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[@sungcapital](/creator/twitter/sungcapital)
"Here are X lessons after a long time of investing in net nets stocks 🧵"  
[X Link](https://x.com/sungcapital/status/1980978518164144240) [@sungcapital](/creator/x/sungcapital) 2025-10-22T12:44Z 4104 followers, XXX engagements


"$ROKO $LIFCO"  
[X Link](https://x.com/sungcapital/status/1974421504411713912) [@sungcapital](/creator/x/sungcapital) 2025-10-04T10:29Z 4104 followers, 1046 engagements


"Lesson 2: The best net nets are those where the underpricing stems from external factors rather than internal issues tied to management actions. The best net nets are when you lean into chaos. Many investors overemphasize how much you need a differentiated view and to be a deep thinker in investing. Many net nets are simply supply and demand imbalances where some of the guys on the other side of the trade already know you're getting a good deal"  
[X Link](https://x.com/sungcapital/status/1980978524308549724) [@sungcapital](/creator/x/sungcapital) 2025-10-22T12:44Z 4104 followers, XX engagements


"Lesson 7: The more levered a net net is the more risk you take on whether your assessment of the assets and liabilities is correct. Leverage magnifies outcomes good or bad. A net net is by definition already incredibly cheap so you don't need leverage or the extra risk. Focus on net nets with little to no debt (anything XX% debt-to-equity is worth looking at) so you get some leeway for errors in your analysis (a margin of safety on yourself if you will)"  
[X Link](https://x.com/sungcapital/status/1980978543220707505) [@sungcapital](/creator/x/sungcapital) 2025-10-22T12:44Z 4104 followers, XX engagements


"Lesson 8: Catalysts are preferred whether it be buybacks announced or increased dividends pending buyout offers or actual liquidations. Insider buys are great too. Remember the purpose of investing in net nets is not really to have the company liquidate but without a catalyst you risk a multi-year-long share price stagnation (depending on where operations are trending) if no one wakes up to crystallize the value"  
[X Link](https://x.com/sungcapital/status/1980978546903318674) [@sungcapital](/creator/x/sungcapital) 2025-10-22T12:44Z 4104 followers, XX engagements


"Stumbled upon this thread from an insider excellently comparing the big three data center infra providers $VRT $SU.PA $ETN"  
[X Link](https://x.com/sungcapital/status/1966114501549236581) [@sungcapital](/creator/x/sungcapital) 2025-09-11T12:20Z 4103 followers, XXX engagements


"Just sent out another special sit writeup on the $SSTK / $GETY merger. Website: Substack:"  
[X Link](https://x.com/sungcapital/status/1967579650965856582) [@sungcapital](/creator/x/sungcapital) 2025-09-15T13:21Z 4095 followers, 1690 engagements


"Posted here:"  
[X Link](https://x.com/sungcapital/status/1973703002377843077) [@sungcapital](/creator/x/sungcapital) 2025-10-02T10:54Z 4103 followers, XXX engagements


"Is $ROKO a $LIFCO all over again Website: Substack:"  
[X Link](https://x.com/sungcapital/status/1973705460672004257) [@sungcapital](/creator/x/sungcapital) 2025-10-02T11:03Z 4101 followers, XXX engagements


"The FT: the same 8-K filing also revealed the company had raised $128.1mn (mostly from selling common stock) leaving a gap of about $106mn. That $106mn did not go into bitcoin. Instead it will today be channelled into dividend payments owed on four classes of perpetual preferred stock"  
[X Link](https://x.com/sungcapital/status/1978535187056050641) [@sungcapital](/creator/x/sungcapital) 2025-10-15T18:55Z 4095 followers, XXX engagements


"A short update on $SSTK / $GETY + another absurd opportunity I'm writing up"  
[X Link](https://x.com/sungcapital/status/1978764142157738038) [@sungcapital](/creator/x/sungcapital) 2025-10-16T10:05Z 4103 followers, 1141 engagements


"Lesson 1: Only a fraction of the net nets you see out there is investable as apparent liquidation value is fleeting for most of them. Accounting is nothing more than a language and interpreting financial statements is an art because precision is unattainable. That said never make the mistake of not reading the fine print in the footnotes"  
[X Link](https://x.com/sungcapital/status/1980978520332317122) [@sungcapital](/creator/x/sungcapital) 2025-10-22T12:44Z 4103 followers, XX engagements


"Lesson 3: Don't get too fixated on the balance sheet when the operating business profitability reliability and safety are more critical. A long period of consistent profitability combined with a low earnings multiple is preferred. It's good practice to plot how NCAV or liquidation value has trended over time rather than just looking at the current snapshot. High or even satisfactory returns on capital don't matter as you want the company to preserve and pay out its capital not necessarily grow it"  
[X Link](https://x.com/sungcapital/status/1980978526850314448) [@sungcapital](/creator/x/sungcapital) 2025-10-22T12:44Z 4103 followers, XX engagements


"Net net stocks are more prevalent than people think even in today's frothy market. This is why net nets still work. Net net investing is still likely the most durable time-tested strategy to outperform the index over any 10-year period powered by mean reversion as net nets boomerang back above their net current asset value (often via a buyout or corporate action; rarely do you buy a net net to see it actually liquidate). Right now I count XXX stocks (excluding financial services mortgage REITs and real estate developers) in the US currently trading as net nets. There are XXX in Europe. Both"  
[X Link](https://x.com/sungcapital/status/1980978549067518112) [@sungcapital](/creator/x/sungcapital) 2025-10-22T12:44Z 4102 followers, XXX engagements


"The most successful executive capital allocators in history naturally get to a point in their career when after decades of rolling their snowball they've deservedly earned their mark astounding wealth and fawning adoration within the investment world: Warren Buffett Henry Singleton Mark Leonard John Malone Tom Murphy the Rales brothers. The revered are always North American. But there's a high-performance conglomerate out in Sweden with a +two-decade track record so good you could put it in a bucket next to Teledyne. The company's name is Lifco $LIFCO. It's a classic investment novel and as"  
[X Link](https://x.com/sungcapital/status/1972941545176175095) [@sungcapital](/creator/x/sungcapital) 2025-09-30T08:28Z 4104 followers, 1238 engagements


"Buffett on studying the balance sheet before the income statement"  
[X Link](https://x.com/sungcapital/status/1981101697310278056) [@sungcapital](/creator/x/sungcapital) 2025-10-22T20:53Z 4104 followers, XXX engagements