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Joseph Noko

Essays and research, newest first

The Mirandolan

Latest ranking October 2026 · Top Thirty All-Time on SumZero All rankings

  1. LXV 17 December 2025 · Research Regimes of Uncertainty Despite widespread claims of speculative excess, gold prices are supported by a durable macro regime characterised by geopolitical fragmentation, fiscal constraint, and elevated tail risk. In such an…
  2. LXIV 13 October 2025 · Research Greatland Resources: A Metamorphosis into a Leading Australian Gold Producer Australian gold and copper producer, Greatland Resources Limited (ASX:GGP: A$8.30 per share) joins Apex Mining Co., Inc. (PSE:APX), and Canadian gold and copper miner, K92 Mining Inc. (TSX:KNT)… Closed 27 Oct 2025 · −8.1% · re-opened 17 Dec 2025
  3. LXIII 9 October 2025 · Research Golden Discipline: Investing in the New Era of Profitable Mining As I noted in my thesis on Apex Mining Co., Inc. (PSE:APX), Since then, gold has breached the $4,000/oz barrier, and there is every indication that gold’s stunning… Closed 27 Oct 2025 · −8.2%
  4. LXII 9 September 2025 · Research Apex Mining and The Second Gilded Age Gold mining has historically been a poor way to capture gold’s value, with overinvestment, low-quality assets, and poor capital discipline destroying returns. Today, elevated gold prices are supported… Closed 27 Oct 2025 · +14.4% · re-opened 17 Dec 2025
  5. LXI 22 July 2025 · Research Ringkjøbing Landbobank: Priced for Decline, Built for Compounding Recently, I have found value in banks, specifically, JPMorgan Chase & Co. (JPM), and Lion Finance Group PLC (LON:BGEO), and now, with Danish regional bank, Ringkjøbing Landbobank A/S…
  6. LX 16 July 2025 · Research Iron Lion Zion: Banking on a Exodus from Deep Value At a time of record-high U.S. equity preference, evidence of some diversification away from the U.S., and dollar weakness, Lion Finance Group PLC (LON:BGEO, ₤73.90/share) is a very…
  7. LIX 11 July 2025 · Research JPMorgan Chase and Investing in a Fuzzy Zone In a period of regime uncertainty, JPMorgan Chase & Co. (JPM: $288.19/share) is not only a paradigmatic bank, with a history of profitability stretching back decades,and a “fortress…
  8. LVIII 12 May 2025 · Research Easing Trade Relations Make Meta Attractive Again The choking uncertainty around U.S. economic policies caused me to abandon Meta Platforms, Inc. (META: $592.49/share) with all the grace of a dog caught ripping up the sofas.…
  9. LVII 9 May 2025 · Research Orge Enerji Elektrik Taahhüt Anonim Sirketi: An Elite Performer Position closed on 13 May 2025, at a loss of 1.4%. Orge Enerji Elektrik Taahhüt Anonim Sirketi (IST:ORGE, ₺108.20/share) is a compelling investment opportunity within the Turkish electrical… Closed 13 May 2025 · +1.4%
  10. LVI 21 April 2025 · Research SABESP After the State: Capital Cycles, Incentives, and Strategic Renewal Companhia de Saneamento Básico do Estado de São Paulo - SABESP (BVMF:SBSP3: R$109.01/share), Brazil’s largest water and sanitation utility, serving 28.1 million people with clean water and 25.1…
  11. LV 11 April 2025 · Research A Future Bet Against the S&P 500: A Tactical Position Just before I had a chance to take a position on ProShares Ultra VIX Short-Term Futures ETF (UVXY) for the second time, President Donald Trump announced a 90-day…
  12. LIV 9 April 2025 · Research A Return to the UVXY However, the crux of the thesis remains correct: 10% tariffs remain and tariffs on China have gone up to 125%, validating my argument that tariffs are, at least…
  13. LIII 8 April 2025 · Research Wealth Tends Toward Its Own Destruction Daniel Bernoulli’s paper, “Exposition of a New Theory on the Measurement of Risk” is, perhaps, the greatest theory of risk ever told. First published in Latin in 1738…
  14. LII 4 April 2025 · Research Gaining from Adversity: Deploying the ProShares Ultra VIX Short-Term Futures ETF The position closed with a return of 34.11%. One of the great puzzles of the economics of risk is the insurance paradox: assuming a world of expected value… Closed 8 Apr 2025 · +34.11%
  15. LI 3 April 2025 · Research Uncertainty-Proofing my Portfolio with Gold and Gold Miners: an Unconventional Thesis on a Conventional Hedge There is an old Russian novel, A Hero of Our Time, by the great Mikhail Lermontov, whose title alone is delicious. It is the story of Pechorin, a… Closed 24 Apr 2025 · +8.15%
  16. L 24 March 2025 · Research Market Angst Has Opened the Door to an Investment in Meta Platforms The new tariff regime suggested that, while Meta might remain highly profitable, risks associated with its Chinese business, as well as the the rising probability of a recession,… Closed 4 Apr 2024 · −18.44%
  17. XLIX 23 March 2025 · Research ANY Biztonsági Nyomda Nyrt.: A High-ROIC, Oligopolistic Firm Hiding in Plain Sight ANY Biztonsági Nyomda Nyrt.1 (BUD:ANY: 5,960 Ft/share) is a leader in the security printing industry in Hungary and a growing player in Central and Eastern Europe (CEE) and…
  18. XLVIII 14 March 2025 · Research AS Merko Ehitus: Built to Profit AS Merko Ehitus (TAL: MRK1T), the largest listed construction company and residential real estate developer in the Baltics, earns a Very Attractive rating based on my stock rating…
  19. XLVII 11 February 2025 · Research Presco plc: A Palm Oil Powerhouse with Unmatched Competitive Strength Nigeria’s largest palm oil producer, Presco plc (NGX:PRESCO) earns an attractive rating according to my stock rating methodology, driven less by price than the power of its economics…
  20. XLVI 18 January 2025 · Research Forged for Growth: Unlocking Steel Dynamics’ Investment Potential This investment thesis first appeared on SumZero on 27 December 2024, when the position was initiated. It was closed on the 4th of April 2025, with a total… Closed 4 Apr 2025 · −4.91%