u/Borrtex

Author has an open long position in small Finnish company Canatu, a carbon nanotube film specialist. The thesis is that Canatu's CNT pellicles for EUV photomasks become increasingly necessary as High-NA EUV ramps because traditional silicon pellicles hit physical limits in heat, deformation, and light transmission. Canatu's model sells specialized reactors and licenses the process to semiconductor supply-chain partners, potentially yielding recurring high-margin licensing and consumables revenue while shifting manufacturing risk to customers. Main stated risk is that the stock is small, illiquid, hard to access on many platforms, and financials still reflect a company transitioning from R&D to industrial scale.

Author claims PayPal is his portfolio's largest position because the market treats it as a stagnating legacy fintech despite strong cash flows, earnings, and shareholder returns. He argues aggressive buybacks have materially reduced the share count and many narrative-driven holders have exited, so future demand can move the price disproportionately because supply is structurally constrained. He says the stock trades around the mid-$50s today, equivalent to roughly low-$40s in 2017 dollars after 30%+ cumulative U.S. inflation, even though the company is larger and more cash-generative than in 2017. He adds that even modest positive shifts in sentiment, fundamentals, or capital allocation can reprice it meaningfully upward.