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Your Guide to Navigating the Cliff Notes Substack
If you only read one post before diving in, make it this one. This is your map to the entire Cliff Note Substack. This quick guide will give you more color on:
Five minutes here and you’ll know exactly how to find everything else.
The Microcap Investing Cliff Note Substack
Maximizing returns isn’t only about finding quality companies, you have to find them at the right time. The Cliff Note Substack helps you spot quality microcaps at inflection points before the crowd notices, without wasting hours on noise.
Every stock we write a Cliff Note on is added to our Microcap Quality Index - a way you can track performance with transparency, throughout time. Stocks are added to the index when they meet our sustainable long-term multibagger factors.
The index was created in February 2022, using a buy-and-hold passive strategy to allow returns of high quality business generate long-term alpha. We also create sub-indexes to help you discover new ideas more efficiently.
We publish 1-3 Cliff Notes per month, update you as things change, and write investment process articles to show you how we find multi-baggers and control emotions to maximize alpha.
The track record speaks for itself, of 137 companies evaluated over the past three years, 69 became multi-baggers, a 50% hit rate.
Is the Cliff Note Substack Right for You?
What You Get - How to Navigate the Substack
If you visit our homepage, you might see that we have a variety of tabs (Cliff Notes, Pipeline, Updates, etc). Although this might seem a little intimidating at first, let me explain each tab.
Note: You can click on each subtitle to visit each tab.
Cliff Notes
Research breakdowns covering the business, key drivers, risks, and valuation. There’s no fixed schedule, but we usually publish 1–3 per month.
Each Cliff Note’s return is tracked in our Momentum Sustainability Microcap Quality Index (MSMqi).
Note: Cliff Notes are not meant as buy/sell recommendations, but they are there to help you generate ideas.
Pipeline/Research Journals
Research Journals are write-ups too, but shorter than Cliff Notes and reflecting a lower degree of confidence in the idea.
These names aren’t in the MSMqi yet, but they have the potential to graduate into the index over time.
Updates
A snapshot of key MSMqi developments: studs (positive news), duds (negative news), names worth watching, and information arbitrage opportunities.
Posted weekly (usually every Monday) to help you (and us) keep up with the index and surface new ideas within it.
Indices & Returns
This is perhaps the most important tab, since it shows the returns of every company we’ve profiled. It has multiple sections, but here are the three that matter most:
MSMqi 2022 Index: Our original index, launched in February 2022, holds 110 stocks.
MSMqi 2025 Index: The result of rebalancing the 2022 Index in early 2025.
Research Journal Index: Tracks the returns of all our Research Journal / Pipeline ideas.
Spotlight Index: A sub-index of the MSMqi featuring our highest-conviction ideas, explained in the section below.
Spotlight Index
These are our highest-conviction ideas within the MSMqi, names we believe have ~50% short-term upside and long-term multibagger potential.
For example, we added $BDT.TO to the Spotlight Index for its exposure to Data Center, Nuclear, and Defense themes alongside a compelling valuation. It’s up more than 60% in the three months since.
Educational
Posts on our investing process, frameworks, and lessons learned, designed to show how we think, not just what we buy.
Disclaimer:
We are not investment advisors. The information we provide is for informational and educational purposes only. Investing involves risk.
