Run a concentrated global equities fund. As well as an IFA firm. Nothing here is advice! Podcast interview: https://xitter.cf/t.co/XYjdVh7XVr
England, United Kingdom
Joined December 2020
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Joe Kaye - VALUE Quality Growth Investor retweeted
The Cayman fund is finally coming together! ☺️
It’s been a huge amount of work figuring out the right providers, jurisdiction and structure, but I’m really happy with where I’ve landed.
Meeting my largest client on Wednesday. If all goes well, full steam ahead! 🤞
Exciting times!
Joe Kaye - VALUE Quality Growth Investor retweeted
I met with Tobila Systems CEO last week to discuss:
Capital allocation, future growth and several recent developments.
Here are the key takeaways
Joe Kaye - VALUE Quality Growth Investor retweeted
【本物かどうか、見分けようとしない🙅】
情報漏洩後は、補償や確認手続きを装った連絡にも注意が必要です。
届いたメールやSMS、電話をそのまま信用せず、自分から公式サイトや公式アプリへアクセスして確認を。
当社セキュリティリサーチャー柘植が解説👇
diamond.jp/articles/-/400951
Joe Kaye - VALUE Quality Growth Investor retweeted
bill ackman on why large, boring companies now drop 25% in a day, something he says almost never happened when he started:
"a quarter of every american business, plus or minus, is owned by some combination of vanguard, state street and northern trust. when you shrink the float of a public company, the marginal buyer and seller is going to have more impact on the stock price."
"the marginal buyer and seller today is a citadel or a millennium. they operate with a large amount of leverage, very large gross books, and they're increasingly short-term."
"most investors are very short-term focused because they're compensated that way. they won't invest in a company unless they're confident the price is going to be higher on december 31st."
passive owns the float, pods set the price, and both are structurally unable to hold through a bad quarter. that inability is the opportunity.
Joe Kaye - VALUE Quality Growth Investor retweeted
Portfolio just hit a new ATH. Thx everyone who made this possible, especially Andy`s 11:
@BerkelKip
@EightTrack180
@SebKrog
@AmsterdamStocks
@gezzogero
@david_katunaric
@dsmoak98
@JoeValue
@finance_schmidt
@ValueIsaac2002
@Thijsbuitenhuis
Suggest following them all!
Joe Kaye - VALUE Quality Growth Investor retweeted
Any questions for Tobila Systems Managment you would like me to ask?
I have a call with Managment on Friday
Had a number of people requesting I stress appeal of buybacks over dividends
$4441.T
Joe Kaye - VALUE Quality Growth Investor retweeted
This could be pretty big news.
Wonder if there are any other white labelling agreements with big players in the pipeline.
I’ll be asking management about how material this is on my call on Friday with them
$4441.T Tobila Systems
【お知らせ📣】
当社提供のクラウドPBXサービス「トビラフォン Cloud」をベースとしたクラウド型電話サービス「J:COM BUSINESS クラウドPBX powered by トビラシステムズ」が、11月30日よりJ:COMで取り扱い開始されます。
企業の通信環境を支援し、業務効率化を実現します。
tobila.com/news/release/p308…
Joe Kaye - VALUE Quality Growth Investor retweeted
Conversations with exceptional investors - my takeaways:
Growth - Should be more willing to pay for growth,
Cyclicals - too quick to put cyclicals outside my circle of competence,
A few market heuristics,
Position Sizing - it can affect behaviour
Joe Kaye - VALUE Quality Growth Investor retweeted
I looked at $FOUR recently in detail, and it’s not as good as it looks IMO.
Big debt, poor Managment, hidden costs and impacts of new acquisitions, little to no organic growth.
Think it’s quite messy and screens better than it is. I’m not short and not proposing that either, just trying to flag it’s worth digging deep for this one.
It deserves caution and strongly recommend chucking in the financial statements into AI and asking it for red flags and risks.
@stonkmetal can probably vouch for this view in greater detail
Seems there’s a bit of an echo chamber on this name and it screens cheap
Hope this helps at least someone
Joe Kaye - VALUE Quality Growth Investor retweeted
Challenge accepted!
@SebKrog
@Investmentideen
@Secrets4stocks
@Premski_SGP
@david_katunaric
@Kreuzmann13
@Floe_FS
@wusatiuk
@ThomasMoroder
@EightTrack180
@aktieblogg
@HugoNavarroPer2
@vanckzhu
@JoeValue
and many more…greetings from Vienna!
