Portfolio Alert: Adding After a Record Quarter

The holding we added to yesterday reported record revenue and margins, and the share fell. We think the reaction is short-term and add again.

Portfolio Alert: Adding Into Weakness Ahead of the Report

We have added to a core holding the day before its quarterly report. The share has drifted lower into the release, and we see no sign the growth trajectory has changed.

Better Collective (BETCO): Lula's Win Shuts the Fast Lane Back to Brazil

Brazilian voters closed Better Collective's quickest way back into Brazil on Sunday. Lula won, and the betting industry lost its plan A.

Podcast Interview (Stock Spin-off Investing): Kristoffer on Coffee Stain and Nordic Gaming Spin-offs

Kristoffer joined Rich Howe on the Stock Spin-off Investing Podcast to talk Coffee Stain, plus Asmodee, Embracer and the coming Fellowship spin-off. In English.

Portfolio Update: September 2026

The portfolio returned 6.3% in September and is up 14.4% since it started on 22 January 2026.

Coffee Stain (COFFEEB): Everything Important Revealed on the Big Break Showcase

Coffee Stain used its first Big Break Showcase to announce Satisfactory's first paid expansion, date an October to December slate and set a paid Deep Rock Galactic DLC for summer 2027. We map every announcement that drives revenue and profit, size the expansion and set it against consensus.

Video Interview (EFN): Kristoffer on Coffee Stain's Showcase and the Brazilian iGaming Market (Swedish)

Kristoffer joined EFN for a video interview about Coffee Stain, Better Collective, and the Brazilian iGaming market. Sadly, in Swedish; apologies to all English readers.

Better Collective (BETCO): Brazil Bans Betting, Loses a Growth Market and Its Buyback in One Weekend

On Friday, September 25, President Lula signed Provisional Measure 1,394, which took effect when it was published the same day. This will have a severe effect on Better Collective.

Coffee Stain (COFFEEB): Paid DLC for Satisfactory Coming (speculation) Up

Additional content is being published before the showcase release, and Coffee Stain recently released a teaser video strongly indicating that Satisfactory will have a paid DLC coming up

Portfolio Alert: Adding to Position, Positive Catalysts Being Ignored

We have increased our position further in one of our portfolio's core holdings. The market seems to ignore an upcoming near-term catalyst, and we think this is a good time to put even more chips on the table.

Coffee Stain (COFFEEB): The Coming Showcase Is the Pipeline Visibility We Asked For

Coffee Stain has announced “The Big Break Showcase” on September 29 at 19:00 CEST on YouTube with an IGN co-stream. The show will feature major announcements for its biggest franchises: Satisfactory, Goat Simulator, Deep Rock Galactic, Teardown, and Lightyear Frontier, as well as Ghost Ship Publishing.

Coffee Stain (COFEEB): Valheim 1.0 release data and the twofold effect

Valheim (published by Coffee Stain and developed by Iron Gate Studios) formally exited early access with the 1.0 release on September 9 on Steam, PS5, and Switch. Reviews and user data continue to show Valheim's strength; let's look at the data.

Smart Eye (SEYE): Less Harvest Than Expected

Unsound communication, disappointing Q2, deteriorating incremental margins, and price-implied expectations.

Portfolio Alert: Increased position in high growth company

We take advantage of a temporary share price weakness

Portfolio Alert: Adding to position

This portfolio holding just saw a major insider increase their position, we do the same.

Portfolio Alert: Selling at a loss

Today we exited a speculative position in a company we took ahead of an anticipated breakthrough quarter, which did not materialize.

Smart Eye (SEYE) Earnings Preview: Q2'26 Growth Surge Ahead

Smart Eye (SEYE) is releasing its Q2’26 earnings report on August 26.

Coffee Stain (COFFEEB) Deep Dive: Roblox Opportunity and Undiscovered Value

Coffee Stain (COFFEEB) is a spin-off from the Swedish video gaming group Embracer (EMBRACB). Since its listing on the Nasdaq Stockholm First North on December 11, the share is down about 30%. We believe this drawdown is mainly due to mechanical selling from large index-focused investors that owned Embracer.

Portfolio Alert: Strong Day for a Portfolio Holding

A company we recently added to the portfolio is having one of its best days in a long time, up +5% today.

Video Interview & comment: Evolution Bid and Embracers Q1 report.

Smart Eye (SEYE): Deep Dive

Smart Eye is entering harvest season after the 10-year drought.

Smart Eye (SEYE): DMS Surge

Today, Seeing Machines (SEE) released its KPI figures for Q4 FY26. These numbers are highly important and are the best way to track the DMS car production ramp-up.

Portfolio Alert: New Market Regulation Will Lead to Growth Surge

We added a new speculative position in a company that might not look attractively valued at first glance. But during a deep dive, we have been able to get a good grasp of the upcoming revenue growth surge.

Asmodee (ASMODEEB): New Data Point That Supports TCG Growth Momentum

Short Comment

Asmodee (ASMDEEB): An Activist Fund Enters, and Why We Bought it Into the Portfolio

This morning, it was disclosed that Alta Fox Capital, the activist fund from Texas with a previous history in Nordic public companies, has taken a 0.79% stake in Asmodee worth around SEK 306m.