When Wall Street Ignores Opportunities, We Find Alpha
Institutional-grade research on emerging markets and old economy sectors—delivering 355.2% returns since January 2023
The market owes you nothing. Profits aren’t guaranteed. Effort doesn’t automatically translate to returns.
But here’s the truth Wall Street won’t tell you: Excess returns are absolutely achievable—but only for those curious and industrious enough to look where others won’t.
I’m Mihail Stoyanov, and TheOldEconomy is your research partner for finding asymmetric opportunities in overlooked markets.
The Uncomfortable Truth I Learned the Hard Way
I spent my early investing years doing what everyone else does: reading the same headlines, analyzing the same large-cap stocks, and wondering why my returns barely beat the index.
The breakthrough came when I stopped competing in crowded markets and started looking where Wall Street refuses to go.
Information inefficiency creates opportunity. When every analyst covers the same 500 stocks, alpha migrates to the overlooked: distressed bonds trading at 50¢ on the dollar, Latin American equities at 4x P/E with 20% ROE, shipping companies priced for bankruptcy but backed by replacement cost economics.
This is where I operate—in the market’s blind spots where asymmetry still exists.
Over the past decade, I’ve specialized in markets most investors ignore:
Emerging markets: where I have direct regional experience and on-the-ground perspective
Old economy sectors: Shipping, mining, energy—capital-intensive industries where sentiment drives pricing extremes far beyond fundamentals
TheOldEconomy isn’t theory or backtested strategies. It’s applied research with transparent execution—the same analysis I use to manage my own capital, shared with sophisticated investors who refuse to settle for index returns.
Track Record: Philosophy Backed By Performance
Since January 2023, TheOldEconomy portfolio has delivered a 355.2% total return (80.3% CAGR). Annually, the performance is distributed as follows:
2023: 21.3%
2024: 53.05%
2025: 82.1%
2026 YTD: 34.0%
Digging deeper, TheOldEconomy portfolio beats its benchmarks by a considerable margin. The chart below compares TheOldEcobomy CAGR vs. its benchmarks.
Here are some of the successful trades over the last three years:
Rockhopper Exploration (LSE: RKH)
Thesis: Offshore oil play in the Falklands with catalysts
Result: Deep-value play on stranded assets getting monetized; 610% return for 18 monthsNorthern Dynasty (NYSE Arca: NAK)
Thesis: High-risk, high-reward catalyst on the Pebble Project veto removal.
Result: Clear asymmetry (veto removal worth 5-10x or zero); captured 740% for 12 months.Argentina equity basket (NYSE: YPF, IRS, BMA)
Thesis: Event-driven election bet on Milei reform narrative
Result: Country priced for perpetual crisis despite strong fundamentals; 127% average return across positions in 14 monthsNavios Maritime (NYSE: NMM)
Thesis: Shipping capital cycle inflection with asset backing 3x market cap
Result: Bet on cyclical recovery expressed via LEAP calls; 500% return in 8 monthsGolar LNG (NYSE: GLNG)
Thesis: FLNGs are hot commodity in times when cheap and clean energy matters
Result: Expressed the idea via LEAPS calls; 500% return in 8 monthsAgnico Eagle (NYSE: AEM)
Thesis: In the time of rising global entropy and fiat devaluation, gold matters more than ever
Result: Asymmetric payoff on gold price volatility; 500% return in 10 monthsIdaho Strategic Resources (NYSE: IDR)
Thesis: Find the best critical minerals assets in the US and ride the wave
Result: Thematic bet on the critical minerals deficit; 150% return in 7 months
Pattern Recognition: These aren’t random bets. They’re systematic identification of mispriced assets in overlooked sectors where information inefficiency creates opportunity.
Who I Am: Background & Expertise
I’m an independent analyst and portfolio manager specializing in markets where Wall Street’s attention is scarce and mispricing persists.
My focus areas:
Emerging markets research: Particularly Latin America—Argentina, Brazil, Mexico—where I combine macro understanding with company-level fundamentals
Capital-intensive industries: Shipping, mining, offshore energy—sectors with pronounced capital cycles creating predictable inflection points
Event-driven catalysts: Political elections, regulatory approvals, litigation outcomes, M&A situations
Geographic advantage: Based in Bulgaria, I bring direct emerging markets experience and perspective that U.S.-centric analysts often lack. When I write about Argentine political risk or Brazilian market dynamics, it’s from someone who understands emerging market realities firsthand, not from recycled Bloomberg headlines.
