| Account | Shares | Price | Value | % of acct | Cost/sh | Gain $ | Gain % | Target |
|---|---|---|---|---|---|---|---|---|
| 401K | 20 | $53.75 | $1,075 | 0.04% | $34.76 | $380 | +54.6% | — |
In short: Q2 2026 earnings: record high NAV, earnings up, consistent buybacks. "Not much to say… Steady as she goes."
In short: The flagship worked example of the whole method — "one of my big winners… basically it was a company that is like a mini Berkshire Hathaway in the Republic of Georgia." Reform-driven country, well-run holdco, a lucky big equity stake in Bank of Georgia, "and so this thing took five years to pan out and I got two or three bites at the apple" — including the Ukraine-war drawdown, when the stock "dropped by 40%" and he told subscribers "if you didn't get in the first time, get in now," because he had people in the region and knew Russian and Ukrainian capital was arriving. Management "said, 'We want to ten-bag this thing in 10 years,' and then they put out a plan on how to do it… they just keep marching the net asset value of the company up. The market hasn't recognized that. So what do they do? They buy back shares. This is Walter Schloss methodology." Now expanding into Armenia and "selling that stake down [in Lion], taking that cash and returning it to shareholders." Still an AIA Portfolio holding.
Georgia Capital is a holding company — a business whose business is owning other businesses — in the Republic of Georgia, the small ex-Soviet country in the Caucasus, not the US state. It owns stakes in local companies (a bank, healthcare, water, retail) and its job is to grow the combined value of those stakes and then hand cash back to shareholders.
Polomny's case has three legs. The country reformed itself two decades ago and money started arriving, so the pond itself is getting bigger. Management set a public target — ten-bag the company in ten years — and published the plan to get there. And when the stock market refuses to pay full price for the assets, management uses spare cash to buy back its own shares, which quietly increases every remaining holder's slice. That last habit is what he means by "Walter Schloss methodology," after the old-school value investor.
The part worth copying is not the stock, it's the patience. It took five years, and it handed him "two or three bites at the apple" — chances to buy more at lower prices when something scary happened. The scariest was the Ukraine invasion, which knocked the shares down 40% on the assumption that anywhere near Russia was dangerous. He argued the opposite: money would flee Russia and Ukraine into Georgia, which is what happened.
22:08Okay? Special situations, blown out sectors, blown out countries, things that have a potential or a catalyst or something, whether it's a new CEO, whether it's a change in policy in the countries like Argentina was an example. One of my big winners was a company that trades in the UK as a matter of fact. It's Georgia Capital PLC — and basically it was a company that is like a mini Berkshire Hathaway in the Republic of Georgia.
In short: GCAP will fully redeem its US$50M sustainability-linked local bonds early and extend its US$50M buyback-and-cancellation programme by a further US$10M — together completing the GEL 700M capital-return programme ahead of schedule. "The company continues to cannibalize its own shares, putting upside pressure on the stock price."
In short: No major news this week (AIA Portfolio holding).
In short: Referenced without naming it: "a vehicle to take advantage of [the Republic of Georgia] that's trading at about 50% of its net asset value." He likes Georgia for its two-decade pro-market reform record, growing/dynamic economy and growing population — a Central-Asia/Caucasus EM-value pick (held in the AIA Portfolio).
Again described rather than named: "a vehicle… trading at about 50% of its net asset value" to play the Republic of Georgia is Georgia Capital, a London-listed holding company (and AIA Portfolio holding). The appeal is twofold. First, the country: Georgia has two decades of pro-market reforms, a growing and dynamic economy, and — unusually for the region — a growing population. Second, the price: a holding company trading at roughly half the value of the businesses it owns gives you a built-in margin of safety. It's his frontier/Central-Asia value angle — buy a reforming, growing economy through a vehicle that's already on sale.
31:55These are where the opportunities are. So, yes, I think the US, it's Again, if they're going to print money and we're in a liquidity cycle, stocks can get even more in the US can get even more overvalued. That's certainly possible. But if we come back, if there's all this money printing that we're seeing, and we have a 5, 6, 7% inflation in a year, 18 months, they're going to have to raise rates again.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.