Special Situation Investing
Episodes
Murray Stahl
09 Apr 2026
Contributed by Lukas
Out thoughts on the passing of Murray Stahl.
Athens Exchange Group (EXAE)
16 Jan 2026
Contributed by Lukas
Show transcript can be found at: https://specialsituationinvesting.substack.comRemember you can support the show in the following ways:Use this link t...
Urbana Corporation (URB.TO)
10 Jan 2026
Contributed by Lukas
Show transcript can be found at: https://specialsituationinvesting.substack.comRemember you can support the show in the following ways:Use this link t...
Ben Graham In his Own Words
22 Dec 2025
Contributed by Lukas
Show transcript can be found at: https://specialsituationinvesting.substack.comRemember you can support the show in the following ways:Use this link t...
Gambling.com Group (GAMB)
02 Dec 2025
Contributed by Lukas
Show transcript can be found at: https://specialsituationinvesting.substack.comRemember you can support the show in the following ways:Consider switch...
Options and Updates
20 Aug 2025
Contributed by Lukas
Updates on where we've been and where we're going.Show transcript can be found at: https://specialsituationinvesting.substack.comRemember yo...
Paying Attention to Insiders
08 Mar 2025
Contributed by Lukas
Show transcript can be found at: https://specialsituationinvesting.substack.comRemember you can support the show in the following ways:Consider swit...
Bitcoin Vs Gold
22 Feb 2025
Contributed by Lukas
Is bitcoin as good as gold?Show transcript can be found at: https://specialsituationinvesting.substack.comRemember you can support the show in the fol...
Shorting Texas Pacific Land (TPL)
08 Feb 2025
Contributed by Lukas
A look on and under the surface. Show transcript can be found at: https://specialsituationinvesting.substack.comRemember you can support the show in ...
Grayscale Ethereum Classic Trust (ETCG)
21 Jan 2025
Contributed by Lukas
A small asymmetric bet. Show transcript can be found at: https://specialsituationinvesting.substack.comRemember you can support the show in the follo...
Focus in the New Year
11 Jan 2025
Contributed by Lukas
Diversification and its impact on portfolio construction. Show transcript can be found at: https://specialsituationinvesting.substack.comRemember you...
Portfolio Update (TPL, LB, NRP, MSB, GTX)
28 Dec 2024
Contributed by Lukas
Show transcript can be found at: https://specialsituationinvesting.substack.comRemember you can support the show in the following ways:Consider switch...
Our Interview on the ROI Club
27 Dec 2024
Contributed by Lukas
Check out all of the great content at the ROI Club along with our recent interview on the show.https://substack.com/@theroiclubShow transcript can be ...
Bakkt
30 Nov 2024
Contributed by Lukas
Show transcript can be found at: https://specialsituationinvesting.substack.comRemember you can support the show in the following ways:Consider switch...
Camping Out in the Permian Basin
16 Nov 2024
Contributed by Lukas
Show transcript can be found at: https://specialsituationinvesting.substack.comRemember you can support the show in the following ways:Consider switch...
Datacenters and Nuclear Power
02 Nov 2024
Contributed by Lukas
Are datacenter growth projections hype or reality?Show transcript can be found at: https://specialsituationinvesting.substack.comRemember you can supp...
Rabbit Holes of Curiosity #2
19 Oct 2024
Contributed by Lukas
Show transcript can be found at: https://specialsituationinvesting.substack.comRemember you can support the show in the following ways:Consider switch...
Intellectual Capital Companies
05 Oct 2024
Contributed by Lukas
Add a new mental model to your investing toolkit.Show transcript can be found at: https://specialsituationinvesting.substack.comRemember you can suppo...
Portfolio Update (GTX, MSB, FRMO, TPL)
21 Sep 2024
Contributed by Lukas
Show transcript can be found at: https://specialsituationinvesting.substack.comRemember you can support the show in the following ways:Consider switch...
Five Tools to Mitigate Investing Risk
07 Sep 2024
Contributed by Lukas
Show transcript can be found at: https://specialsituationinvesting.substack.comRemember you can support the show in the following ways:Consider switch...