Published Work
You can take a look at my work for Seeking Alpha and Emerging Real Estate Digest. Take a peek at the links below:
My reports for Seeking Alpha:
Afya: Asymmetric Bet On The Solid Brazilian Demography And A Great Business
Denison Mines: Top Projects, Robust Balance Sheet, And Deeply Undervalued
BBVA: Macro Bet On Turkey And Mexico’s Growth Potential For Income-Minded Investors
Agnico Eagle: Asymmetric Bet On Gold With Capped Downside Using LEAPS Options
Investment Philosophy
My approach is built on three pillars:
1. Curiosity: Looking where others don’t. Alpha exists in overlooked corners: distressed debt, emerging markets, and old economy sectors. The question isn’t “What should I buy?” but “Where is everyone NOT looking?”
2. Industriousness: Doing the analytical work. Deep fundamental analysis, scenario modeling, and capital structure evaluation. No shortcuts. No hot tips. Every recommendation is backed by rigorous research that institutional investors would recognize as professional-grade.
3. Discipline: Managing risk properly. Position sizing based on probability-weighted outcomes. Stop-losses on every position. Portfolio construction that manages correlation and concentration. Execution matters as much as analysis—brilliant ideas fail without disciplined implementation.
These three elements—combined consistently—generate the excess returns documented in TheOldEconomy’s track record.
The TheOldEconomy Research Framework
Most investment research fails because it’s either too broad (generic market commentary) or too narrow (single-stock promotion without context).
TheOldEconomy operates at the intersection of three dimensions that create systematic edge:
Markets: Shipping, Mining, Energy, Latin America
When everyone’s focused on AI and tech, we’re analyzing:
Dry bulk shipping rates and fleet supply dynamics
Platinum group metals supply constraints and battery chemistry shifts
Offshore rig utilization and FLNG day-rate economics
Latin American political cycles and currency dislocations
Why these markets? Information inefficiency. Analyst coverage is thin. Institutional investors avoid them due to size/liquidity constraints. Mispricing persists longer, creating opportunity for those willing to do the work.
Strategies: Thematic Bets, Litigation Finance, Distressed Debt
We don’t just buy equities and hope. We structure positions across:
Distressed bonds: 20-50 cents on dollar with workout scenarios offering par recovery
Event-driven catalysts: Political changes, liquidations, M&A situations
Capital cycle inflections: Industries transitioning from oversupply to undersupply
Legal claim monetization: Litigation finance with asymmetric payoff structures
Each strategy demands specialized analytical frameworks that institutional investors pay $50,000-$100,000 annually to access. We’re making this research available to sophisticated individual investors at a fraction of institutional pricing.
Instruments: Equity, Bonds, Options
Different opportunities demand different instruments:
Sometimes the equity is overpriced, but the bonds offer 50% upside with fixed-income downside protection
Sometimes an options structure captures asymmetry more efficiently than outright stock ownership
Sometimes sovereign debt offers event-driven returns with liquid instruments
TheOldEconomy analyzes across the capital structure, identifying where the best risk/reward exists—not just defaulting to common stock because it’s familiar.
This three-dimensional framework is your systematic edge for harvesting alpha in overlooked markets.
What Makes TheOldEconomy Different
1. Institutional Quality at Individual Pricing
Traditional institutional research services charge:
Bloomberg Terminal: $31,660/year (data only, no analysis)
Bank equity research: $80,000+/year (institutional access only)
Specialized distressed debt research: $50,000-$100,000/year
Hedge fund management: 2% AUM + 20% performance fees
TheOldEconomy delivers comparable analytical depth for $220-$550 annually—a 95-99% discount on institutional quality.
2. Full Transparency
Unlike hedge funds (black-box strategies with no position disclosure), I show you:
Exactly what I own in real-time
Entry prices and position sizing
Ongoing thesis updates as situations evolve
Exit signals when theses break
You’re not paying for mystery. You’re paying for methodology with full visibility.
