“To use something that someone else has made or done in order to get an advantage.” — Cambridge Dictionary

The most promising ideas we can think of are usually already set in motion by smarter, more resourceful, or better-connected people. Our superiors may turn out to be neighbors down the same street if the idea is very crowded. Or if we got early to the party, they may be niche players on the other side of the world. Tough luck, but learn to be happy with competition for good ideas as a fact in life.

Now, as investors – in particular as minority investors in public stock markets – we have the opportunity to invest in our superiors. And we can afford to wait until we get confident that these superiors are stacking odds in our favor.

The weekly PiggyBack Letter (PBL) brings you free opportunities to learn from proven and promising capital allocators – via their present, past, and potential future public stock market investments.

We will select and analyze “our” capital allocators and investment situations from a value investing lens.

"To gain knowledge or resource advantages from active investors by studying or investing in their public securities positions.” — Johan Eklund, CFA, PiggyBack

Above is the introduction of the inaugural letter of our free, weekly PiggyBack Letter (PBL) edition. PiggyBack is a brand new (18 days old to be exact) value-investing publication at Substack.

PS: Consider joining PiggyBack's early free readership or sharing our content if this fundamental value approach is down your alley.