Benefits and Pitfalls of 13F Filings, Some Recent Examples, and Thoughts on NRP
24 Aug 2024
Contributed by Lukas
LandBridge (LB)
10 Aug 2024
Contributed by Lukas
A surface based royalty company in the heart of the Permian basin. Show transcript can be found at: https://specialsituationinvesting.substack.comRem...
Update: Keweenaw Land Association (KEWL)
27 Jul 2024
Contributed by Lukas
Garrett Motion (GTX) and Credit Ratings
13 Jul 2024
Contributed by Lukas
How credit ratings effect Garrett Motion (GTX) financials and stock valuations. Show transcript can be found at: https://specialsituationinvesting.su...
Rabbit Holes of Curiosity
29 Jun 2024
Contributed by Lukas
Portfolio Update (NRP, TPL, PSK)
15 Jun 2024
Contributed by Lukas
Benchmarking Your Returns
01 Jun 2024
Contributed by Lukas
Why I benchmark my returns to the S&P 500.Show transcript can be found at: https://specialsituationinvesting.substack.comRemember you can support ...
Keweenaw Land Association (KEWL)
18 May 2024
Contributed by Lukas
Show transcript can be found at: https://specialsituationinvesting.substack.comRemember you can support the show in the following ways:Consider switch...
Natural Resource Partners (NRP) and Coal
04 May 2024
Contributed by Lukas
Considering the wisdom of a great investor on the impact of anti coal regulation and NRP.Show transcript can be found at: https://specialsituationinve...
FRMO: A Frictionless Flywheel
20 Apr 2024
Contributed by Lukas
Currency Exchange International (CXI CURN)
06 Apr 2024
Contributed by Lukas
A great small cap company at a good price.Show transcript can be found at: https://specialsituationinvesting.substack.comRemember you can support the ...
Portfolio Update (TPL, NRP, PBT, GTX)
23 Mar 2024
Contributed by Lukas
Armanino Foods
09 Mar 2024
Contributed by Lukas
An average company with an above-average track record. Show transcript can be found at: https://specialsituationinvesting.substack.comRemember you ca...
Early-Stage Compounder: PrairieSky Royalty (PREKF)
02 Mar 2024
Contributed by Lukas
Show transcript can be found at: https://specialsituationinvesting.substack.comRemember you can support the show in the following ways:Consider switch...
The Saint Joe Company
24 Feb 2024
Contributed by Lukas
When outstanding leadership meets an irreplaceable asset.Show transcript can be found at: https://specialsituationinvesting.substack.comRemember you c...
Fly The Airplane
17 Feb 2024
Contributed by Lukas
Remember you can support the show in the following ways:Consider switching to Fountain for all of your podcast needs. Fountain sources its content fro...
Bitcoin Lending
10 Feb 2024
Contributed by Lukas
How bitcoins unique properties shape the lending industry. Remember you can support the show in the following ways:Consider switching to Fountain for...
Uranium Royalty Corp (UROY)
03 Feb 2024
Contributed by Lukas
Notes on a high-cost play on uranium.Remember you can support the show in the following ways:Consider switching to Fountain for all of your podcast ne...
Focus & Investing
27 Jan 2024
Contributed by Lukas
Where to spend your time for the best investment results.Remember you can support the show in the following ways:Consider switching to Fountain for al...
A “More Profitable” Miner: Fortitude Gold (FTCO)
20 Jan 2024
Contributed by Lukas
Not your standard junior gold miner.Show transcript can be found at: https://specialsituationinvesting.substack.comRemember you can support the show i...
The Mathematics of Buybacks and Dividends
13 Jan 2024
Contributed by Lukas
How corporate capital allocation decisions impact investor returns independent of the companies operational performance. Show transcript can be found...
Concrete Compounder: Eagle Materials (EXP)
06 Jan 2024
Contributed by Lukas
A "no-frills" business with pricing power.Show transcript can be found at: https://specialsituationinvesting.substack.comRemember you can su...
NRPs Call Option
23 Dec 2023
Contributed by Lukas
Tackling a listener question about NRP managements call option on all common unit holders. Show transcript can be found at: https://specialsituationi...
