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Bireme Capital Letters & Research Archive

Bireme Capital is a long-short value fund founded in 2016 by Ryan Ballentine (CEO) and Evan Tindell (CIO), based in Tampa, Florida. Its flagship Fundamental Value strategy runs bottom-up, contrarian deep-value investing that exploits behavioral biases and structural mispricings.

6 pieces · 2022–2026 · updated every Monday

2026

03-06The End of American ExceptionalismThis report warns that the US stock market is extremely expensive and the institutional foundations that supported its long-term success (like rule of law and honest government) are weakening. It give…→

2025

04-09April 2025 Tariff TurmoilThis report analyzes the market chaos caused by Trump's April 2025 'Liberation Day' tariffs. It argues the tariffs are a terrible idea because they act like a huge tax hike on consumers and businesses…→

2024

10-01Japan: Anchoring Bias Writ LargeThis report explains why Japanese stocks have been undervalued for decades and why that might be changing. For everyday investors, it means Japanese companies are cheap—often trading at half the valua…→

2023

12-02British American TobaccoThis analysis explains why British American Tobacco (BAT) might be deeply undervalued. European ESG rules (environmental, social, governance criteria) have pushed many funds to avoid tobacco stocks, c…→05-31Airtel AfricaThis report is about Airtel Africa, a telecom company operating in 14 African countries. The author argues the market is undervaluing it by lumping it with slow-growing Western telecoms. In reality, A…→

2022

10-12Stocktober #3: Ziff DavisThis report looks at Ziff Davis, a company that buys struggling websites (like Mashable) at a discount, then cuts costs to make them profitable. The stock is down nearly 50% since 2021 and trades at j…→