The Tiger’s Prey (“TTP”) is an investment newsletter publishing (1) Four-Page Write-Ups, modeled after traditional sell-side equity research reports. Each report is complemented by manually built from scratch, institutional-grade models that dissect the underlying thesis assumptions. Beyond write-ups, TTP publishes (2) Napkin Reports, which provide surface-level reviews of early-stage ideas, and (3) Monthly Performance Reviews, which evaluate both individual write-up and aggregate performance.

OVERVIEW
2025 PUBLISHING SCHEDULE

* Potential deviations from this schedule may occur due to circumstances beyond reasonable control.

OFFERING #1
FOUR-PAGE INVESTMENT WRITE-UPS

Published on the second Thursday of each month, BMO.

"[You] should be able to tell me, in two minutes, four things: (1) the idea; (2) the consensus view; (3) [your] variant perception; and (4) a trigger event. No mean feat. In those instances where there was no variant perception-that is, solid growth recommendations within consensus-I generally had no interest and would discourage investing."

Michael Steinhardt, December 27, 2004, No Bull: My Life In and Out of Markets

The four-page investment write-ups are structured in the familiar format of sell-side equity research reports. Do not expect lengthy wiki-style documents. The focus will always be on delivering concise, differentiated views that active institutional and sophisticated retail investors can digest quickly before initiating their own research process. All write-ups are accompanied by institutional-grade models, which dissect the underlying thesis assumptions. Each spreadsheet is manually built from scratch as a typical comprehensive buy-side financial model.

OFFERING #2
NAPKIN REPORTS

Published on Thursdays, except the first two of each month, BMO.

"I've felt that before people buy a stock, they should take a piece of paper and simply write […] out what their reasoning is, and they should be able to get it all on one side of one piece of paper. In fact, they should be able to get it into a paragraph."

Warren E. Buffett, October 10, 1994, A Colloquium with University of Nebraska-Lincoln Students

A good investment thesis should be concise enough to fit on the back of a napkin. Napkin Reports aim to filter ideas for further research through brief, surface-level reviews. Once an idea with a rough hypothesis is identified, the next step is to assess the researchability of the situation, the inherent attractiveness of the idea, and whether additional time should be spent on it. Napkin Reports apply this process systematically, passing 2-3 stocks per issue through a front-end screening mechanism to allocate time and capital to the best risk-adjusted ideas. Each filtering process is summarized into a single paragraph with one of four outputs: (1) highest priority, (2) proceed, (3) monitor, or (4) pass.

OFFERING #3
MONTHLY PERFORMANCE REVIEWS

Published on the first Thursday of each month, BMO.

“The number of securities that should be owned to reduce portfolio risk is not great; as few as ten to fifteen holdings usually suffice.”

Seth A. Klarman, October 1, 1991, Margin of Safety

The monthly performance reviews are structured as traditional fund factsheets, featuring brief commentary on key driver developments. Each review highlights both the performance of individual write-ups and the aggregate performance of a hypothetical, monthly rebalanced, equal-weighted portfolio. The monthly performance reviews are accompannied by performance evaluation spreadsheets, allowing you to independently verify the reported performance figures or apply the performance measurement and attribution formulas to your own portfolio.

PAUSED OFFERING
IDEA THESAURUS

Published every Sunday at 13:00 ET.

“Choosing individual stocks without any idea of what you're looking for is like running through a dynamite factory with a burning match. You may live, but you're still an idiot.”

Joel Greenblatt, September 7, 2010, The Little Book That Still Beats the Market

Idea Thesaurus is an idea generator that aggregates 20+ high signal-to-noise ratio idea screens of U.S.-listed stocks. It serves as the initial step in a robust and repeatable fundamental investment process. While occasional opportunities may arise from various idea sourcing activities, such as reading the business press, scrolling through Fintwit, or scanning new 52wk lows, each Idea Thesaurus issue focuses on systematically and consistently monitoring the most actionable event-driven stock screens.

ABOUT ME
LIGER CUB

While I prefer to maintain a pseudonymous presence, I can reveal some details about myself. In addition to holding an advanced degree in finance and having completed my CFAs, I have both sell-side and buy-side equity research exposure. However, the bulk of my knowledge has been acquired through a rigorous self-study program. And a little secret for the end: I'm also a licensed lawyer, although currently inactive.

I look forward to connecting with you, whether it’s through Twitter/X DM (@realLigerCub) or via email at [email protected].