stunned me. Matthew Peterson of Peterson Capital Management has one of the most unique approaches I’ve seen yet. In this episode, I’m breaking down my research on his firm and his philosophy.We talk about his "Structured" approach (using puts and warrants to enter positions) and how he captures dividend value while waiting for prices to settle. I also dive (a very tiny bit) into the Horsehead Holding Corp (ZINCQ) situation and what it taught him about management risk.One of my favourite parts is the story of how he crashed a conference just to get the truth about Daily Journal’s software. If you’re a student of investing, you need to hear about his tenacity.Read the full write-up: https://andreevdan.substack.com/p/spotlight-matthew-peterson-peterson?r=4klyy7Disclaimer & Disclosure: 18 Degree Journal is a personal research log published by the author as a private investor for informational and educational purposes only. It does not constitute professional investment, legal, or tax advice, nor is it a solicitation to buy or sell any security. The author is not a registered investment advisor or broker-dealer. At the time of publication, the author holds a beneficial position in the securities mentioned and may trade these securities at any time without further notice. All information is provided “as is” without warranty of accuracy or completeness. Investing involves significant risk; readers are solely responsible for their own due diligence and should consult a licensed financial professional before making any investment decisions.