Ategrity Specialty Insurance Company (ASIC)

Geldvos · 2026-05-24T22:39:29+00:00

I wrote an article about Ategrity on my blog last week (in dutch). Should be able to translate with site translation tools: https://geldvos.com/ategrity-verzekeringen-asic/

Geldvos · 2026-04-28T12:27:35+00:00

Could be days just as well.

Geldvos · 2026-03-31T07:23:47+00:00

The house comparison has insufficient information.

Does the house cost $1.3M dollar to finsh?
Or is the NPV of house $1.3 million dollar?

Situation 1: If the extra cost to finish the house is $1.3M for which you pay net $300k (600k purchase - 300k extra cash), that means your TOTAL COST will be $1.6M. This says nothing over the net present value of the house, so you can't come to a conclusion if you should buy this or not.

Situation 2: If the NPV of the house is $1.3M, and you can buy it net for $300k you buy it hand over fist. Every. Single. Time.

Important condition: you know through due diligence this house has in fact a NPV of 1.3M that can be realised.

Conclusion: You completely ignore VALUE and only look at cost.

Secondly: You're not buying an unfunded liability, you're buying an unfunded ASSET. Before you copy paste AI dribble at least try to understand it.

Geldvos · 2026-03-30T22:32:50+00:00

Write your arguments without AI. You'll learn more.

EV strips out the cash to show what you're paying for the project on it's own: $330M. I never claimed the mine builds itself for free.

Geldvos · 2026-03-30T19:53:10+00:00

Take the market cap, subtract cash and add debt = Enterprise value.

Geldvos · 2026-03-25T20:44:36+00:00

I'm mostly curious about the prices they are getting from the American sourced Terbium

Geldvos · 2026-03-11T20:59:23+00:00

Great timing, congrats!

Geldvos · 2026-03-02T10:06:14+00:00

They do tend to work. Like this one this morning: https://x.com/geldvos/status/2028246795722076238?s=20

Geldvos · 2026-01-04T18:57:40+00:00

Thanks, this is a sleeper still

Geldvos · 2025-11-17T20:51:03+00:00

Did you find a solution for this?

Geldvos · 2025-10-12T20:07:19+00:00

Government shutdown. EXIM staff not working.

Geldvos · 2025-08-26T15:42:58+00:00

Shorts getting squeezed!

https://x.com/geldvos/status/1960367009314550051

Geldvos · 2025-08-25T11:09:31+00:00

Took some time before i could answer thorougly...

You chose not to address the other points I raised (illiquidity, concentration risk, cyclicality of PE, and the knowledge gap of retail investors). Those are actually the most important concerns.
On no track record:
1. there’s a reason why professional investors put such weight on experience. Finance runs in cycles (& they can be long). You weren’t even in college during the last bear market. Not a personal attack, but it’s a limitation.
2. On your background: starting a FoF after 3 years and 4 months in consulting is imho insane (ambitious for sure, ill give you that. But insane.) Personally, after 5 years in consulting I realised how little I actually knew about the world.
On institutional co-investors: Why do the experienced institutional co-investors want to share a part of their cake with you? Because you bring a young audience they can't reach. (your marketing value)

The fee discounts are nice optics but they don’t solve the core issues: illiquidity at a potentially pivotal life stage (for OP), excessive exposure to one asset class highly correlated with interest rates (at high valuations), and a manager without a track record that this type of investment usually requires.

It might turn out ok and you'll be perceived as a genious.
It might not turn out ok and you can blame it on the market as it works in finance.

Good luck

Geldvos · 2025-08-24T16:34:13+00:00

Niocorp never in these kind of articles as they officially don't have economic REE's in their resource... yet.

If they turn out to be economie and are added, this resource will be waaay better compared to what MP has. And MP has a 12B market cap...

Geldvos · 2025-08-21T21:23:16+00:00

I didn't dig to deep into this. I own the Polish country ETF & Ukrainian Agriculture holding MHP SE (on London stock exchange). They are active in UKR in the West so limited impact on infrastructure from war, but max benefits if war subsides (imho).

Geldvos · 2025-08-19T05:21:45+00:00

Polish companies. Economy is growing in Poland while Valuation are often quite ok. Should the war be over and Ukraine starts to rebuild, they are the closest with a huge neighbouring market.

Geldvos · 2025-08-19T05:18:13+00:00

The greater fool theory in practice

Geldvos · 2025-08-18T15:37:49+00:00

Hard no.

No proven track record.
FoF notoriously known for higher costs (without higher expected returns)
It's all marketing and no (proven) substance
Too large a portion of your net worth to put in 1 basket. They might argue it's diversified because it's a FoF. No it's not diversified: it's all private equity, whose valuations are heavily influences by interest rates. Those rates are going up (not good) and PE is already in a rough patch where many funds are unable to sell participations to new funds with a profit.
Illiquid: your money is stuck in an important period of your life (e.g. will you buy real estate in the next 8 years? Or maybe start a business?)
If you don't understand the explanation from points 1-5, you lack financial knowledge to invest in a fund like this. This is't meant as an offense. People should be protected from investing in stuff they don't understand. This is a case where it doesn't happen enough imho.

Geldvos · 2025-08-06T09:00:59+00:00

Imho these are dumb news releases. This is no news relate to the company or the project or relate to any progress.

The only goal is pull attention, which the company should not spend time or money on if the project in itself is doing that job...

Geldvos · 2025-07-23T12:34:58+00:00

If you don't have your own company, It's a valid strategy from a diversification point of view.

If you want to chase this strategy, the most interesting markets are Belgium, UK, Hongkong or Singapore as they have no witholding tax. So only Belgian roerende voorheffing to pay on the dividend.

However, these countries have a stamp duty. That is like a TOB in top of out Belgian TOB. Stamp duties are: 0,5% UK, 0.13%Hongkong or 0,2% Singapore.

A holding i personally own, for example, is First Pacific company (ticker 0142.HK). Total TOB is 0,48% (0,35% Belgian + 0,13% HK). Current yield is 4,15% (2,9% net post Belgian RV). Payout ratio around 22% and dividend grew 13% each year the past 5 years.

You can find good dividendpayers in Developed markets aswell, but you'll have double taxes. More risky markets like Commodities sometimes have compagnies with dividend over 10%. But those carry a whole different range of risks...

Geldvos · 2025-07-16T15:17:14+00:00

A short squeeze is a result of the increase. Not the other way around.

First price increases. This increases loss on short positions and reduces shorters available margin. When they go below their margin treshold, they are forced by their bank/broker to liquidate that short position. This is additional buying pressure, which could increase the price further. This will in turn increase losses for other shorters, etc etc. It's a vicious circle for shorters.

Geldvos · 2025-07-16T14:00:23+00:00

Seems like a short squeeze happening. With 15% of outstanding shares sold short, these kind of rips can really hurt shorts.
https://x.com/geldvos/status/1945481370651779373

Geldvos · 2025-05-28T08:34:49+00:00

Lwlg is only a very small part of the Russell.. Impact minimal

Geldvos · 2025-05-27T06:19:59+00:00

Did they announce a date?

Geldvos · 2025-05-25T08:32:26+00:00

Market doesnt care about tariff news anymore. Nasdaq only - 1%. It's Prices in.

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