The Soda Ash Business
16 Dec 2023
Contributed by Lukas
Answering our questions about the industry.Show transcript can be found at: https://specialsituationinvesting.substack.comRemember you can support the...
Pulling Returns Forward With Options
09 Dec 2023
Contributed by Lukas
Can selling covered calls boost returns on workout investments?Show transcript can be found at: https://specialsituationinvesting.substack.comRemember...
Portfolio Update (NRP, MSB, PBT)
02 Dec 2023
Contributed by Lukas
Reviewing the progress of a few top companies.Show transcript can be found at: https://specialsituationinvesting.substack.comRemember you can support ...
The Tel Aviv Stock Exchange (TASE)
25 Nov 2023
Contributed by Lukas
A small exchange with lots of upside. Show transcript can be found at: https://specialsituationinvesting.substack.comRemember you can support the sho...
Cannibal Monsters
18 Nov 2023
Contributed by Lukas
Mohnish Pabrai doubled down on coal buying more CONSOL Energy and Alpha Metallurgical Resources and initiating a position in Arch Resources.Show trans...
Grayscale Bitcoin Trust (GBTC)
11 Nov 2023
Contributed by Lukas
The double barreled effect of arbitrage and the bitcoin halving on GBTCs share price.Show transcript can be found at: https://specialsituationinvestin...
Wisdom from the Swiss Alps
04 Nov 2023
Contributed by Lukas
Nine killer quotes from the little-know investor Anthony DedenShow transcript can be found at: https://specialsituationinvesting.substack.comRemember ...
Position Size
28 Oct 2023
Contributed by Lukas
To diversify or not to diversify? That is the question.Show transcript can be found at: https://specialsituationinvesting.substack.comRemember you can...
Beaver Coal Ltd
21 Oct 2023
Contributed by Lukas
Beave Coal Ltd, an easily overlooked, dark, illiquid OTC company with a high dividend and capital-light business model.Show transcript can be found at...
Pacific Coast Oil Trust (ROYTL)
14 Oct 2023
Contributed by Lukas
Learn about a rare find in the bargain bin of the stock market in Pacific Coast Oil Trust (ROYTL).Link to Eriksen Capital Management: https://www.erik...
Alliance Resource Partners - Why We Don't Own It (ARLP)
07 Oct 2023
Contributed by Lukas
The choice between the business models of Alliance Resource Partners and Natural Resource Partners is a no-brainer. Show transcript can be found at: ...
A Pirates Guide to Stock Selection
30 Sep 2023
Contributed by Lukas
Making high probability bets in an ocean of possibilities.Show transcript can be found at: https://specialsituationinvesting.substack.comRemember you ...
OTC Markets Group - A Quality Compounder
23 Sep 2023
Contributed by Lukas
Find out why OTCM has all the markings of a long-term winner. Show transcript can be found at: https://specialsituationinvesting.substack.comRemember...
CME Group (CME)
16 Sep 2023
Contributed by Lukas
Learn how the advantaged business model offered by CME Group (CME) is like shooting fish in a barrel for investors. Show transcript can be found at: ...
Portfolio Update (NRP & MSB)
09 Sep 2023
Contributed by Lukas
National Resource Partners continues to de-risk and Mesabi Trust's dividend could soon be reinstated. Show transcript can be found at: https://s...
Permian Basin Royalty Trust (PBT)
02 Sep 2023
Contributed by Lukas
Find out how Permian Basin Royalty Trust is priming the pump for future profits.Show transcript can be found at: https://specialsituationinvesting.sub...
A Buyback Monster: Alpha Metallurgical Resources (AMR)
26 Aug 2023
Contributed by Lukas
Another coal producer goes all in on share repurchases.Show transcript can be found at: https://specialsituationinvesting.substack.comRemember you can...
San Juan Basin Royalty Trust (SJT)
19 Aug 2023
Contributed by Lukas
Show transcript can be found at: https://specialsituationinvesting.substack.comRemember you can support the show in the following ways:Consider switch...
MDU Resources Group - The Sequel (MDU)
12 Aug 2023
Contributed by Lukas
One spin-off complete and another separation announced. Show transcript can be found at: https://specialsituationinvesting.substack.comRemember you c...
