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Deep value investing is not a comfortable business. It requires buying things that look broken, ignored, or outright embarrassing, and then waiting. Waiting while the market continues to ignore them. Waiting while friends ask why you own a furniture company or a toy maker or an obscure Japanese electronics name. The waiting is the work. The discipline is the edge.

This month the Deep Value Portfolio is getting a trim and a fresh addition. We are selling two positions where the original thesis has either run its course or been overtaken by events. We are adding one new name that fits the classic Flagship Deep Value template: hard assets, low valuation, and a catalyst that is not yet priced in. A full dedicated report on the new addition follows separately.

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