Capitalist Letters

Capitalist Letters

Klarna: Time To Be A Contrarian

It's scary, and you may feel stupid until it works. But it'll work, and money will put a smile on your face.

Oguz Erkan's avatar
Oguz Erkan
Feb 22, 2026
∙ Paid

When I first started investing, I was a deep value hunter.

Early Buffett & Graham style. I was looking at obscure corners of the market, buying positions with extreme illiquidity and no coverage. Bid-ask spread would be insane, so it would take weeks for me to build positions.

This method works when you do it right, but it is tiring. It’s a constant effor…

This post is for paid subscribers

Already a paid subscriber? Sign in
© 2026 Oguz Erkan · Privacy ∙ Terms ∙ Collection notice
Start your SubstackGet the app
Substack is the home for great culture