3. Specialized Expertise
Most financial content covers large-cap U.S. stocks because:
They’re easy to analyze (abundant information)
They generate clicks (familiar names)
They’re safe (no career risk covering Apple)
I cover markets most analysts can’t or won’t:
Distressed debt (requires credit analysis expertise)
Emerging markets (requires regional understanding)
Shipping/mining/energy (requires industry-specific frameworks)
This specialization is the source of edge—and why the research commands premium pricing.
How TheOldEconomy Membership Works
Your investing process has three distinct phases. Our membership structure mirrors this natural progression.
Phase 1: Exploration
Scan the investment landscape for thematic opportunities. Where are capital cycles inflecting? Which regions are mispriced? What sectors face structural tailwinds?
Phase 2: Research
Deep-dive into specific securities. What are the fundamentals? How does valuation compare to intrinsic value? What are downside scenarios? How should position sizing reflect probability-weighted outcomes?
Phase 3: Strategy
Integrate individual positions into coherent portfolio. How do correlations affect total risk? What’s optimal position sizing? When should profits be taken or losses cut?
Most investors fail because they skip phases. They jump from vague thematic ideas to position-taking without rigorous research. Or they conduct deep research but never integrate into portfolio strategy.
TheOldEconomy membership tiers align with these three phases—ensuring you have research support at each decision point.
Three Ways to Work With TheOldEconomy
Our investing process has three distinct phases. Our membership tiers align with where you are—and where you want to go:
Explorer: Expand your investment horizons with alternative ideas every week. As an Explorer, you’ll unlock insights into under-the-radar markets like shipping, mining, energy, and Latin America, broadening your options and sparking new opportunities, all at no cost.
Researcher: Go beyond ideas- turn them into action. As a Researcher, you receive two in-depth, actionable deep dives each month: one equity and one fixed income pick. Each report is packed with thorough analysis, clear valuations, and step-by-step execution guidance, empowering you to invest confidently. Additionally, as a researcher, you receive several reports per year on investing essentials. As a Researcher, you gain access to all Explorer perks.
Strategist: Integrate every insight into an actionable portfolio. As a Strategist, you gain access to TheOldEconomy portfolio, combining all research, trade execution, and portfolio management in one place. As a Strategist, you gain access to all perks for Explorer and Researcher.
If you feel ready to traverse the rewarding universe of excess returns, become a member.
What TheOldEconomy Readers and Members Are Saying
Hardcore retail investors, fund managers, and institutional investors are among the readers and paid members. Let’s examine what they say about TOE.
My Commitment to You
Authenticity over hype. I publish what I actually believe and own, not what generates clicks.
Transparency over mystery. You see exactly what I’m doing and why—full position disclosure, execution guidance, thesis updates.
Long-term relationships over quick sales. My business model requires keeping you as a subscriber for years through consistent value delivery, not one-time conversion tricks.
Intellectual honesty. When I’m wrong (and I will be—investing guarantees mistakes), I document it transparently. Post-mortems on losers teach as much as celebrating winners.
Skin in the game. Every recommendation is backed by analysis I apply to my own capital. I don’t promote positions I’m exiting or ideas I wouldn’t personally execute.
Your Choice: Index Returns or Excess Returns
You’re at a decision point.
Path 1: Continue consuming the same research as everyone else. Read the same headlines. Analyze the same mega-cap stocks. Accept index returns (or worse, given fees and taxes).
Path 2: Partner with research infrastructure designed specifically for finding mispriced opportunities in overlooked markets. Make fewer, higher-conviction decisions backed by institutional-grade analysis.
The difference between these paths compounds every quarter.
TheOldEconomy’s 312.3% return vs. 87.5% S&P 500 over 37 months represents 225 percentage points of excess return. On a $100,000 portfolio, that’s $150,000+ in additional wealth created by focusing on overlooked opportunities.
Curiosity and industriousness pay off handsomely—but only when combined with disciplined execution.
Start Your Journey to Excess Returns.
Everything described in this site, TheOldEconomy.substack.com, has been created for educational purposes only. It does not constitute advice, recommendation, or counsel for investing in securities.
The opinions expressed in such publications are those of the author and are subject to change without notice. You are advised to do your own research and discuss your investments with financial advisers to understand whether any investment suits your needs and goals.
