I had a great time chatting with Dylan at Raging Bull Capital. If you do not already, go check out his Substack and his X account - Dylan adds significant value with his writing and provides a radically variant perspective that is refreshing in a world of herd mentality.
X -Dylan Marrello (@ragingbullcap) / X
Substack - Raging Bull Investments | Substack
In this discussion we cover:
1) The Modern Meaning of Edge What separates great investors when everyone has the same data — and why interpretation, patience, and temperament are the real advantages.
2) Evolving Value Investing How cyclical and capital-heavy sectors (like energy or shipping) can turn into compounding opportunities when capital dries up.
3) Behavioral Edge The power of time horizon, consistency, and emotional control in outperforming the crowd.
4) Owning Forever v Renting a Name When “hold forever” makes sense — and when it doesn’t.
5) The Future of Edge Where the next inefficiencies might appear as markets evolve and definitions of value keep shifting.
Companies Discussed Tidewater $TDW
A case study in capital cycle investing — once left for dead in the offshore oil bust, now positioned as a lean, capital-efficient operator. The conversation explores how industry consolidation, disciplined management, and scarcity of supply can create asymmetric outcomes for patient investors.
Transocean $RIG
Examined as a deeper-value counterpart to Tidewater — with high leverage but meaningful optionality. The discussion highlights the importance of capital structure awareness, asset quality, and understanding where the recovery in offshore drilling might lead over the next decade.
*Nothing we talked about in this piece should be taken as investment advice - everyone should do their own work. Views expressed are our own and investing involves risk including loss of principal*
