2024: A Year in Review

Jan 07, 2025

∙ Paid

Thank you to my readers

Dear Ultimate Value readers,

Ultimate Value has continued to grow. Last year, the publication had over 3,000 free readers and nearly 150 paid members. This year, we closed at roughly twice that size.

I wanted to take a moment to express my gratitude for your support, which has made this possible. I am flattered that people choose to read (and pay!) for my work. And for that, I am beyond grateful.

Thank you again for your support and for being part of the Ultimate Value community.

Sincerely,

Clark Square Capital

Odds & ends

Before we get into the performance review, I wanted to mention a few things:

Check out the November positioning update: If you missed this, I wrote up a series of posts with updates for all positions. Please find that here.
Check out the most recent idea: If you missed it, I published a long-form idea in late December. Be sure to read it here.
Trials: I think it’s important for my readers to be happy with the content before they subscribe. For this reason, trials are still available upon request. Email me from your work email, and I will set you up.
Chat feature: I encourage you to check out this feature if you haven’t already (link below).
Share your ideas: Lastly, if you have an exciting off-the-radar investment idea, you can pitch it to me. If I end up writing it up, I will give you credit for the idea and a free one-year subscription. I would love to hear your ideas, so please email me at info@clarksquarecapital.com.

Join Clark Square Capital’s subscriber chat

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Performance

In 2024, I published 19 actionable ideas and covered numerous updates for existing positions.

I have been pleased with our performance so far. The average idea shared in 2024 returned 71%, while the average loser lost 10%.

As long as I’ve been publishing, 66% of all ideas shared have had positive returns—the average winner has returned 70%, and the losers have lost only 18% on average.

While the returns have been good so far, I caution you (again) to take these with a grain of salt. Since I started UV, we have had a very strong US market, and I don’t anticipate this will continue indefinitely. Furthermore, this has been a short timeframe for us to gauge whether we have any skill or just lots of luck.

With that said, let’s take a look at some highlights.

The most significant performance detractors this year include:

Delta Apparel, which I wrote up in 2023 and closed in early 2024, declined 68%. The situation deteriorated quickly, but the sale proved correct as the company later entered bankruptcy. This has been the only sizable loss.
Webcentral, which I also wrote up in 2023 and closed in 2024, declined 33%.
Moneyhero, which I wrote up in 2024 and closed months later, declined 23%.

On the positive side, the best performers this year include:

Trustpilot (High-Quality SaaS), which I wrote up in 2023, continued to perform and is now up +212%
Suncorp (TMP #11), which I wrote up this year, is up 206%.
Zenvia (Good SaaS / Bad Balance Sheet), which I wrote up in 2023, is +174%.
Mytheresa (TMP #10), which I wrote up in 2024, is up 146%.
CompoSecure (TMP #13), which I wrote up in 2024, is up 130%.

Concerning the things within my control, I am happy with the overall cadence of write-ups. During the year, I sent out over 40 posts—19 ideas, numerous updates, and positioning reviews; not to mention countless updates through the chat!

** Note: Returns are calculated as of January 6th. Returns are simple returns in local currencies. Dividends are mostly excluded except for large special dividends paid out.

Refer to the ideas here: https://www.clarksquarecapital.com/p/table-of-contents

What to expect for 2025

For 2025, the aim again is to deliver at least 10 actionable ideas.

I expect to publish more ideas than that, but I will give myself some wiggle room to account for more challenging market conditions.

For this coming year, I want to prioritize slightly deeper ideas (long-form) whenever appropriate but still lean on Quick Pitches for more timely opportunities.

While I have no idea what 2025 will bring, I will continue to look for opportunities in the market, and I hope you will join me on this journey.

Best wishes and happy hunting in 2025.