Hedge Fund Alpha Interview

I recently spoke with Hedge Fund Alpha for its Q2 2026 edition of Hidden Value Stocks. The interview includes an update on Longriver, but the part I expect will be of most interest to readers is the pair of company case studies: Hikari Tsushin in Japan and Plover Bay in Hong Kong. For compliance reasons, we agreed to frame these as examples of my process rather than stock tips.

Hikari is a good example of the kind of business I am drawn to when capital allocation is the real story. At heart, it is a distributor of recurring products and services, but it has also built a very large internal investment portfolio. What interested me was not just the valuation, but the way the whole organisation seems built around returns on capital.

Plover Bay is different, but for almost the opposite reason. At first glance, it looks like a small hardware company. I think that misses the point. What drew me in was a founder-built, high-return, asset-light business solving a real connectivity problem, with a growing software and recurring-revenue layer that the market was slow to appreciate.

Those two case studies capture much of what I look for: good businesses, sensible stewards, and situations where the label attached to the company is too narrow for the economics beneath.

You can read the full case studies here (link) once you’ve registered.

For the full interview, including the broader discussion of Longriver and the rest of the issue, I would encourage you to subscribe to Hedge Fund Alpha and read it in full here (link). A big thanks to Michelle, Jacob and the team at Hedge Fund Alpha for having me!