As previously communicated, we’re continuing to share select higher-conviction ideas and research from my Cliff Notes Substack with GeoInvesting subscribers, alongside our regular research updates and additional deep-dive work. These pieces are part of our ongoing research process and complement the ideas and coverage we share with our current GeoInvesting subscribers.

The latest piece, “Picks and Shovels #3: Battery Energy Storage Systems and Their Bottlenecks,” takes a closer look at the rapidly expanding BESS market and, more importantly, where the economics and bottlenecks actually sit across the value chain. 

Last Sunday, we let you know that we were working on an updated write-up on a company to highlight its progress and share our views on the stock since we published our first write up on it in May 2024.

As you will see, it is now clear that the company has transformed from a struggling non-standard auto insurer into a consistently profitable business. One new takeaway from our research this week is that some of the bullish aspects of the company story are similar to those of property and casualty insurer Kingstone Companies, Inc (NASDAQ:KINS).

Recall that KINS benefited from competitors leaving the New York market, allowing it to capture market share.

Although KINS and the company operate in different insurance segments, it is still interesting that the company is seeing one of its competitors leave two key markets where the company is actually growing nicely.

Our feature this week will be a quick look at an insurance company trading at roughly a 60% discount to its peers, even though its growth and risk metrics are equal to or better than those of its peers. Later in the week, I’ll publish a deeper dive into the company and the industry. We opened the September Open Forum by reviewing the Buy on Pullback and Focus Model Portfolios, with much of the discussion centered on stocks where recent results or conference-call commentary strengthened our conviction. The Buy on Pullback portfolio has given back much of its early gain, but we remain focused on whether the underlying company developments are moving in the right direction rather than short-term portfolio performance.

It’s been a little over two months since Phase 1 kicked off, and some of these picks have been on a serious run. The live leaderboard is now available, so you can see how your pick is performing and where you currently stand against the competition.