Investment Updates
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The Trojan Horse in Canaccord’s Business Strategy
Today, Canaccord is a significantly larger and better company than in 2023 when management attempted to take it private in 2023 with a low ball offer Continue reading
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Scouting Brilaroxazine
I love basketball. One of my favorite pastimes is looking at college players’ statistics and attributes and trying to project whether they can make the jump to the NBA. Making that projection is both an art and a science. There are measurable facts — points, rebounds, shooting percentage, height, wingspan and speed — and then… Continue reading
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A Monster In The Deep
I’m in deep. As an investor in Reviva Pharmaceuticals (OTC: RVPH), I follow the company and its scientific progress very closely. So imagine my surprise when my research on Reviva’s patents stirred up something I consider very important — something that, as far as I can tell, hasn’t yet been meaningfully discussed or analyzed. There is a… Continue reading
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Reviva’s Negative (Symptom) Potential
Followers of my blog – Or investors in Reviva Pharmaceuticals (OTC:RVPH) know that the journey of Reviva Pharmaceuticals (OTC: RVPH) has been both positive and negative. Positive, in the sense that the company has spent more than a decade advancing its drug brilaroxazine through multiple stages of scientific and clinical success, bringing the program to the threshold… Continue reading
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Reviva Pharmaceuticals – A Non-Consensus Strategic Valuation Framework
Analysts, institutions, and sophisticated investors typically have access to the same clinical data, regulatory disclosures, and market signals. Yet strategic transactions in biotech and pharma routinely occur at valuations that appear disconnected from public-market pricing—especially when assets are not yet FDA approved or are earlier in development. I suggest the difference is not information, but… Continue reading
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Rivalry Corp – Recapping the Optionality
Investing in early-stage public companies is risky. Things often don’t go as planned, and trouble ensues. Accordingly, shares values crash, and investors become gun-shy – unwilling to support a stock, until such time as real change and progress is evident. That’s the situation Rivalry Corp (TSX: RVLY) finds itself in today. My earlier views on… Continue reading
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Reviva’s Regulatory Path: Separating Delay from Deterioration
This post follows directly from my previous post Exploring RVPH’s Value Through an EV / Patient Analysis. That earlier post examined how late-stage CNS assets tend to be valued once patient exposure reaches meaningful scale. This post extends that framework to the FDA’s recent guidance, exploring how procedure and market perception can diverge from underlying… Continue reading
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Exploring RVPH’s Value through an EV/Patient Analysis
Originally Published December 10, 2025. Updated February 12, 2026 I’ve been trying to answer the big question: What might a rational acquirer actually pay for Reviva Pharmaceuticals (NASDAQ: RVPH)? Long-time readers of this blog know I have high conviction in the underlying science. What has been harder to reconcile is a persistent disconnect. Traditional analyst… Continue reading
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Reviva’s High-Conviction Shortcut to Approval
Back in March 2022, I wrote about a mid-stage small-cap drug company — Reviva Pharmaceuticals. At the time, Reviva had just completed its Phase 2 study on a new compound called Brilaroxazine, and the results were exceptionally promising. That post is located here. Three years later, it’s been quite a journey. My approach has been… Continue reading
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Decrypting the Exit: Nubeva’s Patent Play
Back in February, I wrote about Nubeva’s painful pivot — a company that shed its TLS assets, downsized operations, and narrowed focus almost entirely to ransomware decryption. It seemed a survival move that came at the cost of scale, revenue, and investor confidence. Eight months later, Nubeva looks like a company quietly preparing to be… Continue reading
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Unlocking IRR: Playtech’s Strategic Impact on NorthStar Gaming
When businesses make investments in other businesses, a key metric they consider is Internal Rate of Return. In simple terms, the IRR represents the expected total compounded annual returns on an investment, and a higher IRR indicates a more profitable investment. Hence, if the IRR of a project exceeds the opportunity cost of capital, it… Continue reading
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Hunting Achieve Life Sciences
In 2021, I blogged about the incredible Jim Corbett—a man whose life has long fascinated me, not because of his fearlessness, but because of the way he approached danger and complexity. Corbett wasn’t merely a hunter. He was a naturalist and a strategist. He was a reluctant killer of man-eaters, whose primary motivations were the… Continue reading
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Nubeva. The Painful Pivot
In JRR Tolkien’s masterpiece, ‘The Two Towers’, King Theoden of Rohan (played by the amazing Bernard Hill) seeks to understand the disaster that has befallen his Kingdom and the world. In one particularly poignant scene, coping with the death of his son, set upon by friends who question him, and foes who would see him… Continue reading
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2023 – The Year That Wasn’t
The DTM5 performance results are reported once annually at the end of each calendar year. The strategy commenced on May 15, 2020. Performance is tracked on a 1 year Money Weighted Basis (IRR), an Annualized Average Basis, and on a Total Return Basis. 2023 proved to be highly volatile. After a great first half of the year, and reporting an… Continue reading
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The Dead Man’s Hand
On August 2, 1876, James Butler Hickok, known as ‘Wild Bill Hickok’ was playing poker at Nuttal & Mann’s Saloon No. 10 in Deadwood, Dakota. Poker was a passion of Wild Bill’s. And a profession. When playing, Bill would always sit with his back to the wall, so as to be able to see who was… Continue reading
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Another Credibility Milestone for NBVA Achieved
DTM5 blogpost newsflash! I don’t usually post about news updates, but one of my key holdings, Nubeva Technologies, keeps on delivering. Here is today’s press release in it’s entirety. Full disclosure – I hold a meaningful long position in Nubeva. I’m very pleased with the company’s progress. I think this is important news, especially in… Continue reading
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Deciphering Nubeva
The situation at Nubeva looks pretty darn good – at least as far as I can see. As things evolve, the numbers should become clearer, and the road ahead from a valuation perspective more predictable. Continue reading
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Still at the table with Real Luck Group
Real Luck Group. They’ve made some solid progress since they turned on the marketing tap. A plan. Execution. Stability. Commitment to goals. Fiscal responsibility. This is music to my venture investor’s ears. Continue reading
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Thoughts on Nubeva Technologies
Nubeva Technologies (TSXV – NBVA) has the potential to be a great company. Its success will be based on the commercialization of it’s technology – A patented, novel software that intercepts and reverses ransomeware. Continue reading
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Reviva Pharmaceuticals – Comment
In my opinion, p2 results indicate reviva has a drug candidate that is meaningfully more effective than Karuna’s and superior in every way to Aripiprazole, the current largest selling antipsychotic in the world. Continue reading
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DTM5 Holdings Update and Commentary
The summer is almost gone, and it has been a heck of a year so far. Most of my holdings have been beaten down along with everything else. I’ve made some serious adjustments since the start of the year. As I commented on my ‘Results & Asset Allocation’ page as of Dec 31, 2021, for… Continue reading
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Plurilock Update
I think that PLUR’s strategy of growth by acquiring distribution and channeling its high margin software solutions through those companies will prove successful in the next 12-24 months. Continue reading
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Optimistic Musings on the DTM5 Holdings
“Optimism is a strategy for making a better future. Because unless you believe that the future can be better, you are unlikely to step up and take responsibility for making it so” Noam Chomsky Continue reading
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The DTM5 Starters and Bench Update
You all know by now I like my basketball analogies. The DTM5 strategy is a concentrated group of investments – Ideally 5 at a time – which I manage like a basketball team. In total, I follow on average 10 to 15 investments at a time, and I sub them in and out as circumstances… Continue reading