"Uzo" — an ex-sell-side analyst (15 yrs large-cap US/Europe) who now over-indexes small- and micro-caps that are commodity-adjacent: recycling, "commodity tech," litigation/arbitration. A bottom-up, multi-year, barbell-style investor; publishes on Substack/Twitter and appears in the Contrarian Codex community.
AST SpaceMobile — still held; the dual-use template for Merlin (military-first, bigger commercial later) — long the warrants from day one, ~$1bn→~$40–50bn.
LibertyStream — Permian oilfield-brine lithium; a US-reshoring “trash-to-cash” story where an offtake unlocks project-level debt + a US uplisting; not a high-cost producer, so the debate is profit-per-site.
Merlin Labs — a listed-VC AI flight-autonomy bet (C-130J CDR passed); an AST-SpaceMobile analog with stacked moats, GE/GD/Honeywell + DOD partners and zero insider selling; 30–50x+ bull, true-zero bear.
Microsoft — Comstock's “new neighbor” via its Black Hawk data-center project at Silver Springs; adjacent transactions help re-rate the land per megawatt.
Joby Aviation — Uzo's cautionary contrast: a “crappy business addressing a sexy topic” — eVTOL with a multi-billion cap, little revenue and capex-vs-margin question marks.
In one line: hunt asymmetric, under-followed small/micro-caps that turn a waste stream or an overlooked asset into cash ("trash-to-cash"), value them on a 1–3yr outlook rather than the next quarter, and express the high-variance ones like call options — sized small, never added to. Macro-aware (an energy/Hormuz shock vs an AI-capex boom "tug-of-war") but the work is bottom-up.
Edge down-market, commodity-adjacent. 15 years on the sell side covering large-caps, but the outsized returns are in smaller, more esoteric names — and rather than straight miners, in the businesses around commodities: recycling, "commodity tech," litigation/arbitration.
Barbell construction, options-style sizing. A slug of cheap, cash-generating compounders against a bucket of call-option-like bets (warrants, LEAPs, pre-revenue early-stage). Manage risk by position sizing, not stop-losses — add only 1–2% on cost as risk falls, and be "ruthless about never adding" to an options position because the going-to-zero probability is real.
Look further out than the crowd. A company should be worth its multi-year DCF, not the next 12 months; he pays attention to structural, multi-year risks and largely ignores near-term noise. Avoids explorers and cash-burners where a missed milestone makes dilution reflexive.
Comstock (LODE) — his biggest position. Solar-panel→metals recycling (with an in-house refining moat) + a wildly under-priced Silver Springs data-center land/power option + a Bioleum lottery ticket. At ~$4, "you're virtually getting the metals for free"; ~$3m insider buying and a governance clean-up de-risk it.
LibertyStream (LIB) — Permian oilfield-brine lithium. A US-reshoring "trash-to-cash" lithium story; the swing factor is financing — an offtake unlocks project-level debt + a US uplisting (and a possible DOE grant), changing the dilution maths. Not a high-cost producer, so the debate is profit-per-site, not survival.
Merlin Labs (MRLN) — a listed-VC AI flight-autonomy bet. An "AST SpaceMobile" analog: military-first, dual-use, stacked moats (regulatory lead time, retrofit lock-in, data, software-like licensing), GE/GD/Honeywell + DOD partners, zero insider selling. 30–50x+ bull, true-zero bear — size it small, hold 3–5 years.
Discipline over conviction. Won't be a hit every time; takes losses when wrong, scales against frothy moves, and tells people to stay within their own style and risk tolerance or get shaken out.
The product — Uzo Capital
What it is: the independent research of "Uzo" (@UzoCapital), published on his own Substack and X and shared within the Contrarian Codex community. The output is single-name deep dives on under-followed small/micro-caps — written with an explicit bear / base / bull scenario framework and probability-weighted, not single price targets — plus running updates as catalysts land. Grounded in the names discussed in the archived appearance (Comstock, LibertyStream, Merlin).
Drawn from Uzo's own descriptions in the 2026-JUN-22 Contrarian Codex interview; revise as more of the product is revealed.
Segment
What it is
How he runs it
Seen in the index
Substack deep dives
Long-form single-name write-ups on under-followed small/micro-caps, building the full investment case.
Explicit bear/base/bull scenarios with probability weights (his Merlin bear case was zero; base/bull multi-bagger); revisited as news lands.
LODE, LIB, MRLN
Updates / catalyst notes
Shorter follow-ups when a position moves on news (a CDR pass, a financing, an options run).
Re-weights probabilities and flags risk management — e.g. scaling out of the Comstock calls after +200–250%.
LODE, MRLN
X / Discord presence
Public commentary and Q&A as @UzoCapital and in the Contrarian Codex community.
Invites readers to reach out; shares portfolio reasoning and position framing.
The whole index above
How it serves retail investors:
Coverage of names no one else follows. Institutional-grade diligence on micro-caps (site visits, channel checks, unit-economics modeling) that sit below the sell-side's radar.
Scenario-based, falsifiable theses. Bear/base/bull cases with explicit probabilities — including an honest $0 bear — so a reader sees the downside, not just the upside.
Risk-management modeled out loud. Position sizing, never adding to options, scaling against froth — the discipline that keeps a high-variance book survivable.
Transcripts & appearances
One dated page per appearance — each has its stock table, talking points and "In plain English" theses. Newest first.