Show me a room with more stock picking skills…I’ll wait…
@augustusville
@Secrets4stocks
@unfixed_income
@Vienna13Capital
@framtidsaktier
@JoeValue
@aktieblogg
@stonkmetal
@wusatiuk
@SteigerwaldValu
@moritz_martin
@ObscurValuation
Joe Kaye - VALUE Quality Growth Investor retweeted
What I look for in a business:
✅ High ROIC
✅ Gross margins above 30%
✅ Operating margins above 15%
✅ Clean balance sheet
✅ Aligned management
✅ Trading at a valuation that assumes no growth
Most ideas fail one or two. The ones that pass all six get real capital allocation.
If I can't justify 10%+ position I usually pass.
Joe Kaye - VALUE Quality Growth Investor retweeted
Show how you can add value
Have a large audience
And people will come to you
Simple
Joe Kaye - VALUE Quality Growth Investor retweeted
Buffett only wins because he lived long
For £100k starting capital:
Greenblatt 45% for 19 years → ~£116.4m
Buffett 23% for 54 years → ~£7.16bn
That illustrates just how overwhelmingly important longevity of compounding becomes.
Joe Kaye - VALUE Quality Growth Investor retweeted
Hello,
After taking a large position in my favourite Japanese company 3 months ago, I initially spoke with a customer as well as management team back then, because the company has all I am looking for:
High growth of 20% a year, margin expansion, 45% market share for 6.5x FCF.
Joe Kaye - VALUE Quality Growth Investor retweeted
Here, an Nvidia engineer echoes Fabrinet's remarks: we need much more testing equipment as optics get messier. Tight technical specs and high manufacturing complexity require advanced optical instruments to maximize yield. $6777.T Santec is going all out to keep up the pace.
Very bullish read-through for Santec $6777.T from its major client, Fabrinet $FN. Bottom line: optical testing tools are taking center stage. On the earnings call yesterday, Fabrinet’s CEO noted that as NPO scales to 6.4, 12.8 TB, and beyond, manufacturing complexity and yield become increasingly important. He also outlined plans to double production capacity within 3 to 4 years. So, increased capex combined with higher test intensity = durable demand for Santec’s equipment.
Joe Kaye - VALUE Quality Growth Investor retweeted
【データベース強化📒】
トビラシステムズのデータベースに、事業者の実在性を確認したiタウンページデータベースを追加し、当社の事業者電話番号データが約600万件（当社従来比約100万件増）に拡充されます。
当社サービスにおける電話番号判定の更なる精度向上を図ります。
tobila.com/news/release/p299…
Joe Kaye - VALUE Quality Growth Investor retweeted
We launched @pernascapital this week.
Special thanks to @ragingbullcap and @kingdomcapadv for guidance on vendors and fee structure.
Joe Kaye - VALUE Quality Growth Investor retweeted
My @MicroCapClub Club Conversation with @JoeValue is out!
Joe Kaye is a former actuary who now runs a concentrated separately managed account and is preparing to launch a standalone fund. Since 2023, he's compounded client capital at close to 40% a year, holding ten positions or fewer, filtered for low valuation, low debt, and a strong position in a niche market.
This discussion took place live on July 17th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - microcapclub.com/#join
In this episode, Joe explains why he moved away from special situations investing toward high-quality, low-leverage businesses, and walks through two case studies: a semiconductor-testing microcap on the Tel Aviv Stock Exchange that became his best trade, and Atento, a Brazilian BPO company whose currency hedge and a cyber attack turned it into his worst. He also talks about how he manages FOMO and confirmation bias in his process.
✉️ Share your feedback - [email protected]
✉️ David’s X (Twitter) - xitter.cf/Valuehunte
Chapters
00:00 Introduction and Joe's background
02:26 Transition from actuary to investing
05:21 Evolving investment strategies
08:39 Shift towards high-quality, low-leverage businesses
14:01 Managing client funds and fund structures in the UK
18:20 Concentrated portfolio and risk management
20:34 Investment philosophy and key criteria
29:28 Finding the 'Holy Grail' investments
43:03 Case study: Semiconductor business in Israel
52:36 A significant failure and lessons learned
01:05:55 The role of spirituality and yoga in investing
Here is @Valuehunte latest Club Conversation with @JoeValue. Joe Kaye is a former actuary who now runs a concentrated separately managed account and is preparing to launch a standalone fund.
microcapclub.com/club-conver…