A Portfolio Update (MSB) & (TPL)
05 Aug 2023
Contributed by Lukas
A portfolio update and a reminder that money is made by sitting, not trading.Show transcript can be found at: https://specialsituationinvesting.substa...
Cheniere Energy Partners (CQP)
29 Jul 2023
Contributed by Lukas
Buffett doubled down on a liquid natural gas terminal. Should you?Show transcript can be found at: https://specialsituationinvesting.substack.comRemem...
Coal's Resilient Future (NRP)
22 Jul 2023
Contributed by Lukas
Find out how the macro tailwind in coal is poised to benefit NRP in the coming years.Show transcript can be found at: https://specialsituationinvestin...
High Arctic Energy Services (HGHAF)
15 Jul 2023
Contributed by Lukas
Digging into the mispriced spin-off of a micro-cap oil and gas service company.Show transcript can be found at: https://specialsituationinvesting.subs...
BorgWarner Spin-Off of Phinia Inc
08 Jul 2023
Contributed by Lukas
BorgWarner's Spin-Off of Phinia Inc and how it informs Garrett Motion investors exit strategy. Show transcript can be found at: https://specials...
PrairieSky Royalty Ltd (PREKF)
01 Jul 2023
Contributed by Lukas
The largest private landowner in Canada with massive upside optionality.Show transcript can be found at: https://specialsituationinvesting.substack.co...
Investors Open Mike
24 Jun 2023
Contributed by Lukas
We detour from the show's normal format to discuss books and people instrumental in shaping our investing philosophies.Show transcript can be fou...
A Tale of Two Pipelines
17 Jun 2023
Contributed by Lukas
Three reasons the Trans Mountain Pipeline Expansion will be a tailwind for Canadian oil producers and how to play it. Show transcript can be found at...
The Century Portfolio
10 Jun 2023
Contributed by Lukas
Combining long term value investing with the barbell portfolio of Nassim Taleb for superior and risk controlled performance. Show transcript can be f...
The cannibal coal company - CONSOL Energy (CEIX)
03 Jun 2023
Contributed by Lukas
A low PE company poised for high returns through buybacks.Show transcript can be found at: https://specialsituationinvesting.substack.comRemember you ...
MV Oil Trust
27 May 2023
Contributed by Lukas
Valuation summary of soon to be liquidated MV Oil Trust. Show transcript can be found at: https://specialsituationinvesting.substack.comRemember you ...
Diamond Standard Ltd
20 May 2023
Contributed by Lukas
Diamonds, an emerging asset class. Show transcript can be found at: https://specialsituationinvesting.substack.comRemember you can support the show i...
Clarkson PLC (CKNHF)
13 May 2023
Contributed by Lukas
Clarkson PLC is an "all weather company" trading at a low multiple that's set to profit in the coming decade. Show transcript can be f...
Shadowing David Einhorn Subtitle
06 May 2023
Contributed by Lukas
In today's episode find out how a special situation is building in the small cap O&G sector.Show transcript can be found at: https://specials...
Bitcoin Mining Economics
29 Apr 2023
Contributed by Lukas
Learn how the economics of bitcoin mining combined with bitcoins fixed supply schedule create a framework for investors to understand its price action...
Garrett Motion Accelerates to the Finish Line (GTX)
22 Apr 2023
Contributed by Lukas
An update covering announcements from the Garrett Motion as it raises 2023 guidance and fast-tracks its capital structure simplification post spin-off...
Wealth Creation System Part 2
15 Apr 2023
Contributed by Lukas
A deep dive into the wealth creation system and how to identify your own greatest advantage. Show transcript can be found at: https://specialsituatio...
Wealth Creation System Part 1
08 Apr 2023
Contributed by Lukas
Two part series detailing the overarching steps in wealth creation and how a systematic approach can clarify your thinking. Show transcript can be fo...
Incentive Superpower
01 Apr 2023
Contributed by Lukas
Diving a level deeper into the critical thinking process of Charlie Munger by exploring one of his favorite mental models. Show transcript can be fou...
