Mispriced Assets
Research that translates equities, crypto, and macro into conviction-ready opportunities. Follow the unlevered Mispriced Assets portfolio.
- Top in Finance
- #110
- Paid leaderboard
- #46
- Paid subscribers
- 1,000+ paid
- Badge
- Bestseller 1k
- Followers
- 27K
- Paid plan
- $47/mo
- Recommends
- 13
- Podcast
- Yes
other newsletters
Growth history
Subscribers (thousands, nightly)
21K on Sep 10, 2026 → 22K on Oct 21, 2026
Followers (thousands, nightly)
Rank in Substack’s finance leaderboard: #110 today · #115 a week ago · #123 a month ago
Stats worth sharing
Tracked since Sep 10, 2026 — 61 daily snapshots so far. The card below is built from what we track and refreshes nightly.
- Percentile
- Top 21%
- Best rank seen
- #98
- Rank, 7 days
- +5 places
- Rank, 30 days
- +13 places
- Followers added
- +2.6K
- Posts
- 6
- Reactions per post
- 60
- Reactions tracked
- 1.4K
- Tickers covered
- 3
of 525 ranked finance newsletters
on Nov 7, 2026
since tracking began
last 30 days
average, recent posts
across 24 posts
in tracked posts
Most-reacted post we have seen: The Guggenheim Universe — 195 reactions on Aug 24, 2026.
Recent posts
- The End of the Arrangement
The future was supposed to be astonishing. It was certainty of change inside a familiar framework. Machines would become more intelligent, professions would disappear, fortunes would change hands, and somewhere above the commotion the people financing it all would retain the authority to decide how it arrived. Then the people expected to make room for that future were given a ballot. Greg Abbott’s defeat in Texas will furnish one of the enduring images of this election. Across the country, communities are also voting against pieces of the infrastructure designated as the next stage of…
- A Lower Floor
I have spent this entire year recognizing systemic risk, staring at the delusion in markets, and trying to make money on the long side anyway. Three reasons: These things take longer than you think. Never underestimate the stupidity of market participants. And I intended to listen when the market finally tapped me on the shoulder. I think I felt that tap. In The End of the Powell Put , I laid out why Warsh would mean something very different for asset prices. Then came the Iran warning : the market was treating diplomacy as a foregone conclusion and badly underpricing the risk to oil. I voted…
- Tidewater: More Cash From the Same Assets
Tidewater Midstream (TSX: $TWM, ADR: $TDWIM) remains compelling value around C$23 . The Canadian company owns a refinery, natural gas infrastructure and a controlling stake in a renewable diesel producer. Earnings are recovering sharply, and Canada’s proposed fuel credits reward the production it already has. Contracted margins and government support for domestic fuel production give the earnings case some insulation from broader market weakness. The attraction is more cash from existing assets, falling debt and a larger aviation fuel business funded in part by that cash. Note: as negative on…
- Too Big to Bail: US Real Estate
This is the fifth year of higher for longer, and it just got higher. On September 16 the Fed raised rates instead of cutting them, and on October 21 the 10-year Treasury closed at 5.13 percent. Every loan written in the cheap-money years of 2021 and 2022 now has to refinance against that number. The buffers that hid the problem for three years are running out, and most of the market is still reading the numbers that look backward. TL;DR Rates are going the wrong way. The Fed hiked in September, the 10-year is above 5 percent, and the 2021 and 2022 loans now refinance into it. The buffers that…
- Clair Health: The $46 Million Mirage
Clair Health’s new website will make you think the future is here. A sleek bracelet. A color palette that calms you. A video of the life every woman wants to live. I wanted to know how the bracelet worked. Editor’s note: This article was written almost entirely by Ryan Kern, Mispriced Assets Analyst #1, and this is his first piece here. It is excellent wor…
- Wall Street’s Biggest Gamble Yet
This is the culmination of my grueling work on private credit and insurance so far. Months of digging through filings, following borrowers, questioning valuations, and trying to get people to look at what is sitting behind the promises. I brought that work to podcasts, to my letter to Treasury Secretary Scott Bessent, and to the Indiana Senate. Now I’ve brought it together in one film: what I warned about, what happened next, and what is still ahead. Just under an hour. I assure you it’s worth your time. Follow the money. Then test the marks. Wall Street gets paid in cash. Policyholders get a…
- Lesaka: The Next Nubank
Ali Mazanderani has helped build multibillion-dollar fintech businesses in the UAE, Brazil and the UK: Network International, StoneCo and Teya, which he co-founded. At 44, he is now building Lesaka in what he calls his favorite country in the world, South Africa. I spent back-to-back days with him in New York last week—an investor meeting, then a two-hou…
- Lesaka: Why He's Betting Big | Ali Mazanderani | Ep. 5
More than $10 million of his own money. An ambition to compound earnings per share at over 40%. And an opportunity Ali Mazanderani compares with Brazil ten years ago. In this episode of the Mispriced Assets podcast, I sit down with Lesaka’s executive chairman to understand the business behind his conviction: who its customers are, why they choose Lesaka, and how solving their everyday financial problems can translate into a more valuable company. We follow the connections between Lesaka’s three businesses—consumer, merchant and enterprise—from accounts, lending and insurance to local shops…
- An open letter to Senator Elizabeth Warren
An open letter to Senator Elizabeth Warren Dear Senator Warren: On September 24 the National Association of Insurance Commissioners answered your September 10 letter. 1 The answer should not reassure you. It runs twenty-two pages, and most of them describe what regulators have the power to do. Almost none say what regulators have found. None mention the pe…
- The Next AI Trade | Liam Dalton | Ep. 4
Liam Dalton, CIO of Willow Lake Strategic Advisors, joins me for Episode 4 of Mispriced Assets . We talk about how Liam approaches markets through macro, fundamentals and technicals, why AI has become the dominant force in the current cycle, and where the next leg of the trade could come from. Most of the conversation centers on the AI infrastructure buildout: the memory shortage, Micron, SK Hynix, Samsung, semiconductor equipment, hyperscaler spending, and the game theory around who finally breaks discipline and builds more capacity. We also get into why the next major opportunity could sit…
- QNT: The 100× Question
MISPRICED ASSETS · Quantinuum · Nasdaq: · $52.01 Imagine a pharmaceutical company with ten promising molecules and enough money to take two into expensive development. A better calculation could change which two it chooses. Imagine an engine manufacturer testing a design that burns less fuel, or a chemical company finding a catalyst that makes an industrial process cheaper. The value of the answer could be enormous even if the calculation occupies a small part of the work. We’ve heard these stories from AI companies. But what if the AI were calling a quantum computer? What if the solution…
- The Groupon Turnaround | Dušan Šenkypl & Rana Kashyap | Ep. 3
Groupon CEO Dušan Šenkypl and CFO Rana Kashyap join me to talk about taking over a company they weren’t sure would survive—and what they’re building now. We start with their backgrounds, why they stepped into the turnaround, and what it took to get the business growing again. Then we get into where they want to take it: an AI-native marketplace for local experiences, with Groupon’s deals available wherever customers are searching. A lot of this conversation is about AI from the perspective of people actually implementing it. We cover Project Foundry, the company’s data infrastructure, AI…
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Data: Substack public leaderboards and publication archives, refreshed nightly, plus public beehiiv sitemaps and recommendation pages, refreshed weekly. Source for this page: Mispriced Assets. Subscriber counts are Substack’s own rounded public figures, so week-on-week changes move in steps. beehiiv audience sizes are self-reported by the publisher and are not verified. Last snapshot: Nov 9, 2026.