Investor Identity
Martin hunts one thing. He calls it the gap.
The gap is when the market is confidently wrong about something specific, and the price hasn't caught up yet. That's the whole job.
His favorite quote comes from hedge fund legend Steve Mandel: “I don't need an analyst to tell me when a 10 PE stock is cheap. I need an analyst to tell me when a 40 PE stock is cheap.”
Translation: anyone can spot the bargain bin. The money is in the stuff that looks expensive but isn't.
Where he plays
Any sector, any country (developed or emerging), no preference.
Recent hunting grounds include consumer fintech, payments plumbing, Korean holding companies, memory chips, crypto balance sheets morphing into AI infrastructure, and industrial giants breaking themselves into pieces.
Background
Martin (m0xt) is a Milk Road PRO analyst covering crypto, public equities, and thematic research. He publishes research and investment reports, and builds his portfolio in public for PRO members.
Before joining Milk Road two years ago, he worked as a futures trader and then as an onchain analyst, with expertise in governance and market structure. He holds an MBA in Economics.
Portfolio Structure
How he invests
Rule number one: write down exactly what the crowd is getting wrong before anything else happens.
Wrong about the business? Wrong about an asset sitting on the balance sheet doing nothing? Wrong about how fast earnings bounce back? Wrong about the price, because somebody is being forced to sell? Wrong about something coming down the road that nobody has clocked?
Pick one. Name it. If he can't, the gap is just vibes, and vibes are not a thesis.
Every idea then runs the same seven steps and ends on a position size, never a price target. As he puts it: “I don't need to be early. I need to be right.”
What he's looking for (and what he avoids)
Seven setups, over and over:
- Costs got cut, revenue didn't, and margins are about to pop
- A shrinking boring business hiding a fast-growing one inside it
- An asset earning $0 today that's about to earn a lot
- Earnings that look bad for a temporary, boring, accounting reason
- Spinoffs and holding companies trading for less than the sum of their parts
- An activist investor showing up to shake the tree
- A bundle of products the market keeps pricing separately
Underneath all seven sits one question he asks about every single name: is the market comparing this thing to the wrong stuff?
Klarna gets filed under “buy now pay later” when it's really a payments network with a bank stapled to it. Galaxy Digital gets filed under “crypto stock” while it quietly turns into an AI data center.