Bank to Basics
25 Mar 2023
Contributed by Lukas
Today's show takes the form of an inquisitive essay versus an investment thesis. We will explore the nature of a social media banking debate and ...
TPL's Governance Battle
18 Mar 2023
Contributed by Lukas
Deep dive into the unusual board room dynamics at TPL and there impact on the companies stock.Remember you can support the show in the following ways:...
Another look at National Resource Partners (NRP)
11 Mar 2023
Contributed by Lukas
Updates from the quarterly call and our thoughts on NRP's valuation. A transcript of the episode can be found at (https://specialsituationinvest...
Teck Spin-Off of EVR
04 Mar 2023
Contributed by Lukas
Deep dive into Teck mining company's upcoming spin-off of its steel coal division. Mohnish Pabrai video link - https://www.youtube.com/watch?v=...
Modeling Munger's Mind
25 Feb 2023
Contributed by Lukas
A humble attempt at outlining Charlie Munger's multi-disciplinary, mental model approach to elementary wisdomA transcript of the episode can be f...
Madison Square Garden Spin-Off of MSG Sphere Corp
18 Feb 2023
Contributed by Lukas
Overview of the upcoming Madison Square Garden Spin-Off of MSG Sphere. While we don't plan to hold this investment ourselves our research into th...
A coal royalty company - Natural Resource Partners (NRP)
11 Feb 2023
Contributed by Lukas
Our initial dive into a hard-asset, asset-light (dare we say, coal?) royalty company with massive potentialA transcript of the episode can be found at...
Ammo Inc Spin-Out of GunBroker.com
04 Feb 2023
Contributed by Lukas
Overview of Ammo Inc's upcoming Spin-Out of GunBroker.com and the potential double digit upside in the newly spun-out company. A transcript of t...
Episode 62 Icahn Enterprises
28 Jan 2023
Contributed by Lukas
A big-picture view of Icahn Enterprises (IEP) and why it could be an attractive play in the current market environmentA transcript of the episode can ...
Liberty Media Spin-Out of Braves Holdings
21 Jan 2023
Contributed by Lukas
Overview of a multi faceted John Malone spin-out including Formula 1 racing, Live Nation, Sirius XM and the Atlanta Braves. A transcript of the episo...
Warren Buffett's Ground Rules
14 Jan 2023
Contributed by Lukas
Review of Jeremy C. Miller's book, Warren Buffett's Ground Rules: Words of Wisdom from the Partnership Letters of the World's Greatest ...
Short Term Value Investing?
06 Jan 2023
Contributed by Lukas
Short term trades based on structural market inefficiencies can lead to long term returns. For an expert level review of this framework please watch M...
PHX Minerals Continues its Transformation (PHX)
01 Jan 2023
Contributed by Lukas
Updates from PHX Minerals' quarterly report and recent press release. A transcript of the episode can be found at (https://specialsituationinves...
TotalEnergies Oil Sands Spin-Off
22 Dec 2022
Contributed by Lukas
Overview of French energy company, TotalEnergies, Canadian oil sands segment spin-off. A transcript of the episode can be found at (https://specialsi...
OneSoft Solutions Inc. (OSSIF)
16 Dec 2022
Contributed by Lukas
A growing small-cap, SaaS company providing solutions for the oil and gas midstream sector. A transcript of the episode can be found at (https://spec...
The Psychology of Intelligence Analysis Book Review
13 Dec 2022
Contributed by Lukas
Review of Richards J. Heuer's little known book The Psychology of Intelligence Analysis. In the book Heuer reviews several the limitations to hum...
8 Ways to Value Bitcoin
09 Dec 2022
Contributed by Lukas
With bitcoin down over 60% in dollar terms for the year we thought it might be helpful to look at eight separate lenses through which you can value th...
Small Investor Advantages
03 Dec 2022
Contributed by Lukas
Discussion of some of the advantages available to small investors and how you can apply them to your own portfolio construction. A transcript of the ...
Sitio Royalties, Brigham Minerals Merger
29 Nov 2022
Contributed by Lukas
Overview of Sitio Royalties and its upcoming merger with Brigham Minerals. A transcript of the episode as well as the chart referenced can be found a...