We opened this week’s Skull Session with Derek Webb, President and Chief Executive Officer of $BIRMF (TSXV:BRM), to review Q4 2025 results and discuss how the company is positioned heading into 2026. The session also marked the first appearance of Lukas Milosic (@Pixelresearch_ on X), a private investor and author of the Pixel Research substack, who joined us to ask questions.

Lukas Milosic (@Pixelresearch_ on X) is young, still in his early twenties and currently studying at Frankfurt School of Finance and Management, but it would be a mistake to lead with that, because it tends to obscure what is actually interesting about him as an investor. 

He got into markets at 13 after his brother pointed him toward a German finance YouTube channel, taught himself to screen and value stocks during the covid bull run, got humbled by the 2022 bear market, and responded the way good investors do: he read obsessively, revisited his process, and came out the other side with a clearer framework and stronger conviction about how he wanted to operate.

That trajectory is familiar to anyone who has been at this long enough. What makes it worth paying attention to is how deliberately he has thought through what he is actually doing.

Over the past few weeks, I have been talking to private investor Lee Roach (@thevalueroad on Substack and @leevalueroach on X) about The Stephan Company’s (SPCOQ) November 2025 bankruptcy filing. It’s a pretty fascinating case, so I just said, “What the heck? It would make for a great roundtable discussion.”

SPCOQ makes barbershop products, shaving creams, and grooming stuff. It’s a small business with about $10 million in revenue that is generally free cash flow positive and doesn’t carry much debt. The company has been executing a roll-up strategy.
So, on 4/2/2026, I recorded a roundtable with Lee; another private investor, Lukas Milosic (@pixelresearch on Substack, @Pixelresearch on X), and Geoinvesting analyst Diego La Torre (@Diego_La_Torre_), to talk about the bull and bear case for SPCOQ.

This Skull Session is a discussion with David Baker, Chief Investment Officer of the Land Value Alpha Fund (@LandValueAlpha on X), focused on land investing, infrastructure development, and water rights as a source of return. The conversation outlines how the fund targets undervalued land and enhances value through active improvements rather than passive holding. While the current fund is new, David brings a proven track record, delivering 42% gross and 33% net audited returns over nearly seven years in his prior fund. He is now targeting a minimum average annual return